Question
3/3. Prepare the statement of cash flows for Franklin Company using the indirect method. Franklin Company Income statement For the year ended December 31 2015
3/3. Prepare the statement of cash flows for Franklin Company using the indirect method.
Franklin Company
Income statement
For the year ended December 31 2015
Revenues 9000 USD
Depreciation expense 650 USD
Other operating expenses 7100 USD
Income before income taxes 1250 USD
Interest expense 440 USD
Income tax expense 270 USD
Net income 540 USD
Franklin Company
Balance sheet
December 31 2015 and 2014
2015 2014 2015 2014
Assets: Liab. & SE.:
Cash 230 480 Accounts payable 370 550
Accounts receivable 510 590 Taxes payable 120 280
Inventories 980 960 Long term debt 910 830
Plant & equipment 3140 2150 Common stock 1100 1350
Less Accumulated depreciation (1520) (870) Retained earnings 840 300
Total assets 3340 3310 Total liabilities and equity 3340 3310
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Finance For IT Decision Makers
Authors: Michael Blackstaff
3rd Edition
1780171226, 978-1780171227
