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| a. | Looking at the changes in balance sheet accounts below, prepare a sources and uses statement for Whistler Corp. |
| | during fiscal year 2011. |
| b. | Prepare a cash flow statement for Whistler Corp. for fiscal year 2011. |
| | | Whistler Corporation Financial Statements |
| | Balance Sheet: | 2010 | 2011 |
| | 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 to suppliers | $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 and Shareholders Equity | $273,500 | $395,200 |
| | Income statement: | 2011 |
| | Sales | $165,300 |
| | Cost of goods sold | -46,200 |
| | Depreciation expenses | -1,400 |
| | Net interest expenses | -2,000 |
| | Other expenses | -5,600 |
| | Income before taxes | 110,100 |
| | Provision for income taxes | -40,900 |
| | Net income | $69,200 |
| | Dividends paid | 22,000 |
| | Additions to retained earnings | $47,200 |
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c1_problem.xls
