The following balance sheet and income statement data were taken from the records of Mako Retail Supply
Question:
The following balance sheet and income statement data were taken from the records of Mako Retail Supply for the year ended December 31, 2012.
Prepare the operating section of the statement of cash flows, and present it under both the direct and indirectmethods.
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2012 2011 BALANCE SHEET S 6,000 11,200 15,000 1,200 S 33,400 58,000 S 91,400 S 11,200 9,000 1,500 6,500 S 28,200 28,000 10,000 S 5,400 9,000 15,600 1,800 S31,800 52,000 S83,800 Cash Accounts receivable Inventory Prepaid rent Total current assets Equipment (net) Total Accounts payable Wages payable Interest payable Unearned revenue Total current liabilities S14,600 6,800 2,200 4,700 S28300 28,400 10,000 17,100 S83,800 Bonds payable (net) Capital stock Retained earnings Total 25,200 S 91,400 INCOME STATEMENT Revenues S109,100 56,000 S 53,100 (15,200) (9,000) (2,900) (6,200) (4,200) S 15,600 4,400 S 11,200 Cast of goods sold Gross profit Wage expense Rent expense Interest expense Depreciation expense Loss on sale of equipment Net income before taxes Тах еxpense Net income
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