Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Use the following income statement and balance sheet information to put together a statement of cash flows. (Enter negative amounts using either a negative sign
Use the following income statement and balance sheet information to put together a statement of cash flows. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)
Here are the photos of the question the blank Balance sheet is what must be completed.
Question 7 of 15 - / 1.5 INT 2020 Sales $1,242,000 Cost of goods sold $688,000 Gross profit $554,000 Gen'l & admin expense $157,000 Selling & mkt expense $134,000 Depreciation $25,000 Operating income $238,000 Interest $140,000 Income before taxes $98,000 Income taxes (27%) $26,460 Net income $71,540 Question 7 of 15 - / 1.5 III Dividends paid $25,000 Assets 2020 2019 Cash $23,000 $5,760 Accounts receivable $ 124,000 $114,000 Inventory $200,000 $220,000 Total current assets $347,000 $339,760 Gross plant and equipment $700,000 $475,000 Less: accum. depreciation $313,000 $288,000 Net plant and equipment $387,000 $187,000 Total assets $734,000 $526,760 Liabilities Liabilities Accounts payable $119,000 $104,000 Notes payable $27,000 $27,000 Total current liabilities $146,000 $131,000 Long-term debt $246,000 $151,000 Total liabilities $392,000 $282,000 Common stock ($0.01 par) $4,500 $4,000 Paid-in capital $219,500 $169,300 Retained earnings $118,000 $71,460 Total stockholders' equity $342,000 $244,760 Total liabilities and equity $734,000 $526,760 Question 7 of 15 - / 1.5 MIT e Textbook and Media Statement of Cash Flows 2020 Net Income/Loss $ >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