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Category > Accounting Posted 19 Aug 2017 My Price 11.00

Cheaney Company

P13-7A Presented below and on the next page are the financial statements of Cheaney Company.

 

 

 

 

 

 

CHEANEY COMPANY

Comparative Balance Sheets December 31

 

                                                      Text Box: Assets 2011 2010 Cash $ 35,000 $ 20,000 Accounts receivable 33,000 14,000 Merchandise inventory 27,000 20,000 Property, plant, and equipment 60,000 78,000 Accumulated depreciation (29,000) (24,000) Total $126,000 $108,000 Liabilities and Stockholders’ Equity Accounts payable $ 29,000 $ 15,000 Income taxes payable 7,000 8,000 Bonds payable 27,000 33,000 Common stock 18,000 14,000 Retained earnings 45,000 38,000 Total $126,000 $108,000

 

                            

 

 

 

 

CHEANEY COMPANY

Income Statement

For the Year Ended December 31, 2011

 

 

Sales

$242,000

Cost of goods sold

175,000

Gross profit

67,000

Operating expenses

24,000

Income from operations

43,000

Interest expense

3,000

Income before income taxes

40,000

Income tax expense

8,000

Net income

$  32,000

 

Additional data:

 

 

1.   Dividends declared and paid were $25,000.

2.   During the year equipment was sold for $8,500 cash. This equipment cost $18,000 originally and had a book value of $8,500 at the time of sale.

3.   All depreciation expense, $14,500, is in the operating expenses.

4.   All sales and purchases are on account.

 

 

Instructions

(a)   Prepare a statement of cash flows using the indirect method.

(b)   Compute free cash flow.

Answers

Maurice Tutor
(5)
Status NEW Posted 19 Aug 2017 07:08 PM My Price 11.00

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