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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 |
||
|---|---|---|
|
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 |
$2,230,000 |
|
THE MANN CORPORATION |
||
|---|---|---|
|
For Year Ended ($ 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 a statement of cash flow for 2013.