The following balance sheet and income statement data were taken from the record of L.L. Beeno for
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The following balance sheet and income statement data were taken from the record of L.L. Beeno for the year ended December 31, 2012:
Prepare the operations section of the statement of cash flows, and present it under both the direct and indirectmethods.
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2012 2011 BALANCE SHEET S 3,000 5,600 7,500 S 2,800 4,500 7,800 900 S16,000 Cash Accounts receivable Inventory Prepaid insurance Total current assets Machinery (net) Total 600 S16,700 29,000 S45,700 S 5,600 4,500 S10,100 26,000 $42,000 S 7,300 3,400 S10,700 14,800 5,000 11,500 $42,000 Accounts payable Wages payable Total current liabilities Bonds payable (net) Capital stock Retained earnings Total 14,000 5,000 16,600 S45,700 INCOME STATEMENT Revenues S47,000 25,000 S22,000 Cost of goods sold Gross profit Wage expense Insurance expense Interest expense Depreciation expense Net income before taxes Тах еxpense Net income (6,200) (4,200) (1,600) (3,300) S 6,700 1,200 S 5,500
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