Question
Comparative financial statement data for Carmono Company follow: This Year Last Year Assets Cash $ 12.50 $ 24.00 Accounts receivable 70.00 63.00 Inventory 117.50 105.20
Comparative financial statement data for Carmono Company follow:
This Year | Last Year | |||
Assets | ||||
Cash | $ | 12.50 | $ | 24.00 |
Accounts receivable | 70.00 | 63.00 | ||
Inventory | 117.50 | 105.20 | ||
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Total current assets | 200.00 | 192.20 | ||
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Property, plant, and equipment | 261.00 | 214.00 | ||
Less accumulated depreciation | 53.60 | 40.20 | ||
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Net property, plant, and equipment | 207.40 | 173.80 | ||
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Total assets | $ | 407.40 | $ | 366.00 |
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Liabilities and Stockholders Equity | ||||
Accounts payable | $ | 70.50 | $ | 56.00 |
Common stock | 158.00 | 121.00 | ||
Retained earnings | 178.90 | 189.00 | ||
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Total liabilities and stockholders equity | $ | 407.40 | $ | 366.00 |
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For this year, the company reported net income as follows: |
Sales | $ | 1,350.00 |
Cost of goods sold | 810.00 | |
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Gross margin | 540.00 | |
Selling and administrative expenses | 520.00 | |
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Net income | $ | 20.00 |
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This year Carmono declared and paid a cash dividend. There were no sales of property, plant, and equipment during this year. The company did not repurchase any of its own stock this year. |
Required: | |||
1. | Using the indirect method, prepare a statement of cash flows for this year. (List any deduction in cash and cash outflows as negative amounts. Round your intermediate calculations and final answers to 2 decimal places.)
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