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 es 45 or parentheses &.3. (45)) 2020 Sales $1.242.000 $688,000 5554.000 Cost of goods sold Gross profit Geel & admin expense Selling & mkt expense Depreciation $155.000 $135.000 $24.000 Operating income $240.000 Interest $140,000 Income before taxes $100,000 Income taxes (27%) $27.000 Net income $73,000 Dividends paid $25.000 Assets 2020 2019 Cash $23,000 $8,200 Accounts receivable $124,000 $112.000 $200,000 $219,000 Inventory Total curlent assets $347.000 $339,200 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 $734,000 $525,200 Liabilities $118,000 $103,000 Accounts payable Notes payable Total current liabilities $28,000 $28,000 $146,000 $131,000 Long-term debt $246,000 $151,000 Total liabilities $392,000 $282,000 $4,500 $4,000 Common stock ($0.01 par) Paid-in capital Retained earnings $222,500 $172,200 $115,000 $67,000 Total stockholders' equity $342.000 $243,200 Total liabilities and equity $734,000 $525,200 Statement of Cash Flows 2020 $ + 4 CP
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered 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