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Can you show the steps, not just the answers Selected financial statement information and additional data for Johnston Enterprises is presented below. Balance Sheet Data
Can you show the steps, not just the answers
Selected financial statement information and additional data for Johnston Enterprises is presented below. Balance Sheet Data Cash Accounts Receivable Less: Allowance for Bad Debts Inventory Property, plant, and Equipment Less: Accumulated Depreciation Total Assets December 31, 2013 $119,000 320,000 (14,000) 340,000 1,122,000 (442,000) $1,445,000 December 31, 2014 $143,000 240,000 (12,000) 391,000 1,261,000 (476,000) $1,547.000 Accounts Payable (merchandise suppliers) Salaries Payable Income Taxes Payable Bank Loan Common Stock Retained Earnings Total Liabilities & Stockholders' Equity $102,000 68,000 77,000 391,000 467,000 340,000 $1,445,000 $187,000 51,000 85,000 350,000 510,000 364,000 $1,547,000 Income Statement Data for Calendar Year 2014 1,615,000 (781,000) 834,000 Sales Revenue Cost of Goods Sold Gross Profit Expenses: Depreciation Expense Salaries Expense Bad Debt Expense Interest Expense Loss on Sale of Equipment Income Before Taxes Income Tax Expense Net Income (153,000) (380,000) (11,000) (34,000) (12.000) 244,000 198,000) $146,000 Additional Information: During the calendar year 2014 Johnston purchased new equipment at a cost of $272,000. (f) Net Cash from the Above i.e. (a) through (e) (g) 2014 Cash Flow from Operations (h) Cash from Sale of PPE in 2014
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