Question
Analysts were given the following balance sheet information for the years ended June 30, 2016 and June 30, 2015: Assets 2016 2015 Cash and Marketable
Analysts were given the following balance sheet information for the years ended June 30, 2016 and June 30, 2015:
Assets | 2016 | 2015 |
Cash and Marketable Securities | $38,104 | $25,631 |
Accounts Receivable | $342,742 | $216,708 |
Inventory | $332,760 | $429,860 |
Other Current Assets | $105,809 | $85,672 |
Total Current Assets | $819,415 | $757,871 |
Gross Plant and Equipment | $2,050,368 | $1,859,234 |
Less: Accumulated Depreciation | ($432,560) | ($386,720) |
Net Plant and Equipment | $1,617,808 | $1,472,514 |
Goodwill and Other Assets | $286,539 | $312,672 |
Total Assets | $2,723,762 | $2,543,057 |
Liabilities and Equity | 2016 | 2015 |
Accounts Payable | $332,450 | $389,321 |
Notes Payable | $25,769 | $35,870 |
Accrued Income Taxes | $42,870 | $35,680 |
Total Current Liabilities | $401,089 | $460,871 |
Long-Term Debt | $805,642 | $701,830 |
Total Liabilities | $1,206,731 | $1,162,701 |
Common Stock | $100,000 | $100,000 |
Additional Paid-In Capital | $546,802 | $546,802 |
Retained Earnings | $870,229 | $733,554 |
Total Common Equity | $1,517,031 | $1,380,356 |
Total Liabilities and Equity | $2,723,762 | $2,543,057 |
In addition, it was reported that the company had a net income of $4,685,213 and that depreciation expenses were equal to $45,840 during 2016.
Construct a 2016 cash flow statement and statement of retained earnings for this firm and include:
1.) net cash from operating activities
2.) net cash used in investing activities
3.) net cash provided by financing activities
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