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15 Points (2 pages) PROBLEM Based upon the comparative she prepare its Statement of and the additional inforatve balance sheets, the income stat and the additional information Cash Filows using the pration for Sales Co. prepare its Statement of Cash Flows using the Direct M Method Comparative Balance Sheets 1, 2018 and 2017 2018 2017 Change cember Balance Sheets Assets Cash Accounts receivable Inventory Prepaid Insurance Land Equipment Less: Accum Deprec 43,000 28,000 ↑15,000 33,000 30,000 T 3,000 46,000 50,000 ↓ 4,000 8,000 2,000 6,000 85,000 60,000 t 25,000 62,000 74,000 12,000 (20,000) (23,000) 3,000 Total Assets 25z.000 221.000 Liabilities: Accounts Payable Salaries Payable Accrued Expenses Bond Interest Payable Income Tax Payable Notes Payable Bonds Payable Stockholders Equity: 25,000 20,000 5,000 1,000 3,000 2,000 t 8,000 3,000 2,000 T 1,000 5,000 8,000 3,000 10,000 36,000 50,000 t 10,000 14,000 Common Stock, $1 par 103,000 93,000 10,000 APIC/ PICEP Retained Earnings 47,000 20,000 ↑27,000 19.000 25,000 6,000 Total Liab. and Equity 257000 221,000 continued on next page
Sales Co come Statement yealDecember 31,2018 Less: cost of goods sold Gross Profit 143,000 180.000) 63,000 Sales 13,000 5,000 3,000 Salaries expense Bond interest expense 13 Depreciation expense Insurance expense Other operating expenses 000 Less: Operating Expense 43,000) 20,000 Net operatierating Expenses 15.0 Net Operating Income Other Gains: 10,000 30,000 6,300 23.700 Gain on sale of equipment Net Income before income tax Less: income tax expense Net Income Additional information: $25,000 of land was acquired by paying $15,000 cash and issuing a 996, 10-year note payable to the seller for the remainder due. 2. Equipment that cost $12,000 and that was one half depreciated was sold for cash at a gain of $10,000. 3. $14,000 of bonds were redeemed at maturity for cash. 4. 10,000 shares of common stock were issued for cash. 5. Cash dividends were declared and paid to shareholders. 6. Accounts payable is for inventory
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x ~/ operating operating salaries expense insurance expense other operating expenses income tax expense payment to accounts payable receipt from accounts receivables S (15,000) $(13,000) opening s (7,000 gain on sale (9,300)purchase by cash $ (71,000) $140,000 quipment a/c 74,000 acc dep 10,000 cash $ 6,000 16,000 closin S 62,000 accounts receivables net cash flow from operating activity 24,700 opening 30,000 receipt in cash $140,000 $143,000 closing S 33,000 12 13 14 15 16 17 18 19 20 21 investing land purchased sale of equipment sales (15,000) 16,000 invento opening 50,000 cost of goods sold S 80,000 net cash flow from investing activ $ 1,000 76,000 closin S 46,000 urchase financing interest expense bonds redeemed proceeds from stock issue dividends paid S (4,000) 14,000payment in cash 71,000 opening S37,000 $(29,700) closin accounts payable $ 20,000 25,000 purchase of inventory 76,000 net cash flow from financing activ $ (10,700) 25 S 28,000 opening cash net cash flow from all activities closing cash 15,000 $ 43,000 27 29

formula view is given below -

X operating operating salaries expense insurance expense other operating expenses income tax expense payment to accounts payable receipt from accounts receivables -13000-2000 quipment a/c acc dep cash 74000 opening gain on sale 10000 16000 -6300-3000 E-F20 purchase by cash H7+H4+HS -F4-F5 closin 62000 H10 accounts receivables 10 net cash flow from operating activ SUM(C3:C8 opening receipt in cash -F10+F12-H12 12 13 14 15 16 17 18 19 investing land purchased sale of equipment sales 143000 closin 33000 15000 H5 invento opening cost of goods sold net cash flow from investing activ SUM(C13:C15) purchase -H17+H15-F15 closing 46000 financing interest expense bonds redeemed proceeds from stock issue dividends paid accounts payable -5000+1000 14000 10000+27000 -(23700+6000 payment in cash H20+H22-F22 opening 20000 21 closin 25000 urchase of inventory F17 net cash flow from financing activit SUM(C19:C23) 26 opening cash net cash flow from all activities closing cash -C10+C16+C24 -C26+027 29

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