The 2012 comparative balance sheet and income statement of Kahl Medical Supplies follow: Kahl Medical Supplies had
Question:
Kahl Medical Supplies had no noncash investing and financing transactions during 2012. During the year, Kahl Medical Supplies made no sales of land or equipment, no issuance of notes payable, no retirement of stock, and no treasury stock transactions.
Requirements
1. Prepare the 2012 statement of cash flows, formatting operating activities by the indirect method.
2. How will what you learned in this problem help you evaluate an investment in Kahl MedicalSupplies?
Transcribed Image Text:
Kahl Medical Supplies Comparative Balance Sheet December 31, 2012 and 2011 INCREASE 2012 2011 (DECREASE) Current Assets: Cash and Cash Equivalents Accounts Receivable nventory S 6,600 S 6,000 S 600 25,00026,8001.800) 91,90089,6002.300 Fixed Assets: 89 Land Equipment, Net 200 60,400 28,800 53,900 49,5004,400 S266,600 S232,300 S34,300 Total Assets Current Liabilities Accounts Payable S 30,300 S 35.800 S (5,500) Accrued Liabilities Notes Payable Cemmon Stock 30,900 28,3002.600 Long-Term Liabilities: 73,000 101,000 (28,000) Stockholders' Equity: 88,500 64,400 24,100 2,800 41,100 Total Liabilities and Stockholders' Equity $266,600$232.300S34.300 Retained Earnings 43,900 Kahl Medical Supplies Income Statement Year Ended December 31,2012 Revenues: Sales Revenue Interest Revenue $213,000 8,300 Total Revenues Expenses Cost of Goods Sold Salaries Expense Depreciation Expense Other Operating Expenses Interest Expense Income Tax Expense S 70,500 27,700 4,600 10,300 11.,400 29,000 Total Expenses 153.500 S 67.800 Net Income
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