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Given the below information: a) prepare a source and uses statement for 2014 b) Prepare a cash flow statement for 2014 Whistler Corporation Financial Statements
Given the below information:
a) prepare a source and uses statement for 2014
b) Prepare a cash flow statement for 2014
Whistler Corporation Financial Statements | ||
Balance Sheet: | 2013 | 2014 |
Current Assets | ||
Cash | $47,500 | $76,700 |
Accounts Receivable | $0 | $43,100 |
Inventories | $49,000 | $36,500 |
Total current assets | $96,500 | $156,300 |
Noncurrent Assets | ||
Land | $15,800 | $15,800 |
Buildings | $103,600 | $164,600 |
Equipment | $63,200 | $65,500 |
Patent | $5,200 | $5,200 |
Accumulated depreciation | -$10,800 | -$12,200 |
Total noncurrent assets | $177,000 | $238,900 |
Total Assets | $273,500 | $395,200 |
Current Liabilities | ||
Accounts payable to suppliers | $48,000 | $25,900 |
Income taxes payable | $0 | $10,700 |
Total current liabilities | $48,000 | $36,600 |
Noncurrent Liabilities | ||
Long term debt | $100,100 | $134,000 |
Total liabilities | $148,100 | $170,600 |
Shareholders Equity | ||
Common Stock | $125,400 | $177,400 |
Retained Earnings | $0 | $47,200 |
Total shareholders equity | $125,400 | $224,600 |
Total Liabilities and Shareholders Equity | $273,500 | $395,200 |
Income statement: | 2014 | |
Sales | $165,300 | |
Cost of goods sold | -46,200 | |
Depreciation expenses | -1,400 | |
Net interest expenses | -2,000 | |
Other expenses | -5,600 | |
Income before taxes | 110,100 | |
Provision for income taxes | -40,900 | |
Net income | $69,200 | |
Dividends paid | 22,000 | |
Additions to retained earnings | $47,200 |
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