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Income Statement Sales $ 15,000 Operating expenses COGS $ 11,000 Depreciation 800 Admin expenses 1,500 Total operating expense 13,300 Operating income 1,700 Interest revenue 200
Income Statement | ||||
Sales | $ 15,000 | |||
Operating expenses | ||||
COGS | $ 11,000 | |||
Depreciation | 800 | |||
Admin expenses | 1,500 | |||
Total operating expense | 13,300 | |||
Operating income | 1,700 | |||
Interest revenue | 200 | |||
Gain on disposal of equipment | 400 | |||
Income before taxes | 2,300 | |||
Income tax | 920 | |||
Net income | $ 1,380 | |||
Balance sheet | ||||
Assets | This year | Last year | ||
Cash | $ 3,000 | $ 1,100 | ||
A/R | 500 | 530 | ||
Inventory | 850 | 820 | ||
Prepaid Ins | 150 | 200 | ||
Equipment | 1,800 | 2,400 | ||
Less: Acc Depr | (900) | (600) | ||
Total Assets | $ 5,400 | $ 4,450 | ||
Liabilities & SE | ||||
A/P | $ 1,500 | $ 1,300 | ||
Unearned revenue | $ 500 | $ 400 | ||
L/T Note payable | 300 | 500 | ||
Common Stock | 800 | 900 | ||
Retained earnings | 2,300 | 1,350 | ||
Total liabilties &SE | $ 5,400 | $ 4,450 | ||
Equipment was sold and dividends were paid. | ||||
a. How much was paid out in dividends? | ||||
b. How much was equipment sold for? | ||||
c. What are total cash flows (Op+Inv+Fin)? |
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