The 2018 comparative balance sheet and income statement of Linderman Garden Supply, Inc., follow: Linderman Garden Supply,
Question:
The 2018 comparative balance sheet and income statement of Linderman Garden Supply, Inc., follow:
Linderman Garden Supply, Inc., had no noncash investing and financing transactions during 2018. During the year, Linderman Garden Supply, Inc., sold no land or equipment, issued no notes payable, retired no stock, and had no treasury stock transactions.
Requirements
1. Prepare the 2018 statement of cash flows, formatting operating activities using the indirect method.
2. How will what you learned in this problem help you evaluate an investment in Linderman Garden Supply, Inc.?
Transcribed Image Text:
Linderman Garden Supply, Inc. Comparative Balance Sheet December 31, 2018 and 2017 INCREASE (DECREASE) 2018 2017 Current Assets: $ 6,500 $ 5,300 25,100 91,500 $ (1,200) (1,400) 1,800 Cash and Cash Equivalents Accounts Receivable 26,500 89,700 Inventory Fixed Assets: Land 89,700 54,700 61,100 49,000 28,600 5,700 Equipment, Net $266,300 $232,800 $ 33,500 Total Assets Current Liabilities: $ 30,900 $ 35,100 | $ (4,200) Accounts Payable Accrued Liabilities 30,600 28,400 2,200 Long-Term Liabilities: Notes Payable Stockholders' Equity: 73,000 99,000 (26,000) Common Stock 88,500 43,300 $266,300 64,600 23,900 Retained Earnings Total Liabilities and Stockholders' Equity 5,700 37,600 $232,800 $ 33,500 Linderman Garden Supply, Inc. Income Statement Year Ended December 31, 2018 Revenues: Sales Revenue $216,000 Interest Revenue 8,300 Total Revenues $224,300 Expenses: Cost of Goods Sold $ 71,000 Salaries Expense Depreciation Expense Other Operating Expenses Interest Expense Income Tax Expense Total Expenses 27,300 4,700 10,200 11,900 29,800 154,900 $ 69,400 Net Income
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