29 Jun Question 1.) Prepare a statement of cash f
Question
1.) Prepare a statement of cash flows using the indirect method for the year ending December 31, 2011.
Balance Sheet
2011
2010
Cash
$ 18,000
$25,000
Supplies
10,000
12,000
Accounts receivable (net)
31,000
35,000
Inventory
51,000
52,000
Prepaid expenses
9,000
3,000
Buildings, and equipment
400,000
360,000
Less: accumulated depreciation
(100,000)
(75,000)
Total assets
$419,000
$412,000
Accounts payable
$18,000
$13,000
Accrued expenses
10,000
8,500
Note payable, Short Term
20,000
60,000
Note payable, Long Term
20,000
15,500
Capital stock
296,000
280,000
Retained earnings
55,000
35,000
Total liabilities and equities
$419,000
$412,000
Additional data:
One piece of equipment was purchased during the year.
Short term debt was repaid while long term debt was issued.
Dividends were paid during the year.
A condensed income statement for the year is as follows:
Sales
470,000
Cost of goods sold
220,000
Gross profit
250,000
Depreciation expense
25,000
Operating expenses, other
138,000
Operating income
87,000
Interest Expense
(2,000)
Net income
85,000
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