Refer to Problem. Prepare a statement of cash flows that includes a reconciliation of net income to
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Refer to Problem. Prepare a statement of cash flows that includes a reconciliation of net income to net cash provided by operating activities in the body of the statement.
In Problem, During 20X1, Jacinta Manufacturing Company (JMC) declared and paid cash dividends of $10,000. Late in the year, JMC bought new welding machinery for a cash cost of $125,000, financed partly by its first issue of long-term debt. Interest on the debt is payable annually. JMC sold several old machines for cash equal to their aggregate book value of $5,000.
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Jacinta Manufacturing Company Income Statement for the Year Ended December 31, 20X1 Sales Cost of sales Gross margin Salaries Depreciation Cash operating expenses Interest Income before taxes Income taxes Net income $490 300 190 $82 40 15 139 51 8 $ 43 Jacinta Manufacturing Company Balance Sheets December 31 Increase 20X1 20X0 Decrease) Assets Cash and cash equivalents Accounts receivable Inventories Total current assets Fixed assets, net Total assets $125 45 57 227 190 $417 $ 45 60 62 167 110 $277 80 (15) (5) 60 80 $140 Liabilities and Stockholders' Equity 26 $ 21 Accounts payable Interest payable Long.term debt Paid-in capital Retained earnings Total labilities and stockholders' equity $417 100 220 69 100 220 36
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Related Book For
Introduction to Financial Accounting
ISBN: 978-0133251036
11th edition
Authors: Charles Horngren, Gary Sundem, John Elliott, Donna Philbrick
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