The table below contains data on Fincorp Incorporated. The balance sheet items correspond to values at year-end 2021 and 2022, while the income statement items correspond to revenues or expenses during the year ending in either 2021 or 2022. All values are in thousands of dollars. Revenue 2021 $ 4,300 2022 $4,400 Cost of goods sold Depreciation 1,200 1,300 480 500 Inventories 400 435 Administrative expenses 430 480 Interest expense 200 200 Federal and state taxes* 680 700 Accounts payable 300 365 Accounts receivable 380 420 Net fixed assetst 4,000 4,710 Long-term debt 3,500 5,500 Notes payable 875 630 es Dividends paid 340 340 Cash and marketable securities 2,345 430 * Taxes are paid in their entirety in the year that the tax obligation is incurred. t Net fixed assets are fixed assets net of accumulated depreciation since the asset was installed. Construct a statement of cash flows for Fincorp for 2022. Note: Enter your answers in thousands of dollars. Negative amounts should be indicated by a minus sign. Fincorp Incorporated Statement of Cash Flows Cash flows from operations Net income Noncash expenses Depreciation expense Changes in working capital Additions to notes payable ($ in 000s)

Managerial Accounting: The Cornerstone of Business Decision-Making
7th Edition
ISBN:9781337115773
Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Chapter15: Financial Statement Analysis
Section: Chapter Questions
Problem 6MCQ
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The table below contains data on Fincorp Incorporated. The balance sheet items correspond to values at year-end
2021 and 2022, while the income statement items correspond to revenues or expenses during the year ending in
either 2021 or 2022. All values are in thousands of dollars.
Revenue
2021
$ 4,300
2022
$4,400
Cost of goods sold
Depreciation
1,200
1,300
480
500
Inventories
400
435
Administrative expenses
430
480
Interest expense
200
200
Federal and state taxes*
680
700
Accounts payable
300
365
Accounts receivable
380
420
Net fixed assetst
4,000
4,710
Long-term debt
3,500
5,500
Notes payable
875
630
es
Dividends paid
340
340
Cash and marketable securities
2,345
430
* Taxes are paid in their entirety in the year that the tax obligation is incurred.
t
Net fixed assets are fixed assets net of accumulated depreciation since the asset was installed.
Construct a statement of cash flows for Fincorp for 2022.
Note: Enter your answers in thousands of dollars. Negative amounts should be indicated by a minus sign.
Fincorp Incorporated
Statement of Cash Flows
Cash flows from operations
Net income
Noncash expenses
Depreciation expense
Changes in working capital
Additions to notes payable
($ in 000s)
Transcribed Image Text:The table below contains data on Fincorp Incorporated. The balance sheet items correspond to values at year-end 2021 and 2022, while the income statement items correspond to revenues or expenses during the year ending in either 2021 or 2022. All values are in thousands of dollars. Revenue 2021 $ 4,300 2022 $4,400 Cost of goods sold Depreciation 1,200 1,300 480 500 Inventories 400 435 Administrative expenses 430 480 Interest expense 200 200 Federal and state taxes* 680 700 Accounts payable 300 365 Accounts receivable 380 420 Net fixed assetst 4,000 4,710 Long-term debt 3,500 5,500 Notes payable 875 630 es Dividends paid 340 340 Cash and marketable securities 2,345 430 * Taxes are paid in their entirety in the year that the tax obligation is incurred. t Net fixed assets are fixed assets net of accumulated depreciation since the asset was installed. Construct a statement of cash flows for Fincorp for 2022. Note: Enter your answers in thousands of dollars. Negative amounts should be indicated by a minus sign. Fincorp Incorporated Statement of Cash Flows Cash flows from operations Net income Noncash expenses Depreciation expense Changes in working capital Additions to notes payable ($ in 000s)
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