They have provided you with the following financial information: Q&A Aviation Balance Sheet (000s) Assets 20X1 20X2 Liabilities and Equity 20X1 20X2 Cash 1067 440 Accounts Payable 654 889 Accounts Receivable 823 708 Notes Payable 2300 2030 Inventory 1296 1038 Accruals 267 275 Total Current Assets 3186 2186 Total Current Liabilities 3221 3194 Plant, Property and Eq. 21663 23804 Long Term Debt 6477 5044 Accumulated Dep’n (6314) (7682) Fixed Assets (Net) 15349 16122 Common Stock 350 350 Retained Earnings 8487 9720 Total Equity 8837 10070 Total Assets 18535 18308 Total Liabilities and Equity 18535 18308 Q&A Aviation Income Statement (000s) 20X1 20X2 Sales 28934 30499 Cost of Goods Sold 19978 22225 Gross Profit 8956 8274 Expenses 3612 3867 Depreciation 1145 1368 EBIT 4199 3039 Interest 523 478 EBT 3676 2561 Tax (30%) 1103 768 Net Income 2573 1793 Dividends Paid 520 560 Additions to Retained Earnings 2053 1233 1. Prepare the cash flow statement for 20X2
They have provided you with the following financial information:
|
Q&A Aviation |
|||||
|
Assets |
20X1 |
20X2 |
Liabilities and Equity |
20X1 |
20X2 |
|
Cash |
1067 |
440 |
Accounts Payable |
654 |
889 |
|
|
823 |
708 |
Notes Payable |
2300 |
2030 |
|
Inventory |
1296 |
1038 |
Accruals |
267 |
275 |
|
Total Current Assets |
3186 |
2186 |
Total Current Liabilities |
3221 |
3194 |
|
|
|
|
|
|
|
|
Plant, Property and Eq. |
21663 |
23804 |
Long Term Debt |
6477 |
5044 |
|
Accumulated Dep’n |
(6314) |
(7682) |
|
|
|
|
Fixed Assets (Net) |
15349 |
16122 |
Common Stock |
350 |
350 |
|
|
|
|
|
8487 |
9720 |
|
|
|
|
Total Equity |
8837 |
10070 |
|
Total Assets |
18535 |
18308 |
Total Liabilities and Equity |
18535 |
18308 |
|
Q&A Aviation Income Statement (000s) |
20X1 |
20X2 |
|
Sales |
28934 |
30499 |
|
Cost of Goods Sold |
19978 |
22225 |
|
Gross Profit |
8956 |
8274 |
|
Expenses |
3612 |
3867 |
|
|
1145 |
1368 |
|
EBIT |
4199 |
3039 |
|
Interest |
523 |
478 |
|
EBT |
3676 |
2561 |
|
Tax (30%) |
1103 |
768 |
|
Net Income |
2573 |
1793 |
|
Dividends Paid |
520 |
560 |
|
Additions to Retained Earnings |
2053 |
1233 |
1. Prepare the
Meaning of Cash Flow Statement
In financial accounting, a cash flow statement, also known as statement of cash flows, is a financial statement that shows how changes in balance sheet accounts and income affect cash and cash equivalents, and breaks the analysis down to operating, investing, and financing activities. Essentially, the cash flow statement is concerned with the flow of cash in and out of the business. As an analytical tool, the statement of cash flows is useful in determining the short-term viability of a company, particularly its ability to pay bills.
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