Statement of Cash Flows

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16-1A Question

ASSETS 2011 2010 Change .
Cash 53,875 76,625 (22,750) Sales 496,250
Accounts Receivable 65,000 49,625 15,375 COGS (250,000)
Merchandise Inventory 273,750 252,500 21,250 Gross Profit 246,250
Prepaid Expenses 5,375 6,250 (875) Operating Expenses
Equipment 159,500 110,000 49,500 Depreciation Expense 18,750
Accumulated Depreciation (34,625) (44,000) 9,375 Other Expenses 136,500
Total Assets 522,875 451,000 71,875 Total Operating Expenses (155,250)
91,000
LIABILITIES & EQUITY Other Gains (Losses)
Accounts Payable 88,125 116,625 (28,500) Loss on Sale of Equipment (5,125)
Short-term Notes Payable 10,000 6,250 3,750 Income Before Taxes 85,875
Long-term Notes Payable 93,750 53,750 40,000 Income Tax Expense (12,125)
Common Stock, $5 Par 168,750 156,250 12,500 Net Income 73,750
PICEPV, CS 32,500 - 0 32,500
Retained Earnings 129,750 118,125 11,625
Total Liabilities & Equity 522,875 451,000 71,875
Cash received from Customers 480,875 Sales 496,250
Cash paid for merchandise (299,750) Change in Accts Receivable (15,375)
Cash paid for operating expenses (135,625) Cash received from customers 480,875
Cash paid for income taxes (12,125) (447,500)
Cash provided by operating activities 33,375 Cost of Goods Sold 250,000
Investing Activities Change in merchandise inventory 21,250
Sale of Equipment 11,625 Change in accounts payable 28,500
Purchase of Equipment (35,000) Cash paid for merchandise 299,750
Net Cash used by Investing Activities (23,375)
Financing Activities Operating expenses (w/o depreciation) 136,500
Short term Notes Payable 3,000 Change in prepaid expenses (875)
Long-term Notes Payable (40,500) Change in accrued liabilities - 0
Sale of Common Stock 47,000 Cash paid for operating expenses 135,625
Dividend Payment (51,900)
Net Cash Used by Financing Activities (42,400) Interest expense
Net Cash Decrease (32,400) Change in prepaid interest
Beginning Cash Balance 76,625 Change in interest payable
Ending Cash Balance 44,225 Cash paid for interest - 0
(9,650)
Income tax expense 12,125
Net Income 73,750 Change in prepaid income tax - 0
Depreciation 18,750 Change in income tax payable - 0
Decrease in Prepaid Expenses 875 Cash paid for income taxes 12,125
Loss on Sale of Equipment 5,125
Increase in Accounts Receivable (15,375)
Increase in Inventory (21,250)
Decrease in Accounts Payable (28,500) (40,375)
Net Cash provided by Operating Activities 33,375

Statement of Cash Flows

16-1A Answer

Cash Received from Customers 480,875 Sales 496,250
Cash Paid for Merchandise (299,750) Subtract Increase in AR (15,375)
Cash Paid for Operating Expenses (135,625) Cash received from customers 480,875
Cash Paid for Income Taxes (12,125) (447,500)
Cash provided by/used for operating activities 33,375 Cost of Goods Sold 250,000
Investing Activities Add increase in Merchandise Inventory 21,250
Sold Equipment 13,625 Add decrease in Accounts Payable 28,500
Purchased Equipment (25,000) Cash paid for merchandise 299,750
Net Cash provided by/used for Investing Activities (11,375)
Financing Activities Operating Expenses 136,500
Borrowed Short Term Note Payable 3,750 Subtract decrease in Prepaid Expenses (875)
Paid Long Term Note Payable (31,375) - 0
Sold Stock 45,000 Cash paid for operating expenses 135,625
Paid Cash Dividend (62,125)
Net Cash provided by/used for Financing Activities (44,750)
Net Cash Decrease (22,750)
Beginning Cash Balance 76,625
Ending Cash Balance 53,875 Cash paid for interest
Income Tax Expense 12,125
Net Income 73,750
Add Depreciation 18,750
Add Decrease in Prepaid Expenses 875 Cash paid for income taxes 12,125
Add Losses 5,125
Subtract Increase in Accounts Receivable (15,375)
Subtract Increase in Inventory (21,250)
Subtract Decrease in Accounts Payable (28,500) (40,375)
Net Cash provided by Operating Activities 33,375

Statement of Cash Flows