Answered step by step
Verified Expert Solution
Question
1 Approved Answer
A simplified balance sheet for Supernova Inc. contain the following amounts at the end of 2010 and 2011 Supernova Inc. Balance Sheet As at August
A simplified balance sheet for Supernova Inc. contain the following amounts at the end of 2010 and 2011 Supernova Inc. Balance Sheet As at August 31 2011 2010 Assets Current Assets Cash $40,900 $8,400 Accounts Receivable $10,500 $6,900 Office Supplies $2,500 $1,100 Inventory $20,500 $11,700 Total Current Assets $74,400 $28,100 Long-Term Assets Plant & Equipment $165,000 $159,000 Less: Accumulated depreciation S-24,500 $-16,200 Total Assets $214,900 $170,900 Liabilities Current Liabilities $24,100 $24,100 Long-Term Debt $28,000 $37,000 Total Liabilities $52,100 $61,100 Stockholders' Equity Contributed Capital $70,000 $48,000 Retained earnings $92,800 $61,800 Total Stockholders' Equity $162,800 $109,800 Total Liabilities and Equity $214,900 $170,900 Assume current liabilities include only items from operations (e.g, accounts payable, tax payable). Long-term debt include items from financing (eg. bonds and other long-term liabilities). Also assume that no property, plant & equipment was sold during the year. Prepare the cash flow statement for 2011 using the indirect method. Assume the net income for 2011 was $31,000. Do not enter dollar signs or commas in the input boxes
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