Using the income statement and balance sheets of Niagara Company below, prepare a statement of cash flows
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Using the income statement and balance sheets of Niagara Company below, prepare a statement of cash flows for the year ended December 31, Year 9, using the directmethod.
Transcribed Image Text:
NIAGARA COMPANY Income Statement For Year Ended December 31, Year 9 Sales Cost of goods sold Depreciation expense $1,000 (650) (100) Sales and general expense (100) (50) (40) 60 Interest expense Income tax expense Net income NIAGARA COMPANY Balance Sheets December 31, Year 9 and Year 8 Year 8 Year 9 Assets Cash $ 50 750 500 60 520 770 Inventory Current assets Fixed assets, net Total assets. Liabilities and Equity Notes payable to banks Accounts payable Interest payable Current liabilities Long-term debt 1,300 1,350 550 $1,800 $1,900 100 $ 75 615 20 710 350 310 400 130 10 700 Capital stock Retained earnings Total liabilities and equity $1,800 $1,900 300 400 100
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Related Book For
Financial Statement Analysis
ISBN: 978-0078110962
11th edition
Authors: K. R. Subramanyam, John Wild
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