Answered step by step
Verified Expert Solution
Question
1 Approved Answer
please help me complete this exercise. Refer to the following financial statements for Crosby Corporation CROSBY CORPORATION Income Statement For the Year Ended December 31,
please help me complete this exercise.
Refer to the following financial statements for Crosby Corporation CROSBY CORPORATION Income Statement For the Year Ended December 31, 20X2 Sales Cost of goods sold 3,470,000 2,230,000 1,240,000 678,000 298,000 264,000 85,400 178,600 148,000 30,600 10,000 20,600 150,000 0.14 Gross profit Selling and administrative expense Depreciation expense Operating income Interest expense Earnings before taxes Taxes Earnings after taxes Preferred stock dividends Earnings available to common stockholders Shares outstanding Earnings per share Statement of Retained Earnings For the Year Ended December 31, 20X2 $ 385,800 20,600 175,000 $ 231,400 Retained earnings, balance, January 1, 20X2 Add: Earnings available to common stockholders, 20X2 Deduct: Cash dividends declared and paid in 20X2 Retained earnings, balance, December 31, 20X2 Comparative Balance Sheets For 20X1 and 20X2 Year-End 20X1 Year-End 20X2 Assets Current assets Cash Accounts receivable (net) Inventory Prepaid expenses $ 179,000 505,000 702,000 67,600 $1,453,600 94,000 $94,600 543,000 707,000 35,000 $ 1,379,600 85,600 Total current assets Investments (long-term securities) Gross plant and equipment Less: Accumulated depreciation Net plant and equipment $ 2,090,000 1,620,000 $ 2,630,000 1,918,000 470,000 $ 2,017,600 712,000 $2,177,200 Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Notes payable Accrued expenses Total current liabilities $ 320,000 512,000 77,800 $ 909,800 $ 604,000 512,000 55,800 $1,171,800 Long-term liabilities Bonds payable, 20X2 Total liabilities 132,000 $1,041,800 184,000 $ 1,355,800 Stockholders' equity: Preferred stock, $100 par value Common stock, $1 par value Capital paid in excess of par Retained earnings Total stockholders' equity $ 90,000 150,000 350,000 385,800 $ 975,800 $2,017,600 $ 90,000 150,000 350,000 231,400 $ 821400 $ 2,177,200 Total liabilities and stockholders' equity a. Prepare a statement of cash flows for the Crosby Corporation: (Amounts to be deducted should be indicated with parentheses or a minus sign.) CROSBY CORPORATION Statement of Cash Flows For the Year Ended December 31, 20X2 Cash flows from operating activities Adjustments to determine cashflow from operating activities Total adjustments Net cash flows from operating activities 0 0 Cash flows from investing activities Net cash flows from investing activities Cash flows from financing activities 0 Net cash flows from financing activitiesStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started