Answered step by step
Verified Expert Solution
Question
1 Approved Answer
hi there, please answer with details and put correct number . will give a thumbs up if its correct. thank you very much Bramble Company,
hi there,
Bramble Company, a major retailer of bicycles and accessories, operates several stores and is a publicly traded company. The comparative balance sheet and income statement for Bramble as of May 31, 2020, are as follows. The company is preparing its statement of cash flows. BRAMBLE COMPANY COMPARATIVE BALANCE SHEET AS OF MAY 31 2020 2019 Current assets Cash $28.000 $20,200 Accounts receivable 74,900 58,500 Inventory 220,400 247,500 Prepaid expenses 9,000 7,000 Total current assets 332,300 333,200 Plant assets Plant assets Less: Accumulated depreciation-plant assets Net plant assets Total assets 594,000 504,600 151,500 124,900 442,500 379,700 $774,800 $712,900 Current liabilities Accounts payable Salaries and wages payable Interest payable $121,800 $114,600 46,800 71,900 26,800 25,000 26,800 Interest payable Total current liabilities 25,000 211,500 195,400 Long-term debt Bonds payable Total liabilities 70,000 265,400 100,000 311,500 Stockholders' equity Common stock, $10 par Retained earnings Total stockholders' equity Total liabilities and stockholders' equity 370,000 280,000 139,400 121,400 509,400 401,400 $774,800 $712,900 BRAMBLE COMPANY INCOME STATEMENT FOR THE YEAR ENDED MAY 31, 2020 Sales revenue $1,259,200 Cost of goods sold 716,700 Gross profit 542,500 Expenses Salaries and wages expense Interest expense Depreciation expense 253,400 74,800 26,600 Cost of goods sold Gross profit 716,700 542,500 Expenses Salaries and wages expense Interest expense Depreciation expense Other expenses Total expenses Operating income Income tax expense Net income 253,400 74,800 26,600 8,200 363,000 179,500 43,100 $136,400 The following is additional information concerning Bramble's transactions during the year ended May 31, 2020. 1. All sales during the year were made on account 2. All merchandise was purchased on account, comprising the total accounts payable account 3. Plant assets costing $89,400 were purchased by paying $20,400 in cash and issuing 6,900 shares of stock. 4. The other expenses" are related to prepaid items. 5. All income taxes incurred during the year were paid during the year. 6. In order to supplement its cash, Bramble issued 2,100 shares of common stock at par value. 7. Cash dividends of $118,400 were declared and paid at the end of the fiscal year. Prepare a statement of cash flows for Bramble Company for the year ended May 31, 2020, using the direct method. (A reconciliation of net income to net cash provided is not required.) (Show amounts in the investing and financing sections that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) BRAMBLE COMPANY Statement of Cash Flows (Partial) Cash Flows from Operating Activities Cash Received from Customers Cash payments: $ C C $ v $ please answer with details and put correct number . will give a thumbs up if its correct.
thank you very much
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started