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Category > Management Posted 02 Feb 2018 My Price 9.00

Summer Time Supply Corp

P12-62A (Learning Objectives 2, 3: Prepare the statement of cash flows—indirect method) The 2012 and 2011 comparative balance sheets and 2012 income statement of Summer Time Supply Corp. follow:

	December 31, 2012 2011		Increase (Decrease)
Current assets:
Cash and cash equivalents	$ 67,200	$ 1,900	$ 65,300
Accounts receivable	54,700	45,000	9,700
Inventories	53,400	52,200	1,200
Prepaid expenses	2,400	5,000	(2,600)
Plant assets:
Land	49,200	30,800	18,400
Equipment, net	52,900	49,600	3,300
Total assets	$279,800	$184,500	$ 95,300
Current liabilities:
Accounts payable	$ 35,500	$ 26,900	$ 8,600
Salary payable	24,000	13,100	10,900
Other accrued liabilities	22,100	23,700	(1,600)
Long-term liabilities:
Notes payable	49,000	30,000	19,000
Stockholders’ equity:
Common stock, no-par	89,000	64,000	25,000
Retained earnings	60,200	26,800	33,400
Total liabilities and stockholders’ equity	$279,800	$184,500	$ 95,300

Revenues:
Sales revenue Expenses: Cost of goods sold	$185,500	$441,000
Sales revenue Expenses: Cost of goods sold	$185,500
Salary expense	76,700
Depreciation expense	16,100
Other operating expense	50,000
Interest expense Income tax expense Total expenses	24,100 28,500	380,900
Interest expense Income tax expense Total expenses		380,900
Net income		$ 60,100

Summer Time Supply had no non-cash investing and financing transactions during 2012. During the year, there were no sales of land or equipment, no payment of notes payable, no retirements of stock, and no treasury stock transactions.

▶ Requirements

1. Prepare the 2012 statement of cash flows, formatting operating activities by using the indirect

method.

2. How will what you learned in this problem help you evaluate an investment?

Answers

Maurice Tutor

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Status NEW Posted 02 Feb 2018 08:02 PM My Price 9.00

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