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Category > Management Posted 01 Nov 2017 My Price 8.00

Mann Corporation

Statement of Cash Flow
Presented below are the consolidated financial statements of The Mann Corporation as of year-end 2012 and 2013.

THE MANN CORPORATION
Consolidated Balance Sheets
As of Year-End ($ thousands) 2013 2012
Assets
Current assets
Cash $400,000 $250,000
Accounts receivable (net) 990,000 760,000
Inventory 710,000 400,000
Prepaid expenses 100,000 100,000
Total current assets 2,200,000 1,510,000
Investments in affiliate companies 100,000 -
Property and equipment 1,310,000 800,000
Less: Accumulated depreciation (110,000) (80,000)
Property & equipment (net) 1,200,000 720,000
Total assets $3,500,000 $2,230,000
Liabilities & ShareholdersAc€?c Equity
Current liabilities
Accounts payable $570,000 $500,000
Accrued expenses payable 200,000 220,000
Dividends payable 70,000 -
Total current liabilities 840,000 720,000
Note payableAc€??due in ten years 500,000 -
Total liabilities 1,340,000 720,000
ShareholdersAc€?c equity
Common stock, $5 par value 300,000 200,000
Additional paid-in-capital 1,200,000 1,160,000
Retained earnings 660,000 150,000
Total shareholdersAc€?c equity 2,160,000 1,510,000
Total liabilities & shareholdersAc€?c equity $3,500,000 $2,230,000
THE MANN CORPORATION
Consolidated Income Statement
For Year Ended ($ thousands) 2013 2012
Sales $16,800,0000 $12,000,000
Cost of goods sold 14,000,000 10,400,000
Gross margin 2,800,000 1,600,000
Selling & administrative expenses 1,930,000 1,048,000
Depreciation expense 30,000 20,000
Income tax expense 240,000 152,000
Net income $600,000 $380,000

Required

Using the above financial data, prepare the statement of cash flow for 2013 using the indirect method.

 

Answers

Maurice Tutor
(5)
Status NEW Posted 01 Nov 2017 07:11 PM My Price 8.00

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