Use the following income statement and balance sheet information to put together a statement of cash flows. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) 2020 Sales $1,237,000 Cost of goods sold $688,000 Gross profit $549,000 Gen'l & admin expense $156,000 Selling & mkt expense $134,000 Depreciation $25,000 Operating income $234,000 Interest $142,000 Income before taxes $92,000 Income taxes (27%) $24,840 Net income $67,160 Dividends paid $25,000 Assets 2020 2019 Cash $24,000 $14,340 Accounts receivable $124,000 $113,000 Inventory $202,000 $221,000 Total current assets $350,000 $348,340 Gross plant and equipment $700,000 $475,000 Less: accum. depreciation $313,000 $288,000 Net plant and equipment $387,000 $187,000 Total assets $737,000 $535,340 Liabilities Accounts payable $119,000 $105,000 Notes payable $27,000 $27,000 Total current liabilities $146,000 $132,000 Long-term debt $247,000 $152,000 Total liabilities $393,000 $284,000 Common stock ($0.01 par) $4,500 $4,000 Paid-in capital $224,500 $174,500 Retained earnings $115,000 $72,840 Total stockholders' equity $344,000 $251,340 Total liabilities and equity $737,000 $535,340 Statement of Cash Flows 2020 $
Use the following income statement and balance sheet information to put together a statement of cash flows. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) 2020 Sales $1,237,000 Cost of goods sold $688,000 Gross profit $549,000 Gen'l & admin expense $156,000 Selling & mkt expense $134,000 Depreciation $25,000 Operating income $234,000 Interest $142,000 Income before taxes $92,000 Income taxes (27%) $24,840 Net income $67,160 Dividends paid $25,000 Assets 2020 2019 Cash $24,000 $14,340 Accounts receivable $124,000 $113,000 Inventory $202,000 $221,000 Total current assets $350,000 $348,340 Gross plant and equipment $700,000 $475,000 Less: accum. depreciation $313,000 $288,000 Net plant and equipment $387,000 $187,000 Total assets $737,000 $535,340 Liabilities Accounts payable $119,000 $105,000 Notes payable $27,000 $27,000 Total current liabilities $146,000 $132,000 Long-term debt $247,000 $152,000 Total liabilities $393,000 $284,000 Common stock ($0.01 par) $4,500 $4,000 Paid-in capital $224,500 $174,500 Retained earnings $115,000 $72,840 Total stockholders' equity $344,000 $251,340 Total liabilities and equity $737,000 $535,340 Statement of Cash Flows 2020 $
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Use the following income statement and
| 2020 | ||
| Sales | $1,237,000 | |
| Cost of goods sold | $688,000 | |
| Gross profit | $549,000 | |
| Gen'l & admin expense | $156,000 | |
| Selling & mkt expense | $134,000 | |
| $25,000 | ||
| Operating income | $234,000 | |
| Interest | $142,000 | |
| Income before taxes | $92,000 | |
| Income taxes (27%) | $24,840 | |
| Net income | $67,160 | |
| Dividends paid | $25,000 |
| Assets | 2020 | 2019 | ||
| Cash | $24,000 | $14,340 | ||
| $124,000 | $113,000 | |||
| Inventory | $202,000 | $221,000 | ||
| Total current assets | $350,000 | $348,340 | ||
| Gross plant and equipment | $700,000 | $475,000 | ||
| Less: accum. depreciation | $313,000 | $288,000 | ||
| Net plant and equipment | $387,000 | $187,000 | ||
| Total assets | $737,000 | $535,340 | ||
| Liabilities | ||||
| Accounts payable | $119,000 | $105,000 | ||
| Notes payable | $27,000 | $27,000 | ||
| Total current liabilities | $146,000 | $132,000 | ||
| Long-term debt | $247,000 | $152,000 | ||
| Total liabilities | $393,000 | $284,000 | ||
| Common stock ($0.01 par) | $4,500 | $4,000 | ||
| Paid-in capital | $224,500 | $174,500 | ||
| $115,000 | $72,840 | |||
| Total |
$344,000 | $251,340 | ||
| Total liabilities and equity | $737,000 | $535,340 |
|
Statement of Cash Flows
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