Saturn Company Income Statement for year cnded Dec. 31,2018Sales RevenueCost of Goods Sold$238,000153,000Gross ProfitOperating Expenses:Depreciation ExpenseInsurance ExpenseSalaries ExpenseOther Operating ExpensesTotal Operating ExpensesOperating IncomeOther Revenue and (Expenses):Gain on Sale of LandInterest ExpenseTotal Other Revenue and ExpensesIncome Before Income TaxIncome Tax ExpenseNet Income85,000$14,40012,00042,60011,10080,1004,9004,800(3,500)1,3006,2001,860S 4,340Additional Information:1. Saturn Company sold land with an original cost of $10.000, for $14,800 cash.2. A new parcel of land was purchased for $20,000. in exchange for a note payable.3. Plant assets were purehased for $40.000 cash.4. Saturn declared and paid a $440 cash dividend to shareholders.5. Saturn issued common stock in exchange for S45.000 cash.Prepare a cash flow statement for Saturm Company using the indireet method for the year ended31 December 2018 [Question 1]Saturn CompanyComparative Balance Sheet20182017AssetsCashAccounts RecelvablePrepaid InsuranceInventoryLandPlant Assets$ 47,50021,5002,50048,00020.000230,000(85,500)$284.000S 24,30026,0001,80045,50010,000190,000(71,100)$226,500Accumulated DepreciationTotal AssetsLlabilities and EquityLiabilities:Accounts PayableSalaries PayableNotes Payable$ 17,2001,90085,000$ 19,0001,50075,00095,500Total Liabiltes104.100EquityCommon StockRetained EarningsTotal EquityTotal Liabilities and Equity115.00064.90070,00061,000179.90000000$284.000$226,500

Cash flows statement is one of the financial statement which shows about all the cash inflows and…

Saturn Company Income Statement for ycar cnded Dec. 31, 2018 Sales Revenue Cost of Goods Sold $238,000 153,000 Gross Profit Operating Expenses: Depreciation Expense Insurance Expense Salaries Expense Other Operating Expenses Total Operating Expenses Operating Income Other Revenue and (Expenses): 85,000 $14,400 12,000 42,600 11,100 80,100 4,900 Gain on Sale of Land Interest Expense Total Other Revenue and Expenses 4,800 (3.500) Income Before Income Tax Income Tax Expense Net Income 1,300 6,200 1,860 $ 4,340 Additional Information: 1. Saturn Company sold land with an original cost of $10.000, for $14,800 cash. 2. A new parcel of land was purchased for $20,000, in exchange for a note payable. 3. Plant assets were purchased for $40,0000 cash. 4. Saturn declared and paid a $440 cash dividend to sharcholders. 5. Saturn issued common stock in exchange for S45,000 cash. Prepare a cash flow statement for Saturn Company using the indirect method for the year ended 31 December 2018

Saturn Company Income Statement for ycar cnded Dec. 31, 2018 Sales Revenue Cost of Goods Sold $238,000 153,000 Gross Profit Operating Expenses: Depreciation Expense Insurance Expense Salaries Expense Other Operating Expenses Total Operating Expenses Operating Income Other Revenue and (Expenses): 85,000 $14,400 12,000 42,600 11,100 80,100 4,900 Gain on Sale of Land Interest Expense Total Other Revenue and Expenses 4,800 (3.500) Income Before Income Tax Income Tax Expense Net Income 1,300 6,200 1,860 $ 4,340 Additional Information: 1. Saturn Company sold land with an original cost of $10.000, for $14,800 cash. 2. A new parcel of land was purchased for $20,000, in exchange for a note payable. 3. Plant assets were purchased for $40,0000 cash. 4. Saturn declared and paid a $440 cash dividend to sharcholders. 5. Saturn issued common stock in exchange for S45,000 cash. Prepare a cash flow statement for Saturn Company using the indirect method for the year ended 31 December 2018

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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