Answered step by step
Verified Expert Solution
Question
1 Approved Answer
4) Prepare a statement of cash flows from operations and financing for Mega corporation wuith the following information. ASSETS: Current Assets: Cash Balance Sheet
4) Prepare a statement of cash flows from operations and financing for Mega corporation wuith the following information. ASSETS: Current Assets: Cash Balance Sheet Jan 1, 2022 Dec 31, 2022 310,000 600,000 Marketable Securities 1,200,000 1,000,000 Accounts Receivable, net 290,000 Inventory 3,000,000 330,000 4,000,000 Prepaid Expenses 200,000 300,000 Total Current Assets 5,000,000 6,230,000 1 Total Fixed Assets, net 2,500,000 2,000,000 Total Assets 7,500,000 8,230,000 LIABILITIES & EQUITIES Current Liabilities: Accounts Payable 1,500,000 1,000,000 Notes Payable 1,000,000 1,000,000 Accrued Expenses 500,000 800,000 Total Current Liabilities 3,000,000 2,800,000 Total Long-term Liabilities 1,000,000 1,500,000 Total Liabilities 4,000,000 4,300,000 Preferred Stock 500,000 500,000 Common Stock 500,000 500,000 Capital in Excess of Par 1,000,000 1,000,000 Retained Earnings 1,500,000 1,930,000 Total Stockholders Equity 3,500,000 3,930,000 Total Liabilities and Equity 7,500,000 8,230,000 Income Statement Sales 10,000,000 COGS 6,000,000 Gross Profit 4,000,000 Administrative expenses 1,200,000 Depreciation 500,000 EBIT 2,300,000 Interest Expense 500,000 EBT Taxes (40%) Net Income 1,800,000 720,000 1,080,000
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started