rajesh company

Project Description:

rajesh company
income statement
for the year ended december 31, 2012
sales revenue
$242,000
cost of goods sold
175,000
gross profit
67,000
operating expenses
24,000
income from operations
43,000
interest expense
3,000
income before income taxes
40,000
income tax expense
8,000
net income
$32,000

additional data:

1. dividends declared and paid were $25,000.
2. during the year equipment was sold for $8,500 cash. this equipment cost $18,000 originally and had a book value of $8,500 at the time of sale.
3. all depreciation expense, $14,500, is in the operating expenses.
4. all sales and purchases are on account.

further analysis reveals the following.

1. accounts payable pertain to merchandise suppliers.
2. all operating expenses except for depreciation were paid in cash.

(a) prepare a statement of cash flows for rajesh company using the direct method.

statement of cash flows
for the year ended december 31, 2012


$
less cash payments:

$














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rajesh company
comparative balance sheets
december 31
assets
2012
2011
cash
$35,000
$20,000
accounts receivable
33,000
14,000
inventory
27,000
20,000
equipment
60,000
78,000
accumulated depreciation—equipment
(29,000
)
(24,000
)
total
$126,000
$108,000
liabilities and stockholders’ equity
accounts payable
$29,000
$ 15,000
income taxes payable
7,000
8,000
bonds payable
27,000
33,000
common stock
18,000
14,000
retained earnings
45,000
38,000
total
$126,000
$108,000

rajesh company
income statement
for the year ended december 31, 2012
sales revenue
$242,000
cost of goods sold
175,000
gross profit
67,000
operating expenses
24,000
income from operations
43,000
interest expense
3,000
income before income taxes
40,000
income tax expense
8,000
net income
$32,000

additional data:

1. dividends declared and paid were $25,000.
2. during the year equipment was sold for $8,500 cash. this equipment cost $18,000 originally and had a book value of $8,500 at the time of sale.
3. all depreciation expense, $14,500, is in the operating expenses.
4. all sales and purchases are on account.

further analysis reveals the following.

1. accounts payable pertain to merchandise suppliers.
2. all operating expenses except for depreciation were paid in cash.

(a) prepare a statement of cash flows for rajesh company using the direct method.
Skills Required:
Project Stats:

Price Type: Negotiable

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