Use the Orangeville Group Inc. data from Problem 17-3A. Required 1. Prepare the 2014 cash flow statement
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Required
1. Prepare the 2014 cash flow statement by the indirect method. If your instructor also assigned Problem 17-3A, prepare only the operating activities section.
2. Evaluate the 2014 cash flow for this company.
Transcribed Image Text:
ORANGEVILLE GROUP INC Balance Sheet December 31,2014 and 2013 2014 2013 Current assets Cas h and cash equivalents Accounts receivable Interest receivable Inventories Prepaid expenses $ 47,000 415,000 6,000 993,000 17,000 1,009,000 401,000 $2,888,000 $ 156,000 431,000 9,000 899,000 22,000 937,000 200,000 $2,654,000 Plant and equipment, net Land Total assets Current liabilities Accounts payable In ble terest paya Salaries payable Other accrued liabilities Income tax payable $ 114,000 63,000 71,000 181,000 73,000 $ 179,000 67,000 14,000 187,000 38,000 Long-term liabilities Notes payable 450,000 650,000 Shareholders' equity Common shares Retained earnings 1,411,000 525,000 $2,888,000 1,223,000 296,000 $2,654,000 Total liabilities and shareholders' equity ORANGEVILLE GROUP INC Income Statement For the Year Ended December 31, 2014 Revenues Sales revenue Interest revenue $4,380,000 17,000 4,397,000 Total revenues Expenses: Cost of goods sold Salaries expense Amortization expense Other operating expenses Interest expense Income tax expense $1,952,000 814,000 253,000 497,000 246,000 169,000 Total expenses Net income 3,931,000 $ 466,000
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Related Book For
Accounting
ISBN: 978-0132690089
9th Canadian Edition volume 2
Authors: Charles T. Horngren, Walter T. Harrison Jr., Jo Ann L. Johnston, Carol A. Meissner, Peter R. Norwood
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