Selected financial statement information and additional data for Johnston Enterprises is presented below. Johnston Enterprises Balance Sheet
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Question:
Selected financial statement information and additional data for Johnston Enterprises is presented below.
Johnston Enterprises Balance Sheet and Income Statement Data | |||||||
December 31, 2014 | December 31, 2013 | ||||||
Current Assets: | |||||||
Cash | 153,680 | 115,900 | |||||
Accounts Receivable | 228,200 | 307,600 | |||||
Inventory | 398,800 | 342,100 | |||||
Total Current Assets | 780,680 | 765,600 | |||||
Property, Plant, and Equipment | 1,270,200 | 1,142,000 | |||||
Less: Accumulated Depreciation | (471,400 | ) | (442,800 | ) | |||
Total Assets | 1,579,480 | 1,464,800 | |||||
Current Liabilities: | |||||||
Accounts Payable | 187,500 | 101,100 | |||||
Notes Payable | 49,400 | 65,700 | |||||
Income Taxes Payable | 82,500 | 74,300 | |||||
Total Current Liabilities | 319,400 | 241,100 | |||||
Bonds Payable | 350,000 | 388,200 | |||||
Total Liabilities | 669,400 | 629,300 | |||||
Stockholders' Equity: | |||||||
Common Stock | 510,000 | 467,500 | |||||
Retained Earnings | 400,080 | 368,000 | |||||
Total Stockholders' Equity | 910,080 | 835,500 | |||||
Total Liabilities & Stockholders' Equity | 1,579,480 | 1,464,800 | |||||
Sales Revenue | 1,623,500 | 1,515,000 | |||||
Less Cost of Goods Sold | 779,000 | 731,400 | |||||
Gross Profit | 844,500 | 783,600 | |||||
Expenses: | |||||||
Depreciation Expense | 153,800 | 137,300 | |||||
Salaries and Wages Expense | 389,200 | 356,400 | |||||
Interest Expense | 35,200 | 35,200 | |||||
Loss on Sale of Equipment | 11,000 | 0 | |||||
Income Before Taxes | 255,300 | 254,700 | |||||
Less Income Tax Expense | 102,120 | 101,880 | |||||
Net Income | 153,180 | 152,820 |
Additional Information:
During the year, Johnston sold equipment with an original cost of $138,300 and accumulated depreciation of $125,200 and purchased new equipment for $266,500.
Prepare a statement of cash flows for the year ending December 31, 2014.
Related Book For
Financial Accounting an introduction to concepts, methods and uses
ISBN: 978-0324789003
13th Edition
Authors: Clyde P. Stickney, Roman L. Weil, Katherine Schipper, Jennifer Francis
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