Assets Current Assets: Cash and cash equivalents Accounts Receivable, net Inventory Total Current Assets Property &...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Assets Current Assets: Cash and cash equivalents Accounts Receivable, net Inventory Total Current Assets Property & Equipment at cost Less Accumulated depreciation Net Property & Equipment Total Assets Liabilities and Equity Current Liabilities: Accounts payable-trade Deferred Revenue Interest Payable Total Current Liabilities Long-term Bonds Payable Common Stock Retained Earnings Total Liabilities and Equity Alethea Inc. Comparative Balance Sheets Dec. 31, 2010 Alethea Inc. Income Statement For year ended December 31, 2011 Revennes Cost of Goods Sold Gross Profit Wages and Salaries Depreciation Expense Interest Expense Total operating expense Operating Profit Plus: Gain on Sale of Equipment Income before tax Income Tax Expense Net Income $50,000 160,000 210.000 420,000 350,000 (120,000) 230,000 $650,000 $85.000 12,000 8.000 105,000 120,000 300,000 125.000 $650.000 Dec. 31, 2011 $65.000 166,000 214,000 445.000 380,000 (152,000) 228,000 $673.000 $83,000 $15,000 9,000 107,000 90,000 350,000 126.000 $673,000 $800.000 450.000 350,000 200,000 48,000 7,000 255,000 95.000 5.000 100,000 30,000 $70.000 Additional information: During the year 2011, Alethea Inc. sold equipment costing $30,000 with $16,000 in Accumulated depreciation. Dividends were declared and paid to common stockholders during the year. No shares were repurchased during the year. No new debt was issued during 2011. Required: Prepare a Statement of Cash Flows for Alethea Inc. (using the schedule on the next page) for the year ended December 31, 2011. Show the cash flows from operations using the indirect method. Alethea, Inc. Statement of Cash Flows For the year ended December 31, 2011 Cash Flows from Operating Activities (CFO) Net CFO Cash Flows from Investing Activities (CFI) Net CFI Cash Flows from Financing Activities (CFF) Net CFF Net Change in Cash (Net CFO + Net CFI + Net CFF) mu Assets Current Assets: Cash and cash equivalents Accounts Receivable, net Inventory Total Current Assets Property & Equipment at cost Less Accumulated depreciation Net Property & Equipment Total Assets Liabilities and Equity Current Liabilities: Accounts payable-trade Deferred Revenue Interest Payable Total Current Liabilities Long-term Bonds Payable Common Stock Retained Earnings Total Liabilities and Equity Alethea Inc. Comparative Balance Sheets Dec. 31, 2010 Alethea Inc. Income Statement For year ended December 31, 2011 Revennes Cost of Goods Sold Gross Profit Wages and Salaries Depreciation Expense Interest Expense Total operating expense Operating Profit Plus: Gain on Sale of Equipment Income before tax Income Tax Expense Net Income $50,000 160,000 210.000 420,000 350,000 (120,000) 230,000 $650,000 $85.000 12,000 8.000 105,000 120,000 300,000 125.000 $650.000 Dec. 31, 2011 $65.000 166,000 214,000 445.000 380,000 (152,000) 228,000 $673.000 $83,000 $15,000 9,000 107,000 90,000 350,000 126.000 $673,000 $800.000 450.000 350,000 200,000 48,000 7,000 255,000 95.000 5.000 100,000 30,000 $70.000 Additional information: During the year 2011, Alethea Inc. sold equipment costing $30,000 with $16,000 in Accumulated depreciation. Dividends were declared and paid to common stockholders during the year. No shares were repurchased during the year. No new debt was issued during 2011. Required: Prepare a Statement of Cash Flows for Alethea Inc. (using the schedule on the next page) for the year ended December 31, 2011. Show the cash flows from operations using the indirect method. Alethea, Inc. Statement of Cash Flows For the year ended December 31, 2011 Cash Flows from Operating Activities (CFO) Net CFO Cash Flows from Investing Activities (CFI) Net CFI Cash Flows from Financing Activities (CFF) Net CFF Net Change in Cash (Net CFO + Net CFI + Net CFF) mu
Expert Answer:
Answer rating: 100% (QA)
To prepare the Statement of Cash Flows for Alethea Inc for the year ended December 31 2011 using the ... View the full answer
Related Book For
Financial Reporting and Analysis Using Financial Accounting Information
ISBN: 978-1439080603
12th Edition
Authors: Charles H Gibson
Posted Date:
Students also viewed these finance questions
-
1. Consider an undirected random graph on the set of four vertices {A, B, C, D} such that each of the 4 2 = 6 potential edges exists with probability 0.2, independently of the presence/absence of any...
-
Read the case study "Southwest Airlines," found in Part 2 of your textbook. Review the "Guide to Case Analysis" found on pp. CA1 - CA11 of your textbook. (This guide follows the last case in the...
-
Which of the statements below is TRUE regarding capital budgeting? i. Projects with NPVs greater than the IRR should be accepted. ii. Capital budgeting deals with how much to apportion spending on...
-
A cell uses 90 kg of a certain material each day. The material is transported in vats that hold 54 kg each. Cycle time for a kanban is about two hours. The manager has assigned a safety factor of...
-
Next week, a student worker will be assigned one morning of kitchen duty. The sample space has seven elementary outcomes e1, e2,. . . ., e7 where ex represents Sunday, e2 Monday, and so on. Two...
-
At the beginning of the year, Morgan Company had total assets of $425,000 and total liabilities of $260,000. Required: Use the fundamental accounting equation to answer the following independent...
-
You are the management accountant of Complex plc, a listed company with a number of subsidiaries located throughout the United Kingdom. Your assistant has prepared the first draft of the financial...
-
Pevnick Inc. began operations as a detective agency on January 1, 2015. The trial balance columns of the worksheet for Pevnick Inc. at March 31 are as follows. Other data: 1. Supplies on hand total...
-
Transcribed image text: The key to finding an answer is staying organized according to Marta Karczewicz. She sits in front of a computer and trys to think about challenging problems directly. She...
-
At the beginning of Year 1, your auto-insurance premium for the next year is $300. If you have zero accidents in a year, your premium for the next year drops 10 percent; if you have one accident in a...
-
1 : Read the following and then discuss the credibility of each source listed. You are trying to decide whether you should buy a Mac computer or a Windows Pc. You might consult: a. a friend who owns...
-
We selectively quote when what is said is said uniquely or how something said. If a media writer is a novice or not a professional, one way that this will stand out is when the author is too...
-
Write a complete C++ program that reads two integers (say x and y) from the user and prints the integers that are multiples of 4 between x and y inclusive. Use the multiple_4 function to check...
-
A very brief description of your learning environment context, (e.g., public or private school, Title I, etc.) for your classmates to understand your student learning environment. Provide an example...
-
1. Describe the issue the company is facing 2. Calculate the costs for the four favors using ABC, reproduce the income statement, and calculate the new profit margin for each flavor 3. Compare the...
-
Outside temperature over a day can be modeled as a sinusoidal function. Suppose you know the temperature varies between 58 and 82 degrees during the day and the average daily temperature first occurs...
-
Question number three (10 marks) from the following Table answer the listed questions: Method: Random-effects GLS regression. Number of groups: 6 EM NOB: 1206 Variables Coefficient. Std. Err. P value...
-
In Exercises 1558, find each product. (9 - 5x) 2
-
Into what three categories are cash flows segregated on the statement of cash flows?
-
Owens Corning Fiberglass Corporation For Immediate Release (February 6, 1992) Owens Corning Takes $800 Million Non-Cash Charge to Accrue for Future Asbestos Claims This action demonstrates our...
-
a. What is the working capital at the end of 2008? b. What is the balance in the LIFO reserve account at the end of 2008? Describe this account. c. If the LIFO reserve account was added to the...
-
(Efficient frontier) This question relates to the data in the previous question. Calculate and graph the efficient frontier of the stock portfolios composed of stocks X and Y.
-
(Minimum variance portfolio) What will be the weights, the expected return, the variance, and the standard deviation of the minimum variance portfolio combining the stocks below? A B C 234567 X Y 3...
-
(Efficient frontier) This question relates to the data in the previous question. Calculate and graph the efficient frontier of the stock portfolios composed of stocks X and Y. A B C 1 RETURN...
Study smarter with the SolutionInn App