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EXPANDED STATEMENT OF CASH FLOWS Financial statements for McDowell Company as well as additional information relevant to cash flows during the period are given on pages 930-931. Rest of the info on worksheet.

P23-12A: EXPANDED STATEMENT OF CASH FLOWS Financial statements for McDowell Company as well as additional information relevant to cash flows during the period are given on pages 930-931. McDowell Company Income Statement For Year Ended December 31, 20-2 Net sales Cost of goods sold Gross profit Operating expenses Operating income Other revenues and expenses: Interest revenue Interest expense Loss on sale of store equipment Income before taxes Income tax expense Net income 1890000 940000 950000 572300 377700 3900 (890) (15000) (11990) 365710 133000 232710 McDowell Company Statement of Retained Earnings For Year Ended December 31, 20-2 Retained earnings, January 1, 20-2 360000 Net income 232710 Less dividends 60000 Net increase in retained earnings 172710 Net increase in retained earnings 532710 Additional information: 1. Store equipment was sold in 20-2 for $25,000. Additional information on the store equipment sold is provided below. Cost Accumulated depreciation Book value Market value Loss on sale 70000 (30000) 40000 25000 15000 2. Depreciation expense for the year was $112,000. 3. The following purchases were made for cash: Store equipment Delivery equipment Office equipment 64000 140000 30,000 $234,000 4. Declared and paid cash dividends of $60,000. 5. Issued 10,000 shares of $10 par common stock for $14 per share. 6. Acquired additional store equipment by issuing a note payable for $16,000 McDowell Company Comparative Balance Sheet December 31, 20-2 and 20-1 Current assets: 20-2 20-1 Cash 75365 40325 Government notes 6800 18000 Accrued interest receivable 720 610 Accounts receivable (net) 310700 325800 Merchandise inventory 685400 540200 Supplies and prepayments 27000 39000 Total current assets 1105985 963935 Property, plant, and equipment: Store equipment 470000 460000 Less accumulated depreciationstore equipment 18000/290000 150000/31000 0 Delivery equipment 530000 390000 Less accumulated depreciationdelivery equipment 140000/39000 100000/29000 0 0 Office equipment 430000 400000 Less accumulated depreciationoffice equipment 88000/342000 76000/324000 Total property, plant, and equipment 1022000 924000 Total assets 2127985 1887935 Liabilities: Notes payable 118000 102000 Accounts payable 110000 195000 Income tax payable 20000 25000 Accrued and withheld payroll taxes 16400 14900 Accrued interest payable 875 1035 Total current liabilities 265275 337935 Stockholders' Equity Common stock ($10 par, 300,000 shares authorized; Issued: 90,000 in 20-2 and 80,000 in 20-1) 900000 800000 Paid-in capital in excess of parcommon stock 430000 390000 Retained earnings 532710 360000 Total stockholders' equity 1862710 1550000 Total liabilities and stockholders' equity 2127985 1887935 35040 (11200) 110 (15100) 145200 (12000) 142050 10000 30000 140000 40000 30000 12000 98000 240050 16000 (85000) (5000) 1500 (160) (72660) 100000 40000 172710 312710 240050 REQUIRED Prepare a statement of cash flows explaining the change in cash and cash equivalents for the year ended December 31, 20-2. Student Name: Exercise 23-1A a. b. c. d. e. f. g. h. i. j. k. l. Assets Liabilities Accrued Interest Receivable Notes Payable Accounts Receivable Accounts Payable Merchandise Inventory Income Tax Payable Supplies and Prepayments Accrued and Withheld Payroll Taxes Store Equipment Accrued Interest Payable Accumulated Depreciation - Store Equipment Delivery Equipment Accumulated Depreciation - Delivery Equipment Office Equipment Accumulated Depreciation - Office Equipment Liabilities Notes Payable Common Stock Accounts Payable Paid-In Capital in Excess of Par - Common Stock Income Tax Payable Retained Earnings d and Withheld Payroll Taxes ccrued Interest Payable Problem 23-12A Cash flows from operating activities: Net income Adjustments for changes in current assets and liabilities related to operating activities: Increase in accrued interest receivable Decrease in accounts receivable (net) Increase in merchandise inventory Decrease in supplies and prepayments Decrease in accounts payable Decrease in income tax payable Increase in accrued and withheld payroll taxes Decrease in accrued interest payable Noncash expenses and other adjustments: Loss on sale of store equipment Depreciation expense Net cash provided by operating activities Cash flows from investing activities: Sold store equipment Purchased store equipment Purchased delivery equipment Purchased office equipment Net cash used by investing activities Cash flows from financing activities: Issued common stock Paid cash dividends Net cash provided by financing activities Net increase (decrease) in cash and cash equivalents Cash and cash equivalents, January 1, 20-2 Cash and cash equivalents, December 31, 20-2 Schedule of Noncash Investing and Financing Activities: Acquired store equipment by issuing a note payable McDowell C Statement of C For Year Ended Dec Supplemental Disclosures of Cash Flow Information: Cash paid for interest Cash paid for income taxes To compute cash paid for interest and taxes, prepare the following entries: Interest Expense (see income statement) Accrued Interest Payable (decrease in Acc. Int. Pay.) Cash (plug) Income Tax Expense (see income statement) Income Tax Payable (decrease in income tax payable) Cash (plug) McDowell Company Statement of Cash Flows For Year Ended December 31, 20-2 Review Question 10 Review Question 11 a. b. c. d. Review Question 15 Review Question 16 Review Question 21