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use a minus sign. Bankhead, Inc. Statement of Cash Flows (Direct Method) For the Year Ended December 31, 2018 (Dollars in Thousands) Cash flows from operating activities: Cash receipts from: Customa

use a minus sign. Bankhead, Inc. Statement of Cash Flows (Direct Method) For the Year Ended December 31, 2018 (Dollars in Thousands) Cash flows from operating activities: Cash receipts from: Customa

FINANCIAL ACCOUNTING
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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use a minus sign. Bankhead, Inc. Statement of Cash Flows (Direct Method) For the Year Ended December 31, 2018 (Dollars in Thousands) Cash flows from operating activities: Cash receipts from: Customers Cash payments for: Inventory Sales and administrative expenses Other cash expenses Income tax Net cash flows provided by operating activities Cash flows from investing activities: Cash payment to purchase land Net cash flows used in investing activities Cash flows from financing activities: Cash payments to reduce short-term borrowing Cash payments to reduce long-term borrowing Cash payments for dividends Net cash flows used in financing activities Net increase in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year 01:000 " 10000
Transcribed Image Text:use a minus sign. Bankhead, Inc. Statement of Cash Flows (Direct Method) For the Year Ended December 31, 2018 (Dollars in Thousands) Cash flows from operating activities: Cash receipts from: Customers Cash payments for: Inventory Sales and administrative expenses Other cash expenses Income tax Net cash flows provided by operating activities Cash flows from investing activities: Cash payment to purchase land Net cash flows used in investing activities Cash flows from financing activities: Cash payments to reduce short-term borrowing Cash payments to reduce long-term borrowing Cash payments for dividends Net cash flows used in financing activities Net increase in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year 01:000 " 10000
Financial statement data for Bankhead, Inc., are provided. (All numbers are shown rounded to the nearest thousand, with 000's omitted.) If the item has alternative classification, do not classify it as operating cash flows. Bankhead, Inc. Statement of Comprehensive Income and Statement of Retained Earnings For the Year Ended December 31, 2018 Sales revenue Cost of goods sold Gross margin Operating expenses: Sales and administrative expenses Depreciation expense Other expenses Total operating expenses Income before income tax Income tax Net income Dividends paid Increase in retained earnings Land Store fixtures Bankhead, Inc. Comparative Balance Sheets December 31, 2018 and 2017 Cash and cash equivalents Accounts receivable (net) Inventory Assets Accumulated depreciation, store fixtures Total assets Liabilities and Equity Total liabilities Liabilities: Accounts payable Short-term notes payable Long-term debt Equity: Common stock Paid-in capital in excess of par Retained earnings Total equity Total liabilities and equity $2,800 2,050 $750 2018 $1,565 911 480 2,900 520 (145) $6,231 $516 1,147 1,648 $3,311 $280 1,000 1,640 $2,920 $6,231 $220 35 161 $416 $334 84 $250 50 $200 2017 $1,224 896 1,960 2,600 520 (110) $7,090 $862 1,460 2,048 $4,370 $280 1.000 1,440 $2,720 $7,090
Transcribed Image Text:Financial statement data for Bankhead, Inc., are provided. (All numbers are shown rounded to the nearest thousand, with 000's omitted.) If the item has alternative classification, do not classify it as operating cash flows. Bankhead, Inc. Statement of Comprehensive Income and Statement of Retained Earnings For the Year Ended December 31, 2018 Sales revenue Cost of goods sold Gross margin Operating expenses: Sales and administrative expenses Depreciation expense Other expenses Total operating expenses Income before income tax Income tax Net income Dividends paid Increase in retained earnings Land Store fixtures Bankhead, Inc. Comparative Balance Sheets December 31, 2018 and 2017 Cash and cash equivalents Accounts receivable (net) Inventory Assets Accumulated depreciation, store fixtures Total assets Liabilities and Equity Total liabilities Liabilities: Accounts payable Short-term notes payable Long-term debt Equity: Common stock Paid-in capital in excess of par Retained earnings Total equity Total liabilities and equity $2,800 2,050 $750 2018 $1,565 911 480 2,900 520 (145) $6,231 $516 1,147 1,648 $3,311 $280 1,000 1,640 $2,920 $6,231 $220 35 161 $416 $334 84 $250 50 $200 2017 $1,224 896 1,960 2,600 520 (110) $7,090 $862 1,460 2,048 $4,370 $280 1.000 1,440 $2,720 $7,090
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