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Category > Management Posted 30 Oct 2017 My Price 10.00

Wentworth Company

The following are comparative balance sheets and an income statement for Wentworth Company.

Wentworth Company      
Balance Sheets      
As of 12/31/13 and 12/31/12      
       
       
       
           2,013                2,012
Assets      
Cash      210,000           145,000
Accounts Receivable      430,000           490,000
Inventory      110,000           140,000
Investments      300,000           500,000
Equipment      600,000           500,000
Buildings 1,000,000        1,000,000
Accumulated Depreciation    (650,000)          (500,000)
Total Assets 2,000,000        2,275,000
       
Liabilities      
Accounts Payable      195,000           175,000
Wages Payable        52,000              92,000
Interest Payable        65,000              47,000
Bonds Payable 1,300,000        1,500,000
Total Liabilities 1,612,000        1,814,000
Equity      
Common Stock        20,000              10,000
APIC      180,000              90,000
Retained Earnings      188,000           361,000
Total Liabilities and Equity 2,000,000        2,275,000
       
       
Wentworth Company      
Income Statement      
For the Year Ended 12/31/13      
       
       
Sales   2,450,000  
COGS   2,000,000  
Gross Profit        450,000  
       
Operating Expenses      
Wages Expense        220,000  
Interest Expense        110,000  
Depreciation        150,000  
Rent Expense          80,000  
Other:      
Loss on Sale of Investments           (8,000)  
       
Net (Loss)      (118,000)  



Cash dividends of $55,000 were paid in 2013.

Required:

Prepare a statement of cash flows for 2013 using the direct method, including a reconciliation from the net income to cash from operating activities.

Answers

Maurice Tutor
(5)
Status NEW Posted 30 Oct 2017 10:10 PM My Price 10.00

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