Question

Below are the financial statements for Whistler Corporation:

Whistler Corporation Financial Statements

Balance Sheet:                        2013               2014
Current Assets
Cash                                       $47,500          $76,700
Accounts Receivable       $0                   $43,100
Inventories                     $49,000           $36,500
   Total current assets    $96,500           $156,300
Noncurrent Assets
Land                                   $15,800           $15,800
Buildings                              $103,600         $164,600
Equipment                          $63,200           $65,500
Patent                               $5,200 $5,200
Accumulated depreciation -$10,800         -$12,200
  Total noncurrent assets      $177,000       $238,900
Total Assets                            $273,500          $395,200

Current Liabilities
Accounts payable       $48,000            $25,900
Income taxes payable             $0                     $10,700
   Total current liabilities       $48,000            $36,600
Noncurrent Liabilities
Long term debt       $100,100          $134,000
   Total liabilities                     $148,100          $170,600
Shareholders’ Equity
Common Stock       $125,400           $177,400
Retained Earnings       $0                      $47,200
   Total shareholders equity  $125,400 $224,600
Total Liabilities      $273,500       $395,200
and Shareholders Equity

Income statement: 2014
Sales                                  $165,300
Cost of goods sold            -46,200
Depreciation expense    -1,400
Interest expense                -2,000
Other expenses                 -5,600
Income before taxes 110,100
Income taxes                     -40,900
Net income                         $69,200
Dividends paid                    -22,000
Additions $47,200
to Retained Earnings

Prepare a sources and uses statement for Whistler Corp. for fiscal year 2014. Next to each source and use, indicate either a decrease or increase and the $ amount of the change on the balance sheet. Then, indicate whether each change is an operating, investing or financing activity. Enter without commas.

Sources of cash             increase or decrease      $ amount        operating, investing or financing
Inventory                               
Depreciation ..   .
Income taxes payable                 .
Long-term debt                       
Common stock .    
Retained earnings      ­­­
Total sources of cash                                       

Uses of cash
Cash                                          .
Accounts receivable   .
Buildings                                       
Equipment                                  
Accounts payable . . .
Total uses of cash                                                  

Prepare a cash flow statement for Whistler Corp for fiscal year 2014. Enter sources without a sign and uses with a – sign. Enter without commas.

Operating activities                  2014
Net income                              $  .
Depreciation     
Accounts receivable                   .
Inventory    .
Accounts payable   .
Income taxes payable               .
    Cash flow from operating .
Investing activities
Buildings                                     .
Equipment   
   Cash flow from investing      
Financing activities
Long-term debt                          
Common stock                           
Dividends paid                          .
   Cash flow from financing     .

Net change in cash                   

Ending cash balance 2013        .
Ending cash balance 2014    .

Answer 1

The answer has been presented in the supporting sheet. All the parts has been solved with detailed explanation and calculation. For detailed answer refer to the supporting sheet.

Answer Statement of Sources and Uses Statement for whistler Corp. For June 2014 Increase or Operating, investing Sources of Cash amount or financing decrease Inventory (49000-36500) 12500 Operating activities 1400 Operating activities 10700 Operating activities 33900 Financing activities 52000 Financing activities Decrease Depreciation Increase Income taxes payable Increase Long term debt Common Stock Increase Increase Retained Earnings 47200 Increase O Total Sources of Cash 157700 2 Uses of cash 3 cash 29200 Increase 43100 Operating activities 61000 Investing activities 2300 Investing activities 22100 Operating activities a Account Receivable 5 Buildings 5 equipment - Account Payable 8 Total uses of cash Increase Increase Increase Decrease 157700 OCash and retained earnings cannot be classified in any activity

22 whisthlerCorp. 23 Statement of Cash Flow Statement 24 For June 2014 25 Operating activities 26 Net income 27 Depreciation 28 Account receivable (43100-0) 69,200 2$ 1,400 2$ -43,100 29 Inventory (49000-36500) 30 Account Payable (48000-25900) 31 Income Taxes Payable (10700-0) 12,500 -22,100 2$ 10,700 32 Cash Flow From Operating activities 2$ 28,600 33 Investing activities 34 Building (164600-103600) 35 Equipment (65600-63200) 2$ -61,000 2$ -2,300 36 Cash flow from investing activities -63,300 37 Financing activities 38 Long Term Debt (134000-100100) 39 Common Stock (177400-125400) 2$ 33,900 2$ 52,000 40 Dividends Paid 41 -22,000 Cash Flow From Financing activities 63,900 42 Net change in cash 29,200 43 Ending cash Balance 2013 47,500 44 Ending cash Balance 2014 45 46 For any help please comment in the comment box 76,700