Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

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 2019
Revenue $

4,200

$ 4,300
Cost of goods sold

1,700

1,800
Depreciation 460 480
Inventories 350 395
Administrative expenses 540 590
Interest expense 110 110
Federal and state taxes* 470 490
Accounts payable 310 340
Accounts receivable 380 420
Net fixed assets 5,600 6,210
Long-term debt 2,700 4,100
Notes payable 780 520
Dividends paid 320 320
Cash and marketable securities 1,345 360

* 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.)

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

Recommended Textbook for

Accounting

Authors: Carl S. Warren, Philip E. Fess, James M. Reeve, C.Rollin Niswonger, Jim Reeve

18th Edition

0538839333, 978-0538839334

More Books

Students also viewed these Accounting questions

Question

Define learning and list at least three learning principles

Answered: 1 week ago