Windsor Company's condensed financial data for 2017 and 2016 is presented below. WINDSOR COMPANY COMPARATIVE BALANCE SHEET
Fantastic news! We've Found the answer you've been seeking!
Question:
Windsor Company's condensed financial data for 2017 and 2016 is presented below.
WINDSOR COMPANY | ||||||
2017 | 2016 | |||||
Money | $1,770 | $1,170 | ||||
accounts receivable | 1,790 | 1,320 | ||||
Inventory | 1,610 | 1,940 | ||||
plant assets | 1,910 | 1,680 | ||||
Accumulated depreciation | (1,200 | ) | (1,190 | ) | ||
Long-term investments (held to maturity) | 1,300 | 1,420 | ||||
$7,180 | $6,340 | |||||
Accounts payable | $1,210 | $910 | ||||
Accrued Obligations | 200 | 240 | ||||
Obligations with the public | 1,370 | 1,560 | ||||
Common actions | 1,880 | 1,740 | ||||
Retained earnings | 2,520 | 1,890 | ||||
$7,180 | $6,340 |
WINDSOR COMPANY | ||
sales revenue | $7,010 | |
cost of goods sold | 4,730 | |
Gross margin | 2,280 | |
Selling and administrative expenses | 930 | |
operating income | 1,350 | |
Other income and gains | ||
Gain on sale of investments | 80 | |
Income before tax | 1,430 | |
Income from tax expenses | 540 | |
Net Income | 890 | |
cash dividends | 260 | |
Business retained income | $630 |
Additional Information:
During the year, $70 of common shares were issued in exchange for plant assets. No plant assets were sold in 2017.
Prepare a statement of cash flows using the indirect method.
Related Book For
Intermediate Accounting principles and analysis
ISBN: 978-0471737933
2nd Edition
Authors: Terry d. Warfield, jerry j. weygandt, Donald e. kieso
Posted Date: