Data for Communication Accessories is provided in P11-4C. In P11-4C, the income statement, balance sheets, and additional
Question:
In P11-4C, the income statement, balance sheets, and additional information for Communication Accessories are provided.
Required:
Prepare the statement of cash flows for Communication Accessories using the direct method. Disclose any noncash transactions in an accompanyingfootnote.
Transcribed Image Text:
Communication Accessories Income Statement For the Year Ended December 31, 2015 S2,800,000 4.000 2.804.000 evenues Gain on sale ofland Total revenues Expenses Cost of goods sold Operating expense Depreciation expense Interest expense Income tax expense 1,900,000 575,000 38,000 16.000 63.000 2,592,000 S 212,000 I'otal expenses Net Income Communication Accessories Balance Sheets December 31 Assets 2015 2014 Current Assets Cash Accounts receivable Inventory Prepaid rent S182,000 S187,000 95,000 138,000 5,000 83,000 121,000 7,000 Long-Tem Assets 100.000 260.000 225,000 Accumulated depreciation (138,000) (100,000) S910,000 195,000 230,000 305.000 Investment in stock an Equipment Total Assets Liabilities and Stockholders' Equitv Current Liabilities S985,000 Accounts payable Interest payable Income tax payable S40,000 1,000 12,000 S58,000 2,000 10,000 Long-Tem Liabilities Notes payable 285,000 205,000 Stockholders Equity 350,000 285,000 Total Liabilities and Equity 985,000 S910,000 Common stock Retained earmings 350,000 297,000
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Related Book For
Financial Accounting
ISBN: 978-0078025549
3rd edition
Authors: J. David Spiceland, Wayne Thomas, Don Herrmann
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