Using the following financial data , using the indirect method , Summer Peebles, Inc. Prepare a cash
Question:
Using the following financial data , using the indirect method , Summer Peebles, Inc. Prepare a cash flow statement for the year ended December 31, 2014 . Please show the final result with data. How do you use the indirect method and what calculations are made? Also, if cash flows are for 2014, why is 2013 data valid? Please show the work.
Sales | 1.000,00 $ |
cost of goods sold | -650,00$ |
Depreciation Expense | -100,00$ |
Sales and Overhead | -100,00$ |
interest expense | -50,00$ |
Income Tax Expense | -40,00$ |
Net income | 60,00 $ |
assets | 2013 | 2014 |
in advance | 50,00 $ | 60,00 $ |
Receivables, 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 $ |
Obligation and egalitarianism | ||
Debt Securities 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 tax | 300,00 $ | 310,00 $ |
Capital Stock | 400,00 $ | 400,00 $ |
Horngrens Accounting
ISBN: 978-0133855388
10th Canadian edition Volume 2
Authors: Tracie L. Miller Nobles, Brenda L. Mattison, Ella Mae Matsumura, Carol A. Meissner, Jo Ann L. Johnston, Peter R. Norwood