The following are comparative balance sheets and an income statement for the Williamson Company. Cash dividends of
Question:
Cash dividends of $49,500 were paid in 2015.
Required:
Prepare a statement of cash flow for 2015 using the direct method.
Transcribed Image Text:
Willamson Company Balance Sheets as of December 31 2015 Assets Cash Accounts receivabke Inventory Long-term investments 2014 S23,650 S132,000 14.500 5,500 198,000 247,500 66,000 $436,150 S561,000 Total Liabilities and share holders' equity Accounts payable Operating expenses payable Bonds payabk Common stock Retained camings S82,500 $132,000 26,400 6,500 77,000 0,000 37,500 37,500 2,750 65,000 $436,150 $561,000 Total Williamson Company Income Statement For the Year Ended December 31, 2015 Sales Cost of goods sokd $616,000 Beginning inventory Purchases Goods available for sale Less: ending inventory Cost of goods sold $247,500 363.000 610,500 198,000 Gross profit Operating expenses Income from operations Other expenses 412.500 203,500 198,000 5,500 (8,250) (2.750) Loss on sale of long-term investment Net loss
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Related Book For
Fundamental Financial Accounting Concepts
ISBN: 978-0078025907
9th edition
Authors: Thomas Edmonds, Christopher Edmonds
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