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Hi! Can you please help me with required 1,2, and 3? Thank you and have a wonderful day! Joyner Company's income statement for Year 2
Hi! Can you please help me with required 1,2, and 3? Thank you and have a wonderful day!
Joyner Company's income statement for Year 2 follows: $ 710,000 231,000 479,000 218.000 261,000 Sales Cost of goods sold Gross margin Selling and administrative expenses Net operating income Nonoperating items: Gain on sale of equipment Income before taxes Income taxes Net income 10.000 271,000 81,300 $ 189,700 Its balance sheet amounts at the end of Years 1 and 2 are as follows: Year 2 Year 1 Assets Cast and cash equivalents Accounts receivable Inventory Prepaid expenses Total current assets Property, plant, and equipment Less accumulated depreciation Net property, plant, and equipment Loan to Hymans Company Total assets Liabilities and Stockholders' Equity Accounts payable Accrued liabilities Income taxes payable Total current liabilities Bonds pavable $ 112,700 279,000 319,000 9,500 720,200 634,000 166,800 467,200 44,000 $1,231,400 $ 62,400 132,000 286,000 19,000 499,400 502,000 131,900 370,100 0 $ 869,500 $ 315,000 42,000 84,800 441,800 209.000 $ 258,000 54,000 81,500 393,500 106.000 O Type here to search Year 2 Year 1 $ 112,700 279,000 319,000 9,500 720,200 634.000 166,800 467,200 44,000 $1,231,400 $ 62,400 132,000 286,000 19,000 499,400 502,000 131.900 370,100 S 869,500 Assets Cash and cash equivalents Accounts receivable Inventory Prepaid expenses Total current assets Property, plant, and equipment Less accumulated depreciation Net property, plant, and equipment Loan to Hymans Company Total assets Liabilities and Stockholders' Equity Accounts payable Accrued liabilities Income taxes payable Total current liabilities Bonds payable Total liabilities Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity $ 315,000 42,000 84.800 441,800 209,000 650.800 333,000 247,600 580,600 $1.231,400 $ 258,000 54,000 81,500 393,500 106,000 499,500 278,000 92.000 370,000 $ 869,500 Equipment that had cost $30.600 and on which there was accumulated depreciation of $10.200 was sold during Year 2 for $30,400. The company declared and paid a cash dividend during Year 2. It did not retire any bonds or repurchase any of its own stock Required: 1. Using the indirect method, compute the net cash provided by/used in operating activities for Year 2. 2. Prepare a statement of cash flows for Year 2 3. Compute the free cash flow for Year 2 SA A 9:12 AM * 2/27/2020 Complete this question by entering your answers in the tabs below. Type here to search O Required 1 Required 2 Required 3 Using the indirect method, compute the net cash provided by/used in operating activities for Year 2. (List any deduction in cash outflows as negative amounts.) Joyner Company Statement of Cash Flows-Indirect Method (partial) Required Required 2 > Prepare a statement of cash flows for Year 2. (List any deduction in cash and cash outflows as negative amounts.) Joyner Company Statement of Cash Flows For Year 2 Operating activities: Investing activities: Financing activities: Beginning cash and cash equivalents Ending cash and cash equivalents Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Compute the free cash flow for Year 2. (Negative amount should be indicated by a minus sign.) Free cash flowStep by Step Solution
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