Cash Flow Statement Powell Corporation reported the following abbreviated balance sheet and income statement information: a. Prepare

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Cash Flow Statement Powell Corporation reported the following abbreviated balance sheet and income statement information:

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a. Prepare a cash flow statement for Powell Corporation for the year ended December 31, 2001.

b. Did working capital change by the same amount as cash generated by operations? Should these two be the same?
Explain.

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Financial Accounting A Decision Making Approach

ISBN: 9780471328230

2nd Edition

Authors: Thomas E. King, Valdean C. Lembke, John H. Smith

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Question Posted: Jun 24, 2024 01:03 AM

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Cash Flow Statement Powell Corporation reported the following abbreviated balance sheet and income statement information: a. Prepare

Question:

Powell Corporation Income Statement Year Ended December 31, 2001 Sales $ 400,000 Cost of goods sold (180,000) Gross profit $ 220,000 Supplies expense $25.000 Depreciation expense 40.000 Wages and salaries 90,000 Interest expense 18,000 (173,000) Other income Net income $ 47,000 14,000 $ 61,000

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Financial Accounting A Decision Making Approach

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