Audio City, Inc., is developing its annual financial statements
at December 31. The statements are complete except for the
statement of cash flows. The completed comparative balance sheets
and income statement are summarized below:
Current Year |
Previous Year |
||||||
Balance Sheet at December 31 | |||||||
Cash | $ | 40,000 | $ | 47,400 | |||
Accounts Receivable | 11,800 | 16,000 | |||||
Inventory | 17,200 | 16,000 | |||||
Equipment | 207,000 | 142,000 | |||||
Accumulated Depreciation—Equipment | (48,000 | ) | (37,000 | ) | |||
Total Assets | $ | 228,000 | $ | 184,400 | |||
Accounts Payable | $ | 7,200 | $ | 17,400 | |||
Salaries and Wages Payable | 2,000 | 1,000 | |||||
Note Payable (long-term) | 56,000 | 67,000 | |||||
Common Stock | 84,000 | 62,000 | |||||
Retained Earnings | 78,800 | 37,000 | |||||
Total Liabilities and Stockholders’ Equity | $ | 228,000 | $ | 184,400 | |||
Income Statement | |||||||
Sales Revenue | $ | 176,000 | |||||
Cost of Goods Sold | 82,000 | ||||||
Other Expenses | 48,000 | ||||||
Net Income | $ | 46,000 | |||||
Additional Data:
Required:
1. Prepare the statement of cash flows for the
current year ended December 31 using the indirect method.
(Amounts to be deducted should be indicated by a minus
sign.)
Audio City, Inc., is developing its annual financial statements at December 31. The statements are complete...
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