29 Jun Question Shown below are the comparative finan
Question
Shown below are the comparative financial statements for Reposed, Inc. for the year ended December 31, 2013, and December 31, 2012.
Reposed, Inc.
Income Statement
For the Period Ended December 31
2012 2011 change
Sales $ 6,601,000 $ 2,402,500 $ 4,198,500
Cost of goods sold 3,960,600 1,441,500 $ 2,519,100
Gross profit 2,640,400 961,000 $ 1,679,400
Selling and administration expense $ 726,110 $ 264,275 461,835
Loss on sale of land 50,000 50,000
Interest expense 273,988 1,050,098 42,152 306,427 231,836
Net income before taxes 1,590,302 654,573 $ 935,729
Income tax expense 363,055 132,138 $ 230,917
Net income (loss) $ 1,227,247 $ 522,435 $ 704,812
Earnings (loss) per share $ 11.16 $ 5.22
2012 2011 change
Net income (loss) $ 1,227,247 $ 522,435 $ 704,812
Unrealized holding gains (losses) 422,625 28,101 $ 394,524
Total comprehensive income $ 1,649,872 $ 550,536 $ 1,099,336
Reposed, Inc.
Income Statement
For the Period Ended December 31
Reposed, Inc.
Comprehensive Income Statement
For the Period Ended December 31
University of Michigan Dearborn
ACC 356 Winter 2014
Quiz 6
Name_______________________________________________________________________________________________________________
Shown below are the comparative financial statements for Reposed, Inc. for the year ended December 31, 2013, and December 31, 2012.2 | P a g e
2012 2011 change
Beginning retained earnings $ 13,130,148 $ 12,708,075 $ 422,073
Net income (loss) 1,227,247 522,435 $ 704,812
14,357,395 13,230,510 $ 1,126,885
Total dividends 161,767 100,362 $ 61,405
Ending retained earnings $ 14,195,628 $ 13,130,148 $ 1,065,480
2012 2011 change
Beginning accumulated other comprehensive income $ 329,186 $ 301,085 $ 28,101
Other comprehensive income 422,625 28,101 $ 394,524
Ending accumulated other comprehensive income $ 751,811 $ 329,186 $ 422,625
For the Period Ended December 31
Reposed, Inc.
Retained Earnings Statement
For the Period Ended December 31
Reposed, Inc.
Statement of Accumulated Other Comprehensive Income3 | P a g e
Quiz 6 Winter 2014
2012 2011 change
Assets
Cash $ 70,000 $ 50,000 $ 20,000
Available for sale securities 814,625 392,000 422,625
Accounts receivable $ 322,000 $ 155,000 167,000
(28,980) 293,020 (13,950) 141,050 (15,030)
Inventory 332,500 160,000 172,500
Current assets 1,510,145 743,050
Long-term investments 1,221,938 352,800 869,138
Property, plant and equipment
Land $ 8,731,800 6,468,000 2,263,800
Equipment 16,062,948 $ 8,408,400 7,654,548
Building 2,156,000 2,156,000 –
(1,320,550) 25,630,198 (1,056,440) 15,975,960 (264,110)
Goodwill 3,557,400 2,371,600 1,185,800
Total long-term assets 30,409,536 18,700,360
Total assets $ 31,919,681 $ 19,443,410
Less: Accumulated
depreciation
Reposed, Inc.
Balance Sheet
December 31
Less: Allowance for uncollectible accounts4 | P a g e
Reposed, Inc.
Balance Sheet
December 31
2012 2011 change
Equities
Liabilities
Accounts payable $ 3,630,550 $ 1,081,125 2,549,425
Wages payable 1,452,220 324,338 1,127,882
Unearned service revenue 1,545,600 248,000 1,297,600
Current liabilities $ 6,628,370 $ 1,653,463
Note Payable (5 years) – 702,533 (702,533)
Bonds payable 20-years 4,566,465 4,566,465
Deferred tax liability – long-term 439,083 175,633 263,450
Total liabilities 11,633,918 2,531,629
Stockholders’ equity
Preferred stock $ – $ 140,507 (140,507)
Common stock 3,235,348 2,007,236 1,228,112
Additional-paid-in-capital 2,588,278 1,605,789 982,489
Total contributed capital 5,823,626 3,753,532
Ending accumulated other comprehensive income 751,811 329,186 422,625
Ending retained earnings 14,195,628 13,130,148 1,065,480
20,771,065 17,212,866
Less Treasury stock (485,302) (301,085) (184,217)
Total stockholders’ equity 20,285,763 16,911,781
Total equity $ 31,919,681 $ 19,443,410 $ – The only sale of long-term property was a section of land with a book value of $200,000 which sold for $150,000.
Land and equipment were purchased. Preferred stock was sold at par.
Instructions:
Prepare a Statement of Cash Flows for the year ended December 31, 2013. Use the indirect method to calculate cash from operations
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