Question: Below are balance sheet and income statement data for Blue Panel Corporation. Additional information for Blue Panel Corporation is as follows: (a) Property, plant, and
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Additional information for Blue Panel Corporation is as follows:
(a) Property, plant, and equipment with an original historical cost of $2,100 was sold during 2011.
(b) All accounts payable relate to inventory purchases.
(c) The €œOther long-term liabilities€ item is Blue Panel€™s pension liability. Pension expense is reported as part of selling and administrative expenses.
(d) During 2011, Blue Panel issued shares of common stock to an investor in exchange for property, plant, and equipment valued at $800.
(e) The accumulated other comprehensive income relates solely to the available-for- sale investment securities.
Instructions:
Prepare a complete statement of cash flows for 2011 for Blue Panel Corporation. Use the direct method for reporting cash flows from operatingactivities.
Balance Sheet 2011 2010 Investment securities (available-for-sale) Accounts receivable Paid-in capital Inventory 826 $ 1506 250 2.200 1.365 6,000 5,168 300 7.200 4,874 2011 2010 Prepaid selling and administrative expenses Retained earnings (deficit) Accumulated depreciation Accounts payable.. $ 208 224 8,768 (2.042) 2,780 450 170 3.200 370 Income taxes payable Other long-term liabilities Property, plant, and equipment Long-term debt Accumulated other comprehensive income (credit balance) Intangible assets 78 490 12.000 7.952 50 375 185 8,400 9,816 500 Income Statement (for 2011) Sales Cost of goods sold Loss on sale of property, plant, and equipment Selling and administrative expenses Amortization expense Depreciation expense Income tax expense $57,860 $32.600 80 6,550 125 2.355 2400 Total expenses and losses Net income 44,110 $13,750
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