Financial statements for Rowe Publishing Company are presented below. Additional information: a. No buildings nor equipment were
Question:
Financial statements for Rowe Publishing Company are presented below.
Additional information:
a. No buildings nor equipment were sold during 2009. Equipment was purchased for $25,000 cash.
b. Notes payable in the amount of $35,000 were repaid during 2009.
c. Bonds payable of $50,000 were issued for cash during 2009.
d. Rowe Publishing declared and paid dividends of $35,000 during 2009.
Required:
Prepare a statement of cash flows for 2009, using the direct method to determine net cash flow from operatingactivities.
Transcribed Image Text:
Rowe Publishing Company Balance Sheets December 31, 2009 and 2008 ASSETS 2009 2008 Current assets: Accounts receivable 240,000 190,000 $515,000 170,000 $467,000 Total current assets Property, plant, and equipment: $400,000 155,000 130,000 530,000 quipment Accumulated depreciation equipment Net property, plant, and 180,000 $695,000 180,000 $647,000 Total assets LIABILITIES AND EQUITY 2009 2008 Current liabilities Accounts payable Salaries payable Income taxes payable $133,000 15,000 10,000 2 Total current liabilities $158,000 $149,000 Long-term liabilities: Notes payable Bonds payable $115,000 $150,000 0 Total long-term liabilities $150,000 $299,000 165,000 Total liabilities Common stock Retained earnings $300,000 72,000 372,000 $695,000 348,000 Total liabilities and equity Rowe Publishing Company Income Statement For the Year Ended December 31, 2009 Less: Cost of goods sold Gross margin Less operating expenses: $1,051,000 578,000 S 473,000 Salaries 25,000 376,000 Income from operations Less: Interest expense Income before taxes Less: Income tax expense $ 81,000 22,000
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Related Book For
Cornerstones of Financial and Managerial Accounting
ISBN: 978-0324787351
1st Edition
Authors: Rich Jones, Mowen, Hansen, Heitger
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