The financial statements for Cochran Company follow. Required Using the statements of Cochran Company, construct a statement
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Required Using the statements of Cochran Company, construct a statement of cash flows using the direct method for the year ended December 31,2013.
Financial StatementsFinancial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...
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Cochran Company Income Statement For Year Ended December 31, 2013 Net Sales Cost of Goods Sold: $740,000 Merchandise Inventory, January 1, 2013 Delivered Cost of Purchases Cost of Gcods Available for Sale Less Merchandise Inventory, December 31, 2013 Cost of Goods Sold $103.000 390,790 $493.790 137000 356,790 $383,210 Gross Profi Operating Expenses: Salary Exponse Rent Expense Advertising Expense Repairs Expense Depreciation Expense, Equipment Utilities Expense Insurance Expense Miscellaneous Expense $ 104,000 18,000 12,000 845 12,000 1.790 2 400 151,305 231,815 Total Operating Expenses Not Income Cochran Company Statement of Owner's Equity For Year Ended December 31, 2013 S. C. Cochran, Capital, January 1, 2013 Investments during the Year Net Income $220,300 0 231,815 $231,815 54,000 Less Withdrawals increase in Capital S. C. Cochran, Capital, December 31, 2013 177,815 $398.115 Cochran Company Comparative Balance Sheet December 31, 2013 and December 31, 2012 Increase or Decrease) 2013 2012 Cash Accounts Receivable (net) Merchandise Inventory Propaid Insurance Equipment $181.675 42,500 32,000 103,000 2.560 128,000 (34,000) (22,000) 457215$286,060 41.000 137000 3,540 128,000 $139,175 9,000 34,000 980 Less Accumulated Depreciation Total Assets $171,155 Accounts Payable Salaries Payable Total Liabities 56,000 62,860 2,900 59,100 65,760 s (0.860) 200 (6.660) 3,100 Owner's Equity S. C. Cochran, Capital Total Liablities and Owners Equity 398,115 220,300 $286,060 177815 $457215 $ $171,155
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Related Book For
College Accounting
ISBN: 978-1111528126
11th edition
Authors: Tracie Nobles, Cathy Scott, Douglas McQuaig, Patricia Bille
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