The following financial statements were provided by Roberts Company:
Roberts Company |
Balance Sheets |
At September 30, 20X1 and 20X2 |
1 |
20X1 |
20X2 |
|
2 |
Assets: |
||
3 |
Cash |
$23,000.00 |
$7,000.00 |
4 |
Accounts receivable |
7,600.00 |
9,600.00 |
5 |
Inventory |
20,800.00 |
18,000.00 |
6 |
Plant and equipment |
40,000.00 |
60,000.00 |
7 |
Accumulated depreciation |
(10,000.00) |
(16,000.00) |
8 |
Total assets |
$81,400.00 |
$78,600.00 |
9 |
Liabilities and equity: |
||
10 |
Accounts payable |
$4,800.00 |
$3,200.00 |
11 |
Wages payable |
1,200.00 |
800.00 |
12 |
Common stock |
50,000.00 |
50,000.00 |
13 |
Retained earnings |
25,400.00 |
24,600.00 |
14 |
Total liabilities and equity |
$81,400.00 |
$78,600.00 |
Roberts company |
Income Statement |
For the Year ended September 30, 20X2 |
1 |
Sales |
$40,000.00 |
|
2 |
Cost of goods sold |
||
3 |
Beginning inventory |
$20,800.00 |
|
4 |
Purchases |
26,000.00 |
|
5 |
Ending inventory |
(18,000.00) |
(28,800.00) |
6 |
Wages expense |
(4,000.00) |
|
7 |
Advertising |
(2,000.00) |
|
8 |
Depreciation expense |
(6,000.00) |
|
9 |
Net income (loss) |
$(800.00) |
At the end of 20X2, Roberts purchased some additional equipment for $20,000.
Required:
Prepare a statement of cash flows using the indirect method. |
Cash Flow from Operating Activities |
||
Net Loss |
($800) |
|
Adjustment for non cash & Non operating activities:- |
||
Add: Depreciation |
$6000 |
|
Working Capital Changes: |
||
Increase A/c Receivable |
($2000) |
|
Decrease Inventory |
$2800 |
|
Decrease A/c Payable |
($1600) |
|
Decrease wahes payable |
($400) |
|
Cash Flow from Operating Activities (A) |
$4000 |
$4000 |
Cash Flow from Investing Activities |
||
Purchase Equipment |
($20000) |
|
Cash Flow from Investing Activities (B) |
($20000) |
($20000) |
Cash Flow from Financing Activities (C) |
0 |
0 |
Net Cash Inflow/(Outflow) (A+B+C) |
($16000) |
|
Add: Beginning Cash Balance |
$23000 |
|
Ending Cash Balance |
$7000 |
The following financial statements were provided by Roberts Company: Roberts Company Balance Sheets At September 30,...
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