Question: Q.No.10: Prepare Cash flow statement from the following data using INDIRECT method: Balance Sheet as of December 31, 2019 2020 Cash & Mark. Sec. 8000

Q.No.10: Prepare Cash flow statement from the following data using INDIRECT

Q.No.10: Prepare Cash flow statement from the following data using INDIRECT method: Balance Sheet as of December 31, 2019 2020 Cash & Mark. Sec. 8000 4500 Account Receivable 4500 8000 Inventories 5500 7000 Current Assets 18000 19500 Net Fixed Assets 35000 40000 Total Assets 53000 59500 Account Payable 4000 6000 Bank Loan 6400 2500 Accruals 5000 8000 Current Liabilities 15400 16500 Long Term Debt 20600 25000 Common Stock & R/E 17000 18000 Total L + O. E 53000 59500 Income Statement For 2020 Net Sales 80000 Cost of Goods Sold 40000 Gross Profit 40000 Selling & Admin Exp. 15500 Interest Exp. 5500 Profit before Tax 19000 Taxes (30%) 5700 Profit after Taxes 13300

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Finance Questions!

Q.No.10: Prepare Cash flow statement from the following data using INDIRECT method; Balance Sheet as of December 31, 2019 2020 Cash & Mark. Sec. 8000 4500 Account Receivable 4500 8000 Inventories...

Preparing Statement of Cash Flows The accounting records of Zale Inc. provided the following data for the current year. Balance Sheet, December 31 2019 2020 Difference Cash $500 $1.325 $825 Accounts...

31. On the Balance Sheet on December 31, 2019, what does the balance of the account "Noncontrolling Interest" represent? 31. Note: Use the Notes to the Financial Statements to answer the following...

Mahendra Toys is a wholesale distributor of gifts and accessories. The following data relates to their balance sheet as of 31 December 2019 Current Assets Cash $ 8,000 Accounts Receivable $ 42,000...

1.600 The accounting records of Guci Corp. show the following data for the current year, Balance Sheet, December 31 2019 2020 Difference Cash 5800 5520 51280) Accounts receivable 2.400 1800)...

The accounting records of Guci Corp. show the following data for the current year. Balance Sheet, December 31 2019 2020 Difference Cash $660 $429 $(231) Accounts receivable 1,980 1,320 (660)...

Using the data below prepare, a Statement of Cash Flow (Indirect Method) for the year 2019. Rusco Company Balance Sheets At December 31 2019 2018 $ Assets Cash and cash equivalents Accounts...

The following financial statements were furnished by the Patton Company: In 2020, Patton purchased equipment for $25,000 and sold some equipment for its book value (i.e., no gain or loss resulted)....

Traverse Recreation Company manufactures a single product that is popular with outdoor enthusiasts. The company sells its product to retailers throughout the midwestern section of the United States....

please upload answers to this . i just need the last part of the income statement. all of the blanks need to be filled. i provided my answers i just need them finished pboard 28 ABC 5 16 37 Se 59 50...

Show algebraically that Equation 14.2: Is equivalent to Equation14.1: Sales Variable costs EBIT DOL at X EBIT/EBIT DOL at XASales/Sales

Using the same sample data from Exercise 6, use a 0.01 significance level to test the claim that the radiation dosages have a standard deviation less than 2.50 mR. What is a practical consequence of...

Which of the following types of homeowner's insurance covers renters? HO - 2 HO - 1 HO - 3 HO - 4

Draw a class diagram and its relationship based on the following statements. You can use any UML tool/software to represent your class diagram. Do NOT copy and paste your diagram, use the attachment...