Uke the followIng Income statement and balarce sheet Information to put together a statement of cash flows. (Emter negativR 2moUNts ucing ether a negatve scyn preced 2017 Sales $1,237,000 Statement oft Cash Flows 2017 Cost of goods sold $684,000 Gross proft $553,000 Gen'l & admin expense $156,000 Selling & mkt expense $135,000 Depreciation $24,000 Operating Income $238,000 Interest $141,000 Income before taxes $97,000 Income taxes (27%) $26, 190 Net Income $70,810 Dividends pald $25,000 Assets 2017 2016 Cash $23,000 $14, 590 Accounts recelvable $124,000 $113,000 Inventory $201,000 $218, 000 Total current assets $348,000 $345, 590 Gross plant and equipment $700,000 $475,000 Less: accum. depreciation $313,000 $289, 000 Net plant and equipment $387,000 $186, 000 Total assetS $735, 000 $531, 590 Llabllitles Accounts payable $118,000 $105,000 Notes payable $26,000 $25, 000 Total current labilitles $144,000 $131,000 Long-term debt $248, 000 $154,000 Total llabllities $392,000 $285,000 Common stock (50.01 par) $4, 500 $4, 000 Pald-in capital $222,500 $172, 400 Retained earnings $116,000 S70, 190 Total stockholcers equlty $343,000 $246, 590 Total liabilities and equity $735, 000 $531, 590

Uke the followIng Income statement and balarce sheet Information to put together a statement of cash flows. (Emter negativR 2moUNts ucing ether a negatve scyn preced 2017 Sales $1,237,000 Statement oft Cash Flows 2017 Cost of goods sold $684,000 Gross proft $553,000 Gen'l & admin expense $156,000 Selling & mkt expense $135,000 Depreciation $24,000 Operating Income $238,000 Interest $141,000 Income before taxes $97,000 Income taxes (27%) $26, 190 Net Income $70,810 Dividends pald $25,000 Assets 2017 2016 Cash $23,000 $14, 590 Accounts recelvable $124,000 $113,000 Inventory $201,000 $218, 000 Total current assets $348,000 $345, 590 Gross plant and equipment $700,000 $475,000 Less: accum. depreciation $313,000 $289, 000 Net plant and equipment $387,000 $186, 000 Total assetS $735, 000 $531, 590 Llabllitles Accounts payable $118,000 $105,000 Notes payable $26,000 $25, 000 Total current labilitles $144,000 $131,000 Long-term debt $248, 000 $154,000 Total llabllities $392,000 $285,000 Common stock (50.01 par) $4, 500 $4, 000 Pald-in capital $222,500 $172, 400 Retained earnings $116,000 S70, 190 Total stockholcers equlty $343,000 $246, 590 Total liabilities and equity $735, 000 $531, 590

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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