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Category > Accounting Posted 11 Jul 2017 My Price 3.00

Soft Touch Company

Preparing and Interpreting a Statement of Cash Flows (Indirect Method)

Soft Touch Company was started several years ago by two golf instructors. The company’s comparative balance sheets and income statement are presented below, along with additional information.

 

2010

2009

Balance Sheet at December 31

 

 

Cash Accounts Receivable Equipment Less: Accumulated Depreciation

$12,000 2,000 11,000 (3,000)

$ 8,0003,50010,000 (2,500)

 

$22,000

$19,000

Accounts Payable Wages Payable Long-term Bank Loan Payable Contributed Capital Retained Earnings

$ 1,000 1,000 3,000 10,000 7,000

$ 2,0001,500 1,00010,000 4,500

Income Statement for 2010

$22,000

$19,000

Lessons Revenue Wages Expense Depreciation Expense Income Tax Expense

$75,00070,000500 2,000

 

Net Income

$ 2,500

 

Additional Data:

a. Bought new golf clubs using cash, $1,000.

b. Borrowed $2,000 cash from the bank during the year.

c. Accounts Payable includes only purchases of services made on credit for operating purposes.

Because there are no liability accounts relating to income tax, assume that this expense was fully paid in cash.

Required:

1. Prepare the statement of cash flows for the year ended December 31, 2010, using the indirect method.

2. Use the statement of cash flows to evaluate the company’s cash flows.

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Maurice Tutor
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Status NEW Posted 11 Jul 2017 09:07 PM My Price 3.00

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