Question
ASSETS Cash $ 52,000 $ 58,000 Accounts Receivable 93,000 106,000 Inventory 151,000 162,000 Land 30,000 30,000 Buildings and Equipment (cost) 790,000 830,000 Less Accumulated Depreciation
ASSETS
Cash
$ 52,000
$ 58,000
Accounts Receivable
93,000
106,000
Inventory
151,000
162,000
Land
30,000
30,000
Buildings and Equipment (cost)
790,000
830,000
Less Accumulated Depreciation
(460,000)
(504,000)
Total Assets
$656,000
$682,000
LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts Payable for Inventory
$136,000
$ 141,000
Interest Payable
10,000
8,000
Mortgage Payable
120,000
109,000
Common Stock
250,000
250,000
Retained Earnings
140,000
174,000
Total Liabilities and Shareholders' Equity
$656,000
$682,000
Exhibit 4.25: Hale Company
Statement of Income and Retained Earnings for the Current Year
Sales Revenues
$1,200,000
Expenses
Cost of Goods Sold
$ 788,000
Wages and Salaries
280,000
Depreciation
54,000
Interest
12,000
Income Taxes
22,000
Total
$1,156,000
Net Income
$ 44,000
Dividends on Common Stock
(10,000)
Addition to Retained Earnings for Year
$ 34,000
Retained Earnings, January 1
140,000
Retained Earnings, December 31
$174,000
HOW DO YOU CONDUCT THE STATEMENT OF CASH FLOW
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Financial Accounting Tools for Business Decision Making
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso, Barbara Trenholm, Wayne Irvine
7th Canadian edition
978-1119368458
