Using the financial data below, prepare a statement of cash flows for the year ended December 31,
Fantastic news! We've Found the answer you've been seeking!
Question:
Using the financial data below, prepare a statement of cash flows for the year ended December 31, 2014 for Summer Peebles, Inc. using the indirect method.
Sales | $1,000.00 |
Cost of Goods Sold | -$650.00 |
Depreciation Expense | -$100.00 |
Sales and General Expense | -$100.00 |
Interest Expense | -$50.00 |
Income Tax Expense | -$40.00 |
Net Income | $60.00 |
Assets | 2013 | 2014 |
Cash | $50.00 | $60.00 |
Accounts Receivable, Net | $500.00 | $520.00 |
Inventory | $750.00 | $770.00 |
Current Assets | $1,300.00 | $1,350.00 |
Fixed Assets, Net | $500.00 | $550.00 |
Total Assets | $1,800.00 | $1,900.00 |
Liabilities and Equity | ||
Notes Payable to Banks | $100.00 | $75.00 |
Accounts Payable | $590.00 | $615.00 |
Interest Payable | $10.00 | $20.00 |
Current Liabilities | $700.00 | $710.00 |
Long-Term Debt | $300.00 | $350.00 |
Deferred Income Tax | $300.00 | $310.00 |
Capital Stock | $400.00 | $400.00 |
Related Book For
Posted Date: