The Wolff Companys income statement and comparative balance sheets at December 31 of 2016 and 2015 are shown below

 

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The Wolff Company's income statement and comparative balance sheets at December 31 of 2013 and 2012 are shown below: WOLFF COMPANY Income Statement For the Year Ended December 31, 2013 Sales Revenue $825,500 Cost of Goods Sold $559,000 Wages Expense 111,800 Insurance Expense 10,400 Depreciation Expense 22,100 Interest Expense 11,700 Income Tax Expense 37,700 752,700 Net Income $72,800 WOLFF COMPANY Balance Sheets Dec. 31, 2013 Dec. 31, 2012 Assets Cash $14,300 $6,500 Accounts Receivable 53,300 41,600 Inventory 117,000 78,000 Prepaid Insurance 6,500 9,100 Plant Assets 325,000 253,500 Accumulated Depreciation (88,400) (66,300) Total Assets $427,700 $322,400 Liabilities and Stockholders' Equity Accounts Payable $9,100 $13,000 Wages Payable 11,700 7,800 Income Tax Payable 9,100 10,400 Bonds Payable 169,000 97,500 Common Stock 117,000 117,000 Retained Earnings 111,800 76,700 Total Liabilities and Stockholders' Equity $427,700 $322,400 The Wolff Company's income statement and comparative balance sheets at December 31 of 2013 and 2012 are shown below: WOLFF COMPANY Income Statement For the Year Ended December 31, 2013 Sales Revenue $825,500 Cost of Goods Sold $559,000 Wages Expense 111,800 Insurance Expense 10,400 Depreciation Expense 22,100 Interest Expense 11,700 Income Tax Expense 37,700 752,700 Net Income $72,800 WOLFF COMPANY Balance Sheets Dec. 31, 2013 Dec. 31, 2012 Assets Cash $14,300 $6,500 Accounts Receivable 53,300 41,600 Inventory 117,000 78,000 Prepaid Insurance 6,500 9,100 Plant Assets 325,000 253,500 Accumulated Depreciation (88,400) (66,300) Total Assets $427,700 $322,400 Liabilities and Stockholders' Equity Accounts Payable $9,100 $13,000 Wages Payable 11,700 7,800 Income Tax Payable 9,100 10,400 Bonds Payable 169,000 97,500 Common Stock 117,000 117,000 Retained Earnings 111,800 76,700 Total Liabilities and Stockholders' Equity $427,700 $322,400

Answer rating: 100% (QA)

Answer Solution Answer a Calculate the change in cash that occurred during 2013 Change in cashEnding ... View the full answer