Question
I am not sure how to complete this task. Please Help! Thanks in advance! Selected financial statement information and additional data for Johnston Enterprises is
I am not sure how to complete this task. Please Help! Thanks in advance!
Selected financial statement information and additional data for Johnston Enterprises is presented below. Prepare a statement of cash flows for the year ending December 31, 2014
Johnston Enterprises
Balance Sheet and Income Statement Data
December 31, 2014 | December 31, 2013 | ||||
Current Assets: | |||||
Cash | $143,000 | $119,000 | |||
Accounts Receivable | 228,000 | 306,000 | |||
Inventory | 391,000 |
| |||
Total Current Assets |
| 765,000 | |||
Property, Plant, and Equipment | 1,261,000 | 1,122,000 | |||
Less: Accumulated Depreciation | (476,000) | (442,000) | |||
Total Assets |
|
| |||
Current Liabilities: | |||||
Accounts Payable | $187,000 | $102,000 | |||
Notes Payable | 51,000 | 68,000 | |||
Income Taxes Payable |
|
| |||
Total Current Liabilities | 323,000 | 246,500 | |||
Bonds Payable | 350,000 | 391,000 | |||
Total Liabilities | 673,000 | 637,500 | |||
Stockholders' Equity: |
|
|
| ||
Common Stock | 510,000 | 467,500 | |||
Retained Earnings | 364,000 | 340,000 | |||
Total Stockholders' Equity |
|
| |||
Total Liabilities & Stockholders' Equity | $1,547,000 | $1,445,000 | |||
Sales Revenue | 1,615,000 | $1,513,000 | |||
Less Cost of Goods Sold | 781,000 | 731,000 | |||
Gross Profit | 834,000 | 782,000 | |||
Expenses: | |||||
Depreciation Expense | 153,000 | 136,000 | |||
Salaries and Wages Expense | 391,000 | 357,000 | |||
Interest Expense | 34,000 | 34,000 | |||
Loss on Sale of Equipment |
|
| |||
Income Before Taxes | 244,000 | 255,000 | |||
Less Income Tax Expense |
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| |||
Net Income | $146,000 | $153,000 |
Additional Information:
During the year, Johnston sold equipment with an original cost of $133,000 and accumulated depreciation of $119,000 and purchased new equipment for $272,000.
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