Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Problem 3-37 Income versus Cash Flows (L03) The table below contains data on Fincorp Inc. The balance sheet items correspond to values at year-end 2018

image text in transcribed
image text in transcribed
Problem 3-37 Income versus Cash Flows (L03) The table below contains data on Fincorp Inc. The balance sheet items correspond to values at year-end 2018 and 2019, while the income statement items correspond to revenues or expenses during the year ending in either 2018 or 2019. All values are in thousands of dollars. 2018 $5,700 1,600 430 350 int 500 120 Revenue Cost of goods sold Depreciation Inventories Administrative expenses Interest expense Federal and state taxes Accounts payable Accounts receivable Net fixed assetat Long-term debt Notes payable Dividends paid Cash and marketable securities 2019 $5,800 1,700 450 40S 550 120 940 335 490 6.490 4.300 490 ences 920 260 450 5,800 3,000 820 350 2,320 350 370 * Taxes are paid in their entirety in the year that the tax obligation is incurred. Net fixed assets are fixed assets net of accumulated depreciation since the asset was installed. Construct a statement of cash flows for Fincorp for 2019. (Enter your answers in thousands of dollars. Negative amounts should be Indicated by a minus sign.) Fincorp Inc. Statement of Cash Flows (5 in 000) Cash flows from operations Noncash expenses Construct a statement of cash flows for Fincorp for 2019. (Enter your answers in thousa Indicated by a minus sign.) Fincorp Inc. Statement of Cash Flows ($ in 000s) Cash flows from operations Noncash expenses Changes in working capital Total change in working capital Cash flows from investments Cash flows from financing activities

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions