Question

mode : This shows what is correct or incorrect for the work you have Refer to the following financial statements for Crosby Corporation: CROSBY CORPORATION Income Statement For the Year Ended December 31, 20x2 Sales $ Cost of goods sold Gross profit $ Selling and administrative expense Depreciation expense Operating income $ Interest expense Earnings before taxes $ Taxes Earnings after taxes $ Preferred stock dividends Earnings available to common stockholders $ Shares outstanding Earnings per share $ 3,550, eee 2,280,000 1,270, eee 723,800 268, eee 279,800 88,500 199,5ee 115, eee 75,500 10,000 65,5ee 150,000 0.44 Statement of Retained Earnings For the Year Ended December 31, 20x2 Retained earnings, balance, January 1, 2ex2 Add: Earnings available to common stockholders, 28x2 $1,379, see 65,5ee 17 000 SW < Prev 8 of 17 Next > e here to search 이 바 e pfm-It- F2 F5 F6

Answer 1

Cash Flow Statement
Cash flows from operating activities
Net Income for the year				75,500
Adjustment required for reconciliation
Depreciation expense			2,68,000
Increase in Accounts receivable			-1,06,000
Increase in Inventory				-26,000
Decrease in prepaid expense			27500
Increase in Accounts payable			328000
Decrease in Accrued expense			-28400
Total adjustment					4,63,100
Net cash flows from Operating activities			5,38,600
Cashflows from Investing activities
Purchase of equipment			-5,30,000
Sale of Investment				14,500
Net Cash used in Investing activities			-5,15,500
Cash Flows from Financing activities
Issuance of Bonds payable			1,21,000
Dividend paid (1379800+75500-1271300)		-1,84,000
Net cash used in financing activities			-63,000
Net cash decrease					-39,900
Beginning balance of cash				1,46,000
Ending balance of cash				1,06,100