The following balance sheet and income statement data were taken from the records of Standard Center Manufacturing
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The following balance sheet and income statement data were taken from the records of Standard Center Manufacturing for the year ended December 31, 2012.
The company sells goods and provides services. All sales are made on account, and cash is received in advance on services with service revenues being recognized after services are performed.
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 20,200 28,800 42,900 4,100 3,900 S 99,900 18,200 43,900 S162.000 S 22,800 34,800 43,900 6,300 1,200 S109,000 23,500 62,500 S195,000 Cash Accounts receivable Inventory Interest receivable Prepaid rent Total current assets Investments Equipment (net) Total 2012 2011 S 12,500 S 8,600 11,500 2,100 1,700 3,200 9,600 S 36,700 97,300 25,000 36,000 $195,000 Accounts payable Wages payable Interest payable Dividend payable Тахes payabie 11,100 1,800 900 1,200 7,200 S 34,700 75,400 25,000 26,900 S162,000 Unearned revenue Total current liabilities Long-term notes payable (net) Capital stock Retained earnings Total INCOME STATEMENT Sales revenues $67,500 28,200 7,300 (19,500) (28,400) (21,500) (7,200) (4,300) (17,900) S 4,200 1,400 S 2,800 Service revenue Interest revenue Cost of goods sold Wage expense Rent expense Interest expense Depreciation expense Loss on sale of investments Net income before taxes Тах еxpense Net income
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