Use the Affordable Supply Corp. data from Problem. Requirements 1. Prepare the 2010 statement of cash flows
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Requirements
1. Prepare the 2010 statement of cash flows by using the direct method.
2. How will what you learned in this problem help you evaluate aninvestment?
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Affordable Supply Corp. Comparative Balance Sheets December 31, 2010 Increase 2009 Decrease Current assets: Cash and cash equivalents. Accounts receivable... 17,300 4,000 13,300 45,700 44,500 1,200 61,400 47,000 14,400 Prepaid expense Land Equipment, net 1,800 3,900 (2,100) Plant assets: 69,100 22,600 46,500 53,100 49,500 3,600 S248,400 $171,500 $76,900 Total a Current liabilities: Accounts payable.35,200 26,900 $ 8,300 24,000 13,100 10,900 Salary payable liabilities 22,100 23,700 (1,600) Long-term liabilities: Notes payable 51,000 34,000 17,000 Stockholders' equity: 88,600 65,900 22,700 19,600 Total liabilities and stockholders' equity. 248,400 17100 76,900 Common stock, no-par... Retained earnings 300 27,500 Affordable Supply Corp. Income Statement Year Ended December 31, 2010 Revenues: Sales revenue $446,000 Expenses: $186,600 76,000 17,700 49,700 24,100 29,000 Cost of goods sold Salary expense Depreciation expense interest expense Income tax expense . 383,100 62,900 Total expense
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Financial accounting
ISBN: 978-0136108863
8th Edition
Authors: Walter T. Harrison, Charles T. Horngren, William Bill Thomas
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