EBK ADVANCED FINANCIAL ACCOUNTING
EBK ADVANCED FINANCIAL ACCOUNTING
11th Edition
ISBN: 8220102796096
Author: Christensen
Publisher: YUZU
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Chapter 10, Problem 10.3Q
To determine

Concept Introduction:

The statement of cash flows is prepared to know the position of cash and cash flows in the business. The cash flows are bifurcated into three categories; operating, investing and, financing. A statement of cash flows can be prepared using direct or indirect method.

To indicate:The reason for not showing payment to suppliers in the indirect method of the statement of cash flows.

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Financing Deficit Stevens Textile Corporation's 2019 financial statements are shown below: Just need the correct LOC? Balance Sheet as of December 31, 2019 (Thousands of Dollars) Cash $ 1,080   Accounts payable $ 4,320 Receivables 6,480   Accruals 2,880 Inventories 9,000   Line of credit 0    Total current assets $16,560   Notes payable 2,100 Net fixed assets 12,600      Total current liabilities $ 9,300       Mortgage bonds 3,500       Common stock 3,500       Retained earnings 12,860    Total assets $29,160      Total liabilities and equity $29,160 Income Statement for December 31, 2019 (Thousands of Dollars) Sales $36,000 Operating costs 34,000    Earnings before interest and taxes $ 2,000 Interest 160    Pre-tax earnings $ 1,840 Taxes (25%) 460 Net income $ 1,380 Dividends (40%) $    552 Addition to retained earnings $ 828 Stevens grew rapidly in 2019 and financed the growth with notes payable and long-term bonds. Stevens expects sales to…
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Chapter 10 Solutions

EBK ADVANCED FINANCIAL ACCOUNTING

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