Taylor Services, Inc. Income Statement Year Ended August 30, 2018 Revenues: Sales revenue $ 281,000 13,000 Dividend revenue Total revenues $ 294,000 Expenses: Cost of goods sold Salaries expense Depreciation expense Advertising expense Interest expense $ 103,000 55,000 26,000 16,000 9,000 Income tax expense 12,000 Total expenses 221,000 Net income $ 73,000 Print Done ar Additional data: a. Acquisition of fixed assets totaled $86,000. Of this amount, $70,000 was paid in cash; a $16,000 note payable was signed for the remainder. b. Proceeds from the sale of land totaled $21,000. No gain or loss was recognized on the sale. Proceeds from issuance of common stock totaled $50,000. d. Payment of long-term note payable was $14,000. e. Payment of dividends was $15,000. f. Data from the comparative balance sheet follow: C. . 2018 2017 August 30 Current Assets: Cash $ 26,000 $ 84,000 53,000 92,000 59,000 78,000 Accounts receivable Inventory Current Liabilities: Accounts payable Accrued liabilities $ 36,000 11,000 $ 28,000 24,000 Print Done The income statement and additional data of Taylor Services, Inc., follow: (Click the icon to view the income statement.) Click the icon to view the additional data.) Read the requirements Requirement 1. Prepare Taylor Services' statement of cash flows for the year ended August 30, 2018, using the indirect method. Complete the statement one section at a time, beginning with the cash flows from operating activities. (Use parentheses or a minus sign forr Taylor Services, Inc. Statement of Cash Flows Year Ended August 30, 2018 Cash flows from operating activities: Net income $ - 73,000 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation $ 26,000 Decrease in accounts receivable 6,000 Increase in inventory (14,000) Increase in accounts payable 8,000 Decrease in accrued liabilities (13,000) 13,000 86,000 Net cash provided by (used for operating activities Cash flows from investing activities: Click to select your answer(s) and then click Check Answer. Help Me Solve This e Text Pages Get More Help read the requirements, 86,000 Net cash provided by (used for) operating activities Cash flows from investing activities: Acquisition of fixed assets $ (70,000) 21,000 Proceeds from sale of land (49,000) Net cash provided by (used for) investing activities Cash flows from financing activities: Proceeds from issuance of common stock Payment of long-term notes payable Payment of dividends $ 50,000 (14,000) (15,000) 21,000 Net cash provided by (used for) financing activities Net increase (decrease) in cash during the year Cash balance, August 30, 2017 $ 58,000 26,000 Cash balance, August 30, 2018 $ 84,000 Requirement 2. Calculate Taylor Services' free cash flow for the year ended August 30, 2018 Taylor Services' free cash flow for the year ended August 30, 2018 is $ 16,000 Click to select your answer(s) and then click Check Answer. Cash balance August 30, 2016 Requirement 2. Cao Taylor Strech flow for the year anded Aug 30, 2016 Taylor Serves the cash flow for the year. August 30, 2015 16.000 Requirement 3. Eve Taylor Services flows for the year in your evaluation mentional records of weltwchow and the storyouw Taylor Services operation provided not shows of The many of the cast are con The Indication trat the company w and the Tanding av in the company Click to select your and then clickCheck wat CA
