Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Please help me prepare a statement of cash flows. Thank you! Crosby Corporation Income Statement For the Year Ended December 31, 2019 2019 Sales $2,200,000
Please help me prepare a statement of cash flows. Thank you!
Crosby Corporation Income Statement For the Year Ended December 31, 2019 2019 Sales $2,200,000 Cost of goods sold 1,300,000 Gross profit $900,000 Selling & administrative expenses 420,000 Depreciation Expense 150,000 Operating Income $330,000 Interest expense 90,000 Net income before taxes $240,000 Taxes 80,000 Net income $160,000 Crosby Corporation Summary of Changes to Retained Earnings For the Year Ended December 31, 2019 Retained Earnings Balance, 12/31 $500,000 Add: 2019 Net Income 160,000 Less: Preferred Stock Dividends P (10,000) Less: Common Stock Dividends P (50,000) Retained Earnings Balance, 12/31 $600,000 Shares Outstanding 12/31/19 120,000 Earnings per Share $1.42 Crossby Corporation Comparative Balance Sheets Assets 31-Dec-19 Cash $100,000 Accounts Receivable (net) 350,000 Inventory 430,000 Prepaid Expenses 30,000 Total current assets 910,000 Investments (long-term securities) 70,000 Plant & equipment 2,400,000 Less: Accumulated Depreciation (1,150,000) Net plant & equipment 1,250,000 Total Assets $2,230,000 Liabilities & Stockholders' Equity Accounts payable $440,000.00 Notes Payable 400,000 Accrued expenses 50,000 Total current liabilites 890,000 Bond Payable 120,000 Total liabilities 1,010,000 Preferred Stock, $100 Par 90,000 Common stock ($1 par value) 120,000 Capital paid in excess of par 410,000 Retained earnings 600,000 Total stockholders' equ 1,220,000 Total Liabilities & Stockolders' I $2,230,000 31-Dec-18 $70,000 300,000 410,000 50,000 830,000 80,000 2,000,000 (1,000,000) 1,000,000 $1,910,000 $250,000 400,000 70,000 720,000 70,000 790,000 90,000 120,000 410,000 500,000 1,120,000 $1,910,000Step 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