Maurice Tutor

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  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 20 Aug 2017 My Price 14.00

Cromme Inc.

Statement of cash flows—direct method applied to PR 14-1A

 

The comparative balance sheet of Cromme Inc. for December 31, 2016 and 2015, is as follows:

 

 

 

Dec. 31, 2016             Dec. 31, 2015

 

 

 

 

Assets

 

 

 

Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$   625,760

 

$   585,920

Accounts receivable (net) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

227,840

 

208,960

Inventories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

641,760

 

617,120

Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

0

 

240,000

Land . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

328,000

 

0

Equipment. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

705,120

 

553,120

Accumulated depreciation—equipment . . . . . . . . . . . . . . . . . . . . . . . .

    (166,400)

 

    (148,000)

Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$2,362,080

 

$2,057,120

Liabilities and Stockholders’ Equity

Accounts payable (merchandise creditors)  . . . . . . . . . . . . . . . . . . . . . .

 

$   424,480

 

 

$   404,960

Accrued expenses payable (operating expenses)  . . . . . . . . . . . . . . . .

42,240

 

52,640

Dividends payable. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

24,000

 

19,200

Common stock, $2 par . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

150,000

 

100,000

Paid-in capital: Excess of issue price over par—common stock . . . .

417,500

 

280,000

Retained earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

  1,303,860

 

  1,200,320

Total liabilities and stockholders’ equity. . . . . . . . . . . . . . . . . . . . . .

$2,362,080

 

$2,057,120

 

The income statement for the year ended December 31, 2016, is as follows:

 

 

 

Sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

 

$ 5,372,559

Cost of merchandise sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

 

  3,306,190

Gross profit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

 

$2,066,369

Operating expenses:

 

 

Depreciation expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$       18,400

 

Other operating expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

  1,755,402

 

Total operating expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

 

  1,773,802

Operating income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

 

$   292,567

Other income:

 

 

Gain on sale of investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

 

          40,000

Income before income tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

 

$   332,567

Income tax expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

 

133,027

Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

 

$   199,540

 

Additional data obtained from an examination of the accounts in the ledger for 2016 are  as follows:

 

a.     The investments were sold for $280,000 cash.

 

b.    Equipment and land were acquired for cash.

 

c.     There were no disposals of equipment during the year.

 

d.    The common stock was issued for cash.

 

e.     There was a $96,000 debit to Retained Earnings for cash dividends declared.

Instructions

Prepare a statement of cash flows, using the direct method of presenting cash flows from operating activities.

 

Answers

Maurice Tutor
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Status NEW Posted 20 Aug 2017 08:08 PM My Price 14.00

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