Question
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).)
| 2020 | ||
| Sales | $1,237,000 | |
| Cost of goods sold | $688,000 | |
| Gross profit | $549,000 | |
| Gen'l & admin expense | $157,000 | |
| Selling & mkt expense | $135,000 | |
| Depreciation | $24,000 | |
| Operating income | $233,000 | |
| Interest | $142,000 | |
| Income before taxes | $91,000 | |
| Income taxes (27%) | $24,570 | |
| Net income | $66,430 | |
| Dividends paid | $25,000 |
| Assets | 2020 | 2019 | ||
| Cash | $24,000 | $18,070 | ||
| Accounts receivable | $123,000 | $112,000 | ||
| Inventory | $201,000 | $217,000 | ||
| Total current assets | $348,000 | $347,070 | ||
| Gross plant and equipment | $700,000 | $475,000 | ||
| Less: accum. depreciation | $313,000 | $289,000 | ||
| Net plant and equipment | $387,000 | $186,000 | ||
| Total assets | $735,000 | $533,070 | ||
| Liabilities | ||||
| Accounts payable | $117,000 | $103,000 | ||
| Notes payable | $27,000 | $27,000 | ||
| Total current liabilities | $144,000 | $130,000 | ||
| Long-term debt | $245,000 | $149,000 | ||
| Total liabilities | $389,000 | $279,000 | ||
| Common stock ($0.01 par) | $4,500 | $4,000 | ||
| Paid-in capital | $223,500 | $173,500 | ||
| Retained earnings | $118,000 | $76,570 | ||
| Total stockholders' equity | $346,000 | $254,070 | ||
| Total liabilities and equity | $735,000 | $533,070 |
| Statement of Cash Flows 2020 | ||
| Cash from InvestmentCash from OperationsOperating ActivitiesCash from FinancingNet Change in CashInvesting ActivitiesFinancing Activities | ||
| Increase in Accounts PayableIssuance of Long-term debtSale of Fixed AssetsIncrease in InventoriesDividends PaidDecrease in Accounts ReceivableIssuance of Common StockDepreciationDecrease in InventoriesIncrease in Accounts ReceivableDecrease in Accounts PayablePurchase of Fixed AssetsNet Income/Loss | $ | |
| Increase in Accounts PayablePurchase of Fixed AssetsNet Income/LossSale of Fixed AssetsDecrease in Accounts ReceivableDepreciationIssuance of Long-term debtIncrease in InventoriesDividends PaidIncrease in Accounts ReceivableIssuance of Common StockDecrease in InventoriesDecrease in Accounts Payable | ||
| DepreciationSale of Fixed AssetsIssuance of Long-term debtIncrease in InventoriesDecrease in Accounts PayableIssuance of Common StockPurchase of Fixed AssetsDividends PaidIncrease in Accounts ReceivableDecrease in InventoriesIncrease in Accounts PayableDecrease in Accounts ReceivableNet Income/Loss | ||
| Decrease in Accounts PayableIncrease in Accounts PayableIssuance of Long-term debtSale of Fixed AssetsDepreciationDecrease in InventoriesDecrease in Accounts ReceivableIssuance of Common StockIncrease in InventoriesIncrease in Accounts ReceivablePurchase of Fixed AssetsDividends PaidNet Income/Loss | ||
| Increase in InventoriesDepreciationIssuance of Long-term debtNet Income/LossDecrease in InventoriesDecrease in Accounts PayableIssuance of Common StockDividends PaidDecrease in Accounts ReceivableIncrease in Accounts ReceivablePurchase of Fixed AssetsSale of Fixed AssetsIncrease in Accounts Payable | ||
| Operating ActivitiesCash from OperationsFinancing ActivitiesInvesting ActivitiesCash from InvestmentCash from FinancingNet Change in Cash | ||
| Cash from FinancingOperating ActivitiesCash from InvestmentFinancing ActivitiesCash from OperationsInvesting ActivitiesNet Change in Cash | ||
| Decrease in Accounts ReceivableIssuance of Long-term debtDividends PaidNet Income/LossDepreciationIncrease in Accounts ReceivableIncrease in Accounts PayableDecrease in InventoriesDecrease in Accounts PayableSale of Fixed AssetsIssuance of Common StockPurchase of Fixed AssetsIncrease in Inventories | ||
| Financing ActivitiesCash from InvestmentInvesting ActivitiesCash from OperationsOperating ActivitiesNet Change in CashCash from Financing | ||
| Cash from OperationsOperating ActivitiesNet Change in CashInvesting ActivitiesFinancing ActivitiesCash from InvestmentCash from Financing | ||
| Increase in Accounts ReceivableDecrease in Accounts ReceivableDecrease in Accounts PayableIssuance of Long-term debtDecrease in InventoriesIncrease in Accounts PayablePurchase of Fixed AssetsIncrease in InventoriesSale of Fixed AssetsDepreciationIssuance of Common StockDividends PaidNet Income/Loss | ||
| Decrease in Accounts ReceivableDecrease in Accounts PayableDividends PaidIncrease in InventoriesDecrease in InventoriesDepreciationNet Income/LossSale of Fixed AssetsIssuance of Common StockIssuance of Long-term debtPurchase of Fixed AssetsIncrease in Accounts ReceivableIncrease in Accounts Payable | ||
| Purchase of Fixed AssetsDividends PaidDepreciationNet Income/LossIncrease in Accounts ReceivableDecrease in Accounts PayableIssuance of Common StockIncrease in Accounts PayableSale of Fixed AssetsIncrease in InventoriesDecrease in InventoriesIssuance of Long-term debtDecrease in Accounts Receivable | ||
| Cash from FinancingFinancing ActivitiesCash from OperationsCash from InvestmentInvesting ActivitiesOperating ActivitiesNet Change in Cash | ||
| Net Change in CashCash from FinancingCash from OperationsFinancing ActivitiesOperating ActivitiesCash from InvestmentInvesting Activities | ||
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