Question

The following income statement and selected balance sheet account data are available for Treece, Inc., at December 31, 2018.

TREECE, INC.
INCOME STATEMENT
FOR THE YEAR ENDED DECEMBER 31, 2018
Revenue:
Net sales				$	2,850,000
Dividend income					104,000
Interest income					70,000
Gain on sales of marketable securities					4,000
Total revenue and gains				$	3,028,000
Costs and expenses:
Cost of goods sold	$	1,550,000
Operating expenses		980,000
Interest expense		185,000
Income tax expense		90,000
Total costs and expenses					2,805,000
Net income				$	223,000
		End of Year			Beginning of Year
Selected account balances:
Accounts receivable	$	650,000		$	720,000
Accrued interest receivable		9,000			6,000
Inventories		800,000			765,000
Short-term prepayments		20,000			15,000
Accounts payable (merchandise suppliers)		570,000			562,000
Accrued operating expenses payable		65,000			94,000
Accrued interest payable		21,000			12,000
Accrued income taxes payable		22,000			35,000

Additional Information

1. Dividend revenue is recognized on the cash basis. All other income statement amounts are recognized on the accrual basis.

2. Operating expenses include depreciation expense of $115,000.

Required:
a. Prepare a partial statement of cash flows, including only the operating activities section of the statement and using the direct method. (List cash outflows as negative amounts.)

	TREECE, INC. Partial Statement of Cash Flows For the Year Ended December 31, 2018 Cash flows from operating activities: Cash received from customers $2,920,000 Interest and dividends received 171,000 Cash provided by operating activities $3,091,000 Cash paid to suppliers and employees Interest paid Income taxes paid Cash disbursed for operating activities Net cash flow from operating activities

Answer 1

TREECE, INC. Partial Statement of Cash Flows For the Year Ended December 31, 2018 Cash flows from operating activities: Cash received from customers $ 2,920,000 Interest and dividends received $ 171,000 Cash provided by operating activities Cash paid to suppliers and employees $ 1,655,000 Interest paid $ 176,000 Income taxes paid $ 103,000 Cash disbursed for operating activities Net cash flow from operating activities $3,091,000 A $1,934,000 B $1,157,000 A-B

Opening Accoounts receivables Add: Sales during year Less: Closing Accounts receivables Cash collected during period $ $ $ $ 720,000 2,850,000 650,000 2,920,000 Opening Accrued interest receivable Add: Interest income accrued during period Less: Closing Accrued interest receivable Cash collected during period $ $ $ S 6,000 70,000 9,000 67,000 A Dividend received Interest and dividend received $ S 104,000 B 171,000 A+B Closing inventory Add: Cost of goods sold Less: Closing inventory Purchases during year $ $ $ S 800,000 1,550,000 765,000 1,585,000 Opening Accounts Payables Add: Purchases during year Less: Closing Accounts Payables Cash paid during period $ $ $ S 720,000 1,585,000 650,000 1,655,000 Opening Accrued interest payable Add: Interest expense accrued during period Less: Closing Accrued interest payable Cash collected during period $ $ $ S 12,000 185,000 21,000 176,000 Opening Accrued income tax payable Add: Income tax expense during period Less: Closing Accrued income taxes payable Income tax paid during period $ $ $ S 35,000 90,000 22,000 103,000

Answer 2

#include<iostream>
using namespace std;
void main()
{
cout<<"CS-Idiots"<<endl;
cout<<"\n\n\n";
system("pause");
}