The following balance sheet and income statement information includes actual data for 2013 and forecasted data for
Question:
............................................................ Actual 2013 .................. Forecasted 2014
Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 100 .............................. $ 130
Accounts receivable . . . . . . . . . . . . . . . . . . . . . . . . . 600 ................................... 780
Inventory . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,300 .............................. 1,690
Property, plant, and equipment (net) . . . . . . . . . . . . 5,000 .............................. 6,300
Accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . . . 500 .................................. 650
Long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,000 ............................... 5,000
Paid-in capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,000 ............................... 1,400
Retained earnings . . . . . . . . . . . . . . . . . . . . . . . . . 1,500 ............................... 1,850
Sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $10,000 .......................... $13,000
Cost of goods sold . . . . . . . . . . . . . . . . . . . . . . . . . 6,000 ............................... 7,800
Depreciation expense . . . . . . . . . . . . . . . . . . . . . . . 1,000 ............................... 1,200
Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . 400 .................................. 500
Income before income taxes . . . . . . . . . . . . . . . . $ 2,600 ............................. $ 3,500
Income tax expense . . . . . . . . . . . . . . . . . . . . . . . . . 910 ................................. 1,225
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,690 ........................... $ 2,275
Prepare a forecasted statement of cash flows for 2014. Use the indirect method of reporting cash flow from operating activities?
Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...
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