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Prepare a statement of cash flows for the Crosby Corporation using the generalprocedures indicated in Tables CROSBY Corporation Income Statement For the year EndedDecember 31,
Prepare a statement of cash flows for the Crosby Corporation using the generalprocedures indicated in Tables
CROSBY Corporation Income Statement For the year EndedDecember 31, 20X2 | |
Sales | 2,200,000 |
COGS | 1,300,000 |
Gross Profit | 900,000 |
Selling and administrative expense | 420,000 |
Depreciation expense | 150,000 |
Operating income | 330,000 |
Interest expense | 90,000 |
Earnings before taxes | 240,000 |
Taxes | 80,000 |
Earnings after taxes | 160,000 |
Preferred stock dividends | 10,000 |
Earnings available to common stockholders | 150,000 |
Shares outstanding | 120,000 |
EPS | 1.25 |
Statement of retained Earnings For the year Ended December 31, 20X2 | |
Retained earnings, balance, January 1, 20X2 | 500,000 |
Add: Earnings available to common stockholders, 20X2 | 150,000 |
Deduct: Cash dividends declared and paidin 20X2 | 50,000 |
Retained earnings, balance, December 31, 20X2 | 600,000 |
Comparative balanceSheets For 20X1 and 20X2 | ||
Year-End 20X1 | Year-End 20X2 | |
Assets | ||
Current assets: | ||
Cash | 70,000 | 100,000 |
Accounts receivable (net) | 300,000 | 350,000 |
Inventory | 410,000 | 430,000 |
Prepaid expenses | 50,000 | 30,000 |
Total current assets | 830,000 | 910,000 |
Investments | 80,000 | 70,000 |
PPE | 2,000,000 | 2,400,000 |
Less: accumulated depreciation | 1,000,000 | 1,150,000 |
Net PPE | 1,000,000 | 1,250,000 |
Total assets | 1,910,000 | 2,230,000 |
Liabilities and Stockholders Equity | ||
Current liabilities: | ||
Accounts payable | 250,000 | 440,000 |
Notes payable | 400,000 | 400,000 |
Accrued expenses | 70,000 | 50,000 |
Total current liabilities | 720,000 | 890,000 |
Long-term liabilities: | ||
Bonds payable, 20X2 | 70,000 | 120,000 |
Total liabilities | 790,000 | 1,010,000 |
Stockholders Equity: | ||
Preferred stock, $100Par value | 90,000 | 90,000 |
Common stock, $1 Par value | 120,000 | 120,000 |
Capital paid in excess of par | 410,000 | 410,000 |
Retained earnings | 500,000 | 600,000 |
Total Stockholders Equity | 1,120,000 | 1,220,000 |
Total liabilities and Stockholders Equity | 1,910,000 | 2,230,000 |
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