Question: I am not sure how to complete this task. Please Help! Thanks in advance! Selected financial statement information and additional data for Johnston Enterprises is
I am not sure how to complete this task. Please Help! Thanks in advance!
Selected financial statement information and additional data for Johnston Enterprises is presented below. Prepare a statement of cash flows for the year ending December 31, 2014
Johnston Enterprises
Balance Sheet and Income Statement Data
| December 31, 2014 | December 31, 2013 | ||||
| Current Assets: | |||||
| Cash | $143,000 | $119,000 | |||
| Accounts Receivable | 228,000 | 306,000 | |||
| Inventory | 391,000 |
| |||
| Total Current Assets |
| 765,000 | |||
|
Property, Plant, and Equipment | 1,261,000 | 1,122,000 | |||
| Less: Accumulated Depreciation | (476,000) | (442,000) | |||
| Total Assets |
|
| |||
|
Current Liabilities: | |||||
| Accounts Payable | $187,000 | $102,000 | |||
| Notes Payable | 51,000 | 68,000 | |||
| Income Taxes Payable |
|
| |||
| Total Current Liabilities | 323,000 | 246,500 | |||
|
Bonds Payable | 350,000 | 391,000 | |||
| Total Liabilities | 673,000 | 637,500 | |||
|
Stockholders' Equity: |
|
|
| ||
| Common Stock | 510,000 | 467,500 | |||
| Retained Earnings | 364,000 | 340,000 | |||
| Total Stockholders' Equity |
|
| |||
| Total Liabilities & Stockholders' Equity | $1,547,000 | $1,445,000 | |||
|
Sales Revenue | 1,615,000 | $1,513,000 | |||
| Less Cost of Goods Sold | 781,000 | 731,000 | |||
| Gross Profit | 834,000 | 782,000 | |||
| Expenses: | |||||
| Depreciation Expense | 153,000 | 136,000 | |||
| Salaries and Wages Expense | 391,000 | 357,000 | |||
| Interest Expense | 34,000 | 34,000 | |||
| Loss on Sale of Equipment |
|
| |||
| Income Before Taxes | 244,000 | 255,000 | |||
| Less Income Tax Expense |
|
| |||
| Net Income | $146,000 | $153,000 |
Additional Information:
During the year, Johnston sold equipment with an original cost of $133,000 and accumulated depreciation of $119,000 and purchased new equipment for $272,000.
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