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Please show steps as well. Thank you!! WILDCAT Balance Sheet The chief accountant for WILDCAT Inc. provides you below with the company's 2009 Statement of
Please show steps as well. Thank you!!
WILDCAT Balance Sheet The chief accountant for WILDCAT Inc. provides you below with the company's 2009 Statement of Cash Flows (direct method) data and Income Statement. The accountant has asked for your help in preparing some missing figures in the company's comparative Balance Sheet. 2009 STATEMENT OF CASH FLOWS - Direct Method (all $ in millions) Cash Collected from Customers $71 Cash Paid to Suppliers (30) Cash Paid for S& A Costs (16) Cash Paid for Income Taxes (9) NET CASH FLOW FROM OPERATING $16 ACTIVITIES Cash received from sale of equipment $40 NET CASH FLOW FROM INVESTING $40 ACTIVITIES Cash received from issue of common stock $10 Cash paid in dividends to common (3) stockholders NET CASH FLOW FROM FINANCING S7 ACTIVITIES 2009 INCOME STATEMENT (all Sin Millions) Sales Revenue $80 Cost of Goods Sold (32) Bad Debt Expense (2) Depreciation Expense |(10) Selling & Administration Expenses (16) Gain on the sale of Equipment 15 Income Tax Expense (7) NET INCOME $28 12/31/09 12/31/08 $120 ?? ?? 90 BALANCE SHEET (all $ in millions) Cash Accounts Receivable less: Allowance for Doubtful Accounts Inventory Property. Plant & Equipment less: Accumulated Depreciation 60 146 (6) ?? 200 (40) 77 ?? 7? $40 $ $30 Accounts Payable to Suppliers Payables for Selling & Administration Income Taxes Payable Common Stock Retained Earnings 77 22 ?? ?? ?? 77 ?? ?? 45 ?? REQUIRED: Compute the following account balances: For 12/31/08: Cash, Inventory, Accumulated Depreciation & Income Taxes Payable For 12/31/09: Retained Earings & Accounts ReceivableStep by Step Solution
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