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Category > Accounting Posted 15 Aug 2017 My Price 11.00

Sinjh Inc.

P13-9A  Condensed financial data of Sinjh Inc. follow.

Sinjh Inc.

Comparative Balance Sheets December 31

Assets                                                           2014                2013

                                                                                                                                                                                                                                                                    

Cash                                                                             $100,350              $ 48,400

Accounts receivable                                                     92,800                  33,000

Inventory                                                                      112,500                102,850

Prepaid expenses                                                          29,300                  26,000

Long-term investments                                             140,000                114,000

Plant assets                                                                   265,000                242,500

Accumulated depreciation                                        (47,000)                (52,000)

                                          

Total                                                                         $692,950              $514,750

 

                                          

 

 

Liabilities and Stockholders’ Equity

 

Accounts payable

 

$112,000

 

$  67,300

Accrued expenses payable

 

16,500

 

17,000

Bonds payable

 

110,000

 

150,000

Common stock

 

220,000

 

175,000

Retained earnings

 

234,450

 

105,450

Total

 

$692,950

 

$514,750

                                          

 

 

 

 

Sinjh Inc.

Income Statement

For the Year Ended December 31, 2014

 

Sales

$392,780

 

Gain on disposal of plant assets

5,000

 

$397,780

Less:

 

 

 

Cost of goods sold

135,460

 

 

Operating expenses, excluding

 

 

 

depreciation

12,410

 

 

Depreciation expense

45,000

 

 

Income taxes

27,280

 

 

Interest expense

4,730

 

224,880

Net income

 

 

$172,900

Additional information:

1.  New plant assets costing $80,000 were purchased for cash during the year.

2.  Old plant assets having an original cost of $57,500 and accumulated depreciation of

$50,000 were sold for $12,500 cash.

3.  Bonds payable matured and were paid off at face value for cash.

4.  A cash dividend of $43,900 was declared and paid during the year.

 

 

Instructions

Prepare a statement of cash flows using the indirect method.

Answers

Maurice Tutor
(5)
Status NEW Posted 15 Aug 2017 08:08 AM My Price 11.00

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