Refer to the information provided in Brief Exercises 14-28, 14-29, and 14-30. Required: 1. Prepare a statement
Question:
Refer to the information provided in Brief Exercises 14-28, 14-29, and 14-30.
Required:
1. Prepare a statement of cash flows for Davis Company for 20X2.
2. What is the relationship between the statement of cash flows and the change in cash calculated in Brief Exercise 14-27?
Transcribed Image Text:
Current assets: Accounts receivable Davis Company Comparative Balance Sheets At December 31, 20X1 and 20X2 20X1 Inventories Current liabilities: Wages payable Revenues Cost of goods sold Gross margin Operating expenses Net income Davis Company Income Statement For the Year Ended December 31, 20X2 Depreciation Operating income Other revenues and expenses Gain on sale of equipment Interest expense $750,000 300,000 700,000 100,000 10,000 20X2 $582,500 320,000 515,000 $3,000,000 1,920,000 $1,080,000 270,000 $ 810,000 90,000 $ 900,000
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