Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Humber included in Brock's statement of cash flows. PROBLEM 13-10 Prepare a Statement of Cash Flows; Free Cash Flow LO13-1, LO13-2, LO13-3 Joyner Company's

image

Humber included in Brock's statement of cash flows. PROBLEM 13-10 Prepare a Statement of Cash Flows; Free Cash Flow LO13-1, LO13-2, LO13-3 Joyner Company's income statement for Year 2 follows: 1:31 Sales. Cost of goods sold Gross margin Selling and administrative expenses Net operating income.... Nonoperating items: Gain on sale of equipment $900,000 500,000 400,000 328,000 Preview 72,000 8,000 80,000 24,000 $ 56,000 Income before taxes Income taxes Net income Its balance sheet amounts at the end of Years 1 and 2 are as follows: Year 2 Year 1 Assets Cash and cash equivalents Accounts receivable $ 4,000 250,000 $ 21,000 170,000 Inventory 310,000 260,000 Prepaid expenses 7,000 14,000 Total current assets 571,000 465,000 Property, plant, and equipment 510,000 400,000 Less accumulated depreciation 132,000 120,000 Net property, plant, and equipment 378,000 280,000 Loan to Hymans Company. 40,000 0 Total assets $989,000 $745,000 Liabilities and Stockholders' Equity Accounts payable $310,000 $250,000 Accrued liabilities 20,000 30,000 Income taxes payable. 45,000 42,000 Total current liabilities 375,000 322,000 Bonds payable Total liabilities Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity $989,000 $745,000 Equipment that had cost $40,000 and on which there was accumulated depreciation of $30,000 was sold during Year 2 for $18,000. The company declared and paid a cash dividend during Year 2. It did not retire any bonds or repurchase any of its own stock. 190,000 70,000 565,000 392,000 300,000 270,000 124,000 83,000 424,000 353,000 15 intel iRIS GRAPHICS Chapter 13

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Reporting Financial Statement Analysis And Valuation A Strategic Perspective

Authors: James M. Wahlen, Stephen P. Baginski, Mark Bradshaw

8th Edition

1285190904, 978-1305176348, 1305176340, 978-1285190907

More Books

Students also viewed these Accounting questions

Question

Explain the two views on the social responsibility of business.

Answered: 1 week ago

Question

What are the arguments against increased social responsibility?

Answered: 1 week ago

Question

What is an affirmative action program? What is its purpose?

Answered: 1 week ago