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3 Graded at 100 points NOTE: AFTER you fill out the increases or decreases in column "M" to the right Deduct 1 point out of 60 4 PRINT out a copy of A1 through M27 (already formatted for printing) Enter your answer in the "yellow" squares 5 to use with the calculations BELOW. Enter a reduction as a minus 6 The Nexton Company The Nexton Company 7 Income Statement Comparative Balance Sheets Increase 8 For the Year Ending Dec 31, 2009 12/31/2009 12131/2008 (Decrease) 9 Sales $385,000 Assets Deduct 1 point of 60 10 Cost of Goods Sold 227,000 Cash $19,000 313,000 11 Gross Profit $158,000 Accounts Receivable 40,000 38,000 12 Bad Debt Expense $1,000 Inventory 84,000 91,000 13 Wage Expense 58,000 Prepaid Expenses 5,000 4,000 14 Depreciation Expense 24,000 Plant Assets 255,000 220,000 15 Goodwill Amortization Expense 4,000 Accumulated Depreciation (70,000) (60,000 16 Other Operating Expenses 19,000 Goodwill (net) 32,000 36,000 17 Income Tax Expense 10.000 116.000 Total Assets $365,000 $342,000 18 Net Income $42 000 19 20 NOTES Liabilities & Stockholders' Equity 21 (1) During the year the company sold for $6,000 Accounts Payable $30,000 $24,000 22 old equipment that originally cost $20,000 and had Accrued Wages Payable 5,000 6,000 23 accumulated depreciation of $14,000. (therefore no gain or loss) Income Tax Payable 2.000 4,000 24 (2) New equipment was purchased for $55,000 cash Bonds Payable 0 25,000 25 (3) The long-term bonds matured on Jan 1,05 and Common Stock 215,000 195.000 26 were paid oft in cash Retained Earnings 113,000 88,000 27 (4) A5 17,000 dividend was declared and paid in the year Total Liab & Stockholders Equity $365,000 $342.000 28 15 The additional stock was issued for cash (see change in Common Stock) 29 30 The Nexton Company 31 Statement of Cash Flows Deduct 2 points out of 60 32 For the Year Ended December 31, 2009 33 CASH FLOWS FROM OPERATING ACTIVITIES 34 Net Income 35 Adjustments to reconcile Net Income 36 to Cash Flows from Operating Activities 37 INON CASH expenses - ADD back] 38 Depreciation 39 Depletion 40 Amortization 41 INON CURRENT items in Net Income] 42 Gain on sale of Assets 43 Loss on sale of Assets 44 CHANGES IN Current Assets & Current Liabilities] 45 Changes in Current Assets 46 Incr/Decr in Accounts Receivable Enter reduction of cash as a minus ) 47 Incr/Decr in Inventory 48 Incr/Decr in Prepaid Exenses 49 Incr Decr in Trade Securities 50 Changes in Current Liabilities 51 Incr/Decr in Accounts Payable 52 Incr/Decr in Accrued Liabilities 53 Inco Decr in Income Taxes Pay 54 55 Sub-total of adjustments 0 NOTE: totaled automatically 56 57 CASH FLOW from OPERATIONS $0 NOTE: totaled automatically 58 CASH FLOWS FROM INVESTING ACTIVITIES 59 Purchase of Investments Enter reduction of cash as a minus) 60 Sale of Investments 61 Purchase of Plant Assets 62 Sale of Plant Assets 63 CASH FLOW from INVESTING 64 NOTE: totaled automatically 65 CASH FLOWS FROM FINANCING ACTIVITIES 66 Repayment of Bonds/Notes Enter reduction of cash as a minus (-) 67 Issued Comman Stock 68 Paid Dividend 69 Acquired Treasury Stock 70 CASH FLOW from FINANCING 0 NOTE: totaled automatically 71 72 Net Increase (Decrease) in Cash shown on this statement SO NOTE: totaled automatically 73 Cash at legening of Year 74 75 Cash End of Year $0 NOTE: totaled automatically 76