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alpca company

statement of cash flows

ALPCA COMPANY Income Statement For Current Year Ended December 31 Sales Cont of goods sold Gross profit Operating expenses (excluding depreciation) $140,400 Depreciation expense Other gains (losses) 28,750 Loss on sale of equipment Income before taxes Income taxes expense Net income ALPCA COMPANY Comparative Balance Sheets December 31 Assets Cash Accounts receivable Inventory 58,625 259,800. 2,055 Prepaid expenses Total current assets 401,980 116,000 Equipment Accumulated depreciation-Equipment (50,000) Total assets $ 537,571 $ 467,980 Liabilities and Equity Accounts payable $ 126,675 $ 61,141 73,400 Long-term notes payable Total liabilities 64,350 191,025 134,541 Equity 174,750 158,250 Common stock, $5 par value 49,500 0 178,780 118,705 Paid-in capital in excess of par, common stock Retained earnings 537,571 $ 467,980 Total liabilities and equity Additional Information on Current Year Transactions a. Purchased equipment costing $104,375 by paying $46,000 cash and signing a long-term notes payable for the balance. b. Paid cash to reduce the long-term notes payable. c. The only changes affecting retained earnings are net income and cash dividends paid. $622,500 293,000 329,500 169,150 (13,125) 147,225 35,450 $ 111,775 Current Year $ 61,900 77,850 287,656 1,290. 428,696 149,500 (40,625) Prior Year $ 81,500 For Current Year Ended December 31. Cash flows from operating activities Adjustments to reconcile net income to net cash provided by operations: Income statement items not affecting cash Changes in current assets and current liabilities Cash flows from investing activities Cash flows from financing activities: Net increase (decrease) in cash Cash balance at December 31, prior year Cash balance at December 31 current vear $ S 0 0 0 0 0