Homework Answers
| Livers Inc, | ||
| Statement of Cash Flows | ||
| For the Year Ended Dec 31, 20Y3 | ||
| Cash flows from operating activities: | ||
| Net income | $500000 | |
| Adjustments to reconcile net income to net cash flow from operating activities | ||
| Depreciation expense (600000-500000) | 100000 | |
| Gain on sale of investments (175000-100000) | -75000 | |
| Change in current operating assets and liabilities | ||
| Increase in accounts receivable (450000-400000) | -50000 | |
| Increase in inventories (770000-750000) | -20000 | |
| Increase in accounts payable (340000-300000) | 40000 | |
| Decrease in accrued expenses (45000-50000) | -5000 | |
| Net cash flow from operating activities | $490000 | |
| Cash flow from investing activities: | ||
| Purchase of land | -500000 | |
| Purchase of equipment (1400000-1200000) | -200000 | |
| Sale of investment | 175000 | |
| Net cash used in investing activities | -525000 | |
| Cash flow from financing activities: | ||
| Issued of common stock (700000+200000-600000-175000) | 125000 | |
| Cash paid for dividends (25000+90000-30000) | -85000 | |
| Net cash flow from financing activities | 40000 | |
| Net increase in cash (490000-525000+40000) | $5000 | |
| Add: Cash at the beginning of the year | 150000 | |
| Cash at the end of the year | $155000 | |
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Statement of Cash Flows (Indirect Method) The Wolff Company's income statement and comparative balance sheets at December 31 of 2013 .. and 2012 are shown below: WOLFF COMPANY Income Statement For the Year Ended December 31, 2013 Sales Revenue $762,000 Cost of Goods Sold $516,000 Wages Expense 103,200 Insurance Expense 9,600 Depreciation Expense 20,400 Interest Expense 10,800 Income Tax Expense 34,800 694,800 Net Income $67,200 WOLFF COMPANY Balance Sheets Dec. 31, 2013 Dec. 31, 2012 Assets Cash $13,200 $6,000 Accounts...
PR 16-1A Statement of cash flows-indirect method The comparative balance sheet of Flack Inc. for December 31, 2013 and 2012, is shown as follows: Dec 31, 2013 Dec 31, 2012 Assets Cash ........ $234,660 $219,720 Accounts receivable (net)........... ..... 85,440 78,360 Inventories .......... 240,660 231,420 Investments .... 90,000 Land 123,000 Equipment. 264,420 207,420 Accumulated depreciation--equipment ........... (62.400) (55,500) $885,780 $771,420 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) ................ $159,180 $151,860 Accrued expenses payable (operating expenses) ..... 15,840 19,740 Dividends...
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