The following (partial) financial statements are from the 2012 Annual Report of the Niagara Company: Income Statement
Question:
The following (partial) financial statements are from the 2012 Annual Report of the Niagara Company:
Income Statement for Year Ended December 31, 2012
Sales $ 19,000
Cost of goods sold (9,600)à suppliers 5,600
Depreciation expense (2,000)
Sales and general expense (5,000)
Interest expense ( 500)
Income tax expense (400)
Net income $ 1,500
Balance Sheets at December 31, 2011 and 2012
2012 2011
Assets
Cash $ 50 $ 60
Accounts receivable 2,500 1,520
Inventory 7,500 7,300
Current assets 10,050 $8,880
Fixed assets (net) 9,850 9,000
Total assets $19,900 $17,880
Liabilities and equity
Salaries Payable $1,500 $ 750
Accounts payable 2,590 1,700
Interest payable 1,400 2,000
Total Current liabilities $5,490 $4,450
No equipment was sold during the year. COGS includes $2,000 of materials purchased from suppliers, $3,600 of Overheads purchased from suppliers and $4,000 of Direct Labor. Prepare the direct cash flow statement operating section
No equities are involved.
Income Statement | Cash | |
Cash Collections from Customers | ||
Cash payment to Suppliers | 9600 | 5600+200 (inv)-890 (AP) |
Cash paid to employees | ||
Cash paid as interest | ||
Cash paid as taxes | ||
Cash from Operations |
Cash paid for Fixed Assets ___________________________
Assuming that there were no other investing transactions, what was the net cash flow from financing activities? _____________________________
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