Refer to Kite Corporations financial statements and related information in Problem 16-1B. Required Prepare a complete statement
Question:
Refer to Kite Corporation’s financial statements and related information in Problem 16-1B.
Required
Prepare a complete statement of cash flows; report its operating activities according to the direct method. Disclose any noncash investing and financing activities in anote.
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...
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KITE CORPORATION Comparative Balance Sheets December 31, 2011 and 2010 2011 2010 KITE CORPORATION Income Statement For Year Ended December 31,2011 $136,500 71,550 ...454,500 490,200 Prepaid expenses ..*.17,100 278,250 108,750) 9,200 Sales.. .+. $1,083,000 85,000 498,000 00Cost of goods sold Accum. depreciation--Equipment .· Total assets.. Liabilities and Equity Accounts payable Short-term notes payable Long-term notes payable Common stock, $5 par.. Paid-in capital in excess -(93,000) $794,700 Gross profit. Depreciation expense Other expenses 36.600 392.850 $117450 $123,450 17250 112,500 465,000 450,000 Other gains (losses) Total operating expenses 429,450 68,550 2,100 66,450 9.450 $ 57,000 Loss on sale of equipment of par, common stock Retained earnings Total liabilities and equity Income before taxes .. 121,500 27,500 ncome taxes expense 18,000 .$851.700 $794,700 Net income...
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Related Book For
Fundamental Accounting Principles
ISBN: 978-0078110870
20th Edition
Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta
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