Northern Illinois Manufacturing prepared the balance sheet and income statement for this year. Now the company needs to prepare its statement of cash flows. The comparative balance sheets for Northern Illinois Manufacturing for this year and last year and the income statement for this year are presented below. (Note: Work in Process is a current asset and should be treated as any other current asset.)
Additional information:
1. Norther Illinois Manufacturing sold a piece of company equipment for $30,000. The equipment had been used for six years. It had cost $100,000 when purchases and had a 10-years life and a $10,000 salvage value. Straight-line depreciation was used.
2. Northern Illinois manufacturing purchased new equipment costing $200,000.
3. The company paid $100,000 in dividends.
Northern Illinois Manufacturing | |||
Income Statement | |||
For the year ending December 31 | |||
Sales | $5,536,077 | ||
Less: Cost of goods sold | 3,132,777 | ||
Gross Profit | 2,403,300 | ||
Operating expenses: | |||
Advertising | $52,000 | ||
Insurance | 382,000 | ||
Salaries and wages | 594,650 | ||
Depreciation | 72,500 | ||
Other op. expenses | 30,500 | ||
Total op. expenses | 1,131,650 | ||
Income from operations | 1,271,650 | ||
Other income | |||
Loss on sale of equip | (16,000) | ||
Other expenses | |||
Interest expense | (12,200) | ||
Net other income and expenses | (28,200) | ||
Income before income tax | 1,243,450 | ||
Income tax expenses | 373,035 | ||
Net income | $870,415 |
Northern Illinois Manufacturing | ||||
Balance Sheet | ||||
December 31 | ||||
Assets | This Year | Last Year | ||
Current assets | ||||
Cash | $792,306 | $746,681 | ||
Accounts receivable | 680,750 | 542,685 | ||
Work in process | 680,450 | 0 | ||
Inventory | 16,750 | 7,500 | ||
Prepaid expenses | 71,500 | 42,590 | ||
Total current assets | 2,241,756 | 1,339,456 | ||
Property, plant, and equipment | ||||
Furnishings | 40,416 | 40,416 | ||
Equipment | 900,200 | 800,200 | ||
Buildings | 450,000 | 450,000 | ||
Land | 300,000 | 300,000 | ||
Accumulated depreciation | (503,704) | (485,204) | ||
Total property, plant, and equipment | 1,186,912 | 1,105,412 | ||
Total Assets | $3,428,668 | $2,444,868 | ||
Liabilities and Stockholders' Equity | ||||
Current liabilities | ||||
Accounts payable | $156,300 | $128,360 | ||
Income taxes payable | 100,344 | 79,989 | ||
Wages payable | 600 | 1,984 | ||
Interest payable | 1,200 | 0 | ||
Other current liabilities | 14,520 | 15,246 | ||
Revolving bank loan payable | 16,000 | 0 | ||
Total current liabilities | 288,964 | 225,579 | ||
Long-term liabilities | ||||
Notes payable | 150,000 | 0 | ||
Total liabilities | 438,964 | 225,579 | ||
Stockholders' equity | ||||
Common stock | 1,250,000 | 1,250,000 | ||
Retained earnings | 1,739,704 | 969,289 | ||
Total stockholders' equity | 2,989,704 | 2,219,289 | ||
Total liabilities and stockholders' equity | $3,428,668 | $2,444,868 |
Instructions:
This assignment must be completed in an Excel spreadsheet and include the following:
a. Prepare a statement of cash flows using the indirect method for this year.
b. Determine free cash flow.
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