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Category > Management Posted 28 Jan 2018 My Price 9.00

Bonita Industries

Problem 12-7A

Presented below are the financial statements of Bonita Industries.
Bonita Industries
Comparative Balance Sheets
December 31
Assets   2017     2016  
Cash   $ 40,600     $ 23,200  
Accounts receivable   23,200     16,240  
Inventory   32,480     23,200  
Property, plant, and equipment   69,600     90,480  
Accumulated depreciation   (37,120 )   (27,840 )
Total   $128,760     $125,280  
             
Liabilities and Stockholders’ Equity            
Accounts payable   $ 22,040     $ 17,400  
Income taxes payable   8,120     9,280  
Bonds payable   19,720     38,280  
Common stock   20,880     16,240  
Retained earnings   58,000     44,080  
Total   $128,760     $125,280  

Bonita Industries
Income Statement
For the Year Ended December 31, 2017
Sales revenue       $280,720
Cost of goods sold       203,000
Gross profit       77,720
Selling expenses   $20,880    
Administrative expenses   6,960   27,840
Income from operations       49,880
Interest expense       3,480
Income before income taxes       46,400
Income tax expense       9,280
Net income       $ 37,120

Additional data:
1.   Depreciation expense was $20,300.
2.   Dividends declared and paid were $23,200.
3.   During the year equipment was sold for $9,860 cash. This equipment cost $20,880 originally and had accumulated depreciation of $11,020 at the time of sale.
 
Partially correct answer. Your answer is partially correct. Try again.
   
Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)
Bonita Industries
Statement of Cash Flows
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Maurice Tutor
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Status NEW Posted 28 Jan 2018 08:01 PM My Price 9.00

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