Maurice Tutor

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Category > Management Posted 04 Feb 2018 My Price 9.00

Po Dr. acer Productions

Preparing the Operating Activities Section of the Statement of Cash Flows

Po Dr. acer Productions provides the following income statement for the year ended December 31, 2008:

Sales                                                                       

$1,530,600

Cost of goods sold                                                            

895,400

Gross margin                                                                

$ 635,200

General expenses                                                              

255,400

Depreciation expense                                                          

23,500

Salaries expense                                                              

114,300

Operating income                                                             

$ 242,000

Interest revenue                                                              

17,250

Interest expense                                                               

(12,500)

Loss on sale of equipment                                                       

(9,500)

Income before income taxes                                                     

$ 237,250

Income tax expense                                                           

85,500

Net income                                                                 

$ 151,750

In addition, Po Dr. acer provides the following balance sheet information:

 

Dec 31, 2008

Dec 31, 2007

Accounts receivable                                      

$250,400

$225,400

Interest receivable                                       

2,100

2,250

Inventory                                              

74,300

59,550

Prepaid general expenses                                  

17,600

14,000

Accounts payable                                        

39,500

46,300

Accrued general expenses                                 

19,500

21,750

Interest payable                                         

900

1,100

Income taxes payable                                     

11,500

9,750

Salaries payable                                         

9,850

5,400

Instructions: Using the simultaneous analysis matrix illustrated in the text, prepare the Operating Activities section of the statement of cash flows using (1) the direct method and (2) the indirect method.

 

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Maurice Tutor
(5)
Status NEW Posted 04 Feb 2018 07:02 PM My Price 9.00

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