AudioCity Case The 2018 Balance Sheet for AudioCity showed the following information. Additional information concerning transactions...

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AudioCity Case The 2018 Balance Sheet for AudioCity showed the following information. Additional information concerning transactions and events during 2018 are presented below. Unless otherwise stated, you can assume no unusual impairments or write-offs during the year. Prepare AudioCity's 2018 Statement of Cash Flows (use the indirect method for cash flows from operations). Dollars in Thousands Assets Current Assets: AUDIOCITY Consolidated Balance Sheets For the Years Ended: Cash Accounts Receivable Inventory Total Current Assets Property, Plant and Equipment, gross Accumulated Depreciation Total Assets Liabilities Current Liabilities: Accounts Payable Wages Payable Total Current Liabilities Long-Term Notes Payable Total Liabilities December 31, 2018 $ 68,250 15,250 22,250 105,750 209,250 (59,000) $ 256,000 9,000 4,000 13,000 59,500 72,500 Stockholders' Equity Contributed Capital Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity S 1. Net income for 2018 was $46,750. 2. Depreciation on plant assets for the year was $13,250. 3. Purchased equipment for $59,250 in cash. 4. Paid $11,500 on the long-term note payable in cash. 5. Issued new shares of stock for $32,600 cash. 98,500 85,000 183,500 256,000 December 31, 2017 $ $ 65,500 22,250 150,000 (45,750) $ 210,000 $ 18,000 105,750 19,000 1,200 20,200 71,000 91,200 65,900 52,900 118,800 210,000 Related SCF Change Section(s) AudioCity Case The 2018 Balance Sheet for AudioCity showed the following information. Additional information concerning transactions and events during 2018 are presented below. Unless otherwise stated, you can assume no unusual impairments or write-offs during the year. Prepare AudioCity's 2018 Statement of Cash Flows (use the indirect method for cash flows from operations). Dollars in Thousands Assets Current Assets: AUDIOCITY Consolidated Balance Sheets For the Years Ended: Cash Accounts Receivable Inventory Total Current Assets Property, Plant and Equipment, gross Accumulated Depreciation Total Assets Liabilities Current Liabilities: Accounts Payable Wages Payable Total Current Liabilities Long-Term Notes Payable Total Liabilities December 31, 2018 $ 68,250 15,250 22,250 105,750 209,250 (59,000) $ 256,000 9,000 4,000 13,000 59,500 72,500 Stockholders' Equity Contributed Capital Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity S 1. Net income for 2018 was $46,750. 2. Depreciation on plant assets for the year was $13,250. 3. Purchased equipment for $59,250 in cash. 4. Paid $11,500 on the long-term note payable in cash. 5. Issued new shares of stock for $32,600 cash. 98,500 85,000 183,500 256,000 December 31, 2017 $ $ 65,500 22,250 150,000 (45,750) $ 210,000 $ 18,000 105,750 19,000 1,200 20,200 71,000 91,200 65,900 52,900 118,800 210,000 Related SCF Change Section(s)

Answer rating: 100% (QA)

Step 11 1 Consolidated Balance Sheet AudioCity Assets Dollars in Thousands Current Assets Cash Co... View the full answer