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Category > Accounting Posted 01 May 2017 My Price 12.00

Using the income statement and balance sheets of Niagara Company

Using the income statement and balance sheets of Niagara Company below, prepare a statement of cash flows for the year ended December 31, Year 9, using the direct method.

 

NIAGARA COMPANY

Income Statement

For Year Ended December 31, Year 9

Sales

$1,000

Cost of goods sold

(650)

Depreciation expense

(100)

Sales and general expense

(100)

Interest expense

(50)

Income tax expense

(40)

Net income

$ 60
     

 

 

NIAGARA COMPANY

Balance Sheets

December 31, Year 9 and Year 8
 

Year 8

Year 9

Assets

    

Cash

$ 50

$ 60

Accounts receivable, net

500

520

Inventory

750

770

Current assets

1,300

1,350

Fixed assets, net

$500

550

Total assets

$1,800

$1,900

Liabilities and Equity

    

Notes payable to banks

$ 100

$ 75

Accounts payable

590

615

Interest payable

10

20

Current liabilities

700

710

Long-term debt

300

350

Deferred income tax

300

310

Capital stock

400

400

Retained earnings

100

130

Total liabilities and equity

$1,800

$1,900

 

Answers

Alpha Geek
(8)
Status NEW Posted 01 May 2017 04:05 PM My Price 12.00

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Attachments

file 1493657563-536448_1_636291580726752447_Cash-flow---Naigara-Company.xlsx preview (157 words )
NI-----------AGA-----------RA -----------COM-----------PAN-----------YIn-----------com-----------e S-----------tat-----------eme-----------ntS-----------ale-----------sCo-----------st -----------of -----------goo-----------ds -----------sol-----------dDe-----------pre-----------cia-----------tio-----------n e-----------xpe-----------nse-----------Sal-----------es -----------and----------- ge-----------ner-----------al -----------exp-----------ens-----------eIn-----------ter-----------est----------- ex-----------pen-----------seI-----------nco-----------me -----------tax----------- ex-----------pen-----------seN-----------et -----------inc-----------ome-----------Bal-----------anc-----------e S-----------hee-----------tsD-----------ece-----------mbe-----------r 3-----------1, -----------Yea-----------r 9----------- an-----------d Y-----------ear----------- 8Y-----------ear----------- 8Y-----------ear----------- 9A-----------sse-----------tsC-----------ash-----------Acc-----------oun-----------ts -----------rec-----------eiv-----------abl-----------e, -----------net-----------Inv-----------ent-----------ory-----------Cur-----------ren-----------t a-----------sse-----------tsF-----------ixe-----------d a-----------sse-----------ts,----------- ne-----------tTo-----------tal----------- as-----------set-----------sLi-----------abi-----------lit-----------ies----------- an-----------d E-----------qui-----------tyN-----------ote-----------s p-----------aya-----------ble----------- to----------- ba-----------nks-----------Acc-----------oun-----------ts -----------pay-----------abl-----------eIn-----------ter-----------est----------- pa-----------yab-----------leC-----------urr-----------ent----------- li-----------abi-----------lit-----------ies-----------Lon-----------g-t-----------erm----------- de-----------btD-----------efe-----------rre-----------d i-----------nco-----------me -----------tax-----------Cap-----------ita-----------l s-----------toc-----------kRe-----------tai-----------ned-----------
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