Question
The 2020 income statement and the 2020 comparative balance sheet of T-Bar-M Camp Inc. have just been distributed at a meeting of the camps board
The 2020 income statement and the 2020 comparative balance sheet of T-Bar-M Camp Inc. have just been distributed at a meeting of the camps board of directors.
Requirements
- Prepare a statement of cash flows for 2020 in the format that best shows the relationship between net income and operating cash flow. The company sold no plant and equipment or long-term investments and issued no notes payable during 2020. There were no non-cash investing and financing transactions during the year. Show all amounts in thousands.
I/S (in thousands)
Revenue $436
COGS 221
Salary expense 48
Depreciation expense 57
Interest expense 13
Net Income $97
Comparative B/S (in thousands) 2020 2019
Assets
Cash $17 $63
A/R (net) 72 61
Inventories 194 181
Long term investments 31 0
PP&E 369 259
Accumulated depn (244) (198)
Patents (net) 177 188
Total Assets $616 $554
Liabilities and Shareholders' Equity
AP $63 $56
Accrued liabilities $12 $17
Notes payable, long term 179 264
Common shares 149 61
Retained Earnings 213 156
Total L & SE $616 $554
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started