Question
Using the following balance sheets for September 30 and December 31, prepare a cash flow statement for the period using the indirect method. Ellis Electronics
- Using the following balance sheets for September 30 and December 31, prepare a cash flow statement for the period using the indirect method.
|
| Ellis Electronics |
|
| Changes |
|
| Balance Sheet |
|
| To Cash |
Assets |
| Sept. 30 | Dec. 31 |
| |
| Current Assets |
|
|
| |
|
| Cash | $8,133 | $6,156 |
|
|
| Accounts Receivable | $15,843 | $16,537 |
|
|
| Inventory | $11,989 | $15,338 |
|
|
| Prepaid Expenses | $2,850 | $2,217 |
|
| Total Current Assets | $38,815 | $40,248 |
| |
| Long Term Assets |
|
|
| |
|
| Plant, Property & Equipment | $35,860 | $41,560 |
|
|
| Less Accumulated Depreciation | $8,195 | $8,732 |
|
|
| Plant, Property & Equipment (Net) | $27,664 | $32,827 |
|
|
| Other Long Term Assets | $1,905 | $1,905 |
|
| Total Long Term Assets | $29,569 | $34,732 |
| |
Total Assets | $68,384 | $74,980 |
| ||
Liabilities and Owners Equity |
|
|
| ||
Liabilities |
|
|
| ||
| Current Liabilities |
|
|
| |
|
| Accounts Payable | $10,208 | $10,755 |
|
|
| Accrued Wages | $1,636 | $2,776 |
|
|
| Short term bank debt | $8,087 | $8,087 |
|
| Total Current Liabilities | $19,931 | $21,618 |
| |
| Long Term Liabilities |
|
|
| |
|
| Bank Loan Payable | $26,013 | $31,713 |
|
| Total Long-Term Liabilities | $26,013 | $31,713 |
| |
Total Liabilities | $45,943 | $53,330 |
| ||
Owner's Equity |
|
|
| ||
|
| Stockholder Investment | $14,680 | $14,680 |
|
|
| Retained Earnings | $7,761 | $6,970 |
|
Total Owner's Equity | $22,441 | $21,650 |
| ||
Total Liabilities and Owner's Equity | $68,384 | $74,980 |
|
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