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Category > Accounting Posted 04 Aug 2017 My Price 11.00

Direct and indirect methods

Preparing the operating section of the statement of cash flows: Direct and indirect methods

The following balance sheet and income statement data were taken from the records of L. L. Beeno for the year ended December 31, 2012:

 

2012

2011

BALANCE SHEET

    

Cash

$3,000

$2,800

Accounts receivable

5,600

4,500

Inventory

7,500

7,800

Prepaid insurance

600

900

Total current assets

$16,700

$16,000

Machinery (net)

29,000

26,000

Total

$45,700

$42,000

Accounts payable

$5,600

$7,300

Wages payable

4,500

3,400

Total current liabilities

$10,100

$10,700

Bonds payable (net)

14,000

14,800

Capital stock

5,000

5.000

Retained earnings

16,600

11,500

Total

$45,700

$42,000

 

INCOME STATEMENT

 

Revenues

$47,000

Cost of goods sold

25,000

Gross profit

$22,000

Wage expense

6,200

Insurance expense

(4,200)

Interest expense

1,600

Depreciation expense

3,300

Net income before taxes

$6,700

Tax expense

1,200

Net income

$ 5,500

Prepare the operating section of the statement of cash flows, and present it under both the direct and indirect methods.

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Maurice Tutor
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Status NEW Posted 04 Aug 2017 09:08 PM My Price 11.00

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