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Following data pertain to Snowy Inc. Income statement for the year ending 12/31/2012 Sales 10,870 Cost of goods sold 5,300 Administrative expenses 1,520 Depreciation expense
Following data pertain to Snowy Inc.
Income statement for the year ending 12/31/2012 | ||
Sales | 10,870 | |
Cost of goods sold | 5,300 | |
Administrative expenses | 1,520 | |
Depreciation expense | 270 | |
Income tax expense | 1,512 | |
8,602 | ||
Net Income | 2,268 |
Balance Sheets for 2012 and 2011 are presented below: | |||
December 31 | |||
2012 | 2011 | ||
Assets | |||
Current Assets: | |||
Cash............................................................................................................................... | $ 34 | $ 248 | |
Accounts receivable..................................................................................................... | 2,685 | 965 | |
Inventory....................................................................................................................... | 1,750 | 1,015 | |
Prepaid insurance........................................................................................................ | 6 | 12 | |
Marketable securities.................................................................................................. | 250 | --- | |
Total current assets........................................................................................... | $4,725 | $2,240 | |
Noncurrent assets: | |||
Land ............................................................................................................................... | $ 800 | $1,100 | |
Building ......................................................................................................................... | 4,800 | 2,700 | |
Accumulated depreciation - building ......................................................................... | (1,120) | (850) | |
Total noncurrent assets..................................................................................... | $4,480 | $2,950 | |
Total assets.................................................................................................................... | $9,205 | $5,190 | |
Liabilities and Stockholders Equity | |||
Current liabilities: | |||
Accounts payable.......................................................................................................... | $ 75 | $ 200 | |
Notes payable................................................................................................................ | 460 | 360 | |
Salaries payable............................................................................................................. | 130 | 150 | |
Income taxes payable................................................................................................... | 168 | 40 | |
Total current liabilities......................................................................................... | $ 833 | $ 750 | |
Noncurrent liabilities: | |||
Bonds payable.............................................................................................................. | 2,200 | 2,200 | |
Total Liabilities.................................................................................................... | $3,033 | $2,950 | |
Stakeholders equity: | |||
Common stock............................................................................................................... | $3,664 | $1,500 | |
Retained earnings......................................................................................................... | 2,508 | 740 | |
Total stockholders' equity....................................................................................... | $6,172 | $2,240 | |
Total liabilities and stockholders' equity.................................................................... | $9,205 | $5,190 |
C. Compute the Cash flow from Financing activities for Snowy Inc. for the year ending 12/31/12. Show individual items (assets, liabilities etc. that resulted in this number).
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