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M 14-10 Prepare a Statement of Cash Flows; Free Cash Flow LO14-1 ompany's income statement for Year 2 follows: statement of cash flows. LO14-2, LO14-a
M 14-10 Prepare a Statement of Cash Flows; Free Cash Flow LO14-1 ompany's income statement for Year 2 follows: statement of cash flows. LO14-2, LO14-a PROBLE Joyner C $900,00o Sales Cost of goods sold Gross margin Selling and administrative expenses Net operating income Nonoperating items: 328,000o Gain on sale of equipment Income before taxes Income taxes ts balance sheet amounts at the end of Years I and 2 are as follows: $ 4,000 21,000 Cash and cash equivalents 250,000 310,000 170,000 260,000 Accounts receivable Inventory Prepaid expenses 571,000 510,000 132,000 378,000 40,000 465,000 400,000 120,000 280,000 Total current assets Property, plant, and equipment Less accumulated depreciation Net property, plant, and equipment Loan to Hymans Company $989 00 $745.000 Total assets Liabilities and Stockholders' Equity Accounts payable $310,000 $250,000 Accrued liabilities 20,000 45,000 42,000 375,000 322,000 70,000 392,000 300,000 270,000 83,000 Income taxes payable Total current liabilities Bonds payable Total liabilities Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity 190,000 565,000 124,000 424,000 353 $989,000 $745,000
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