Use the information concerning Ingersol Construction Supply Company provided in Alternate Problem 13-1 to fulfill the following
Question:
Use the information concerning Ingersol Construction Supply Company provided in Alternate Problem 13-1 to fulfill the following requirements.
Required:
1. Prepare the statement of cash flows using the direct method for the year ended December 31, 2012.
2. Evaluate the statement of cashflows.
Transcribed Image Text:
2011 2012 Balance sheet at December 31 $ 34,000 $ 29,000 Cash Accounts receivable 45,000 28,000 Merchandise inventory Property and equipment Less: Accumulated depreciation 32,000 38,000 121,000 100,000 (30,000) (25,000) $170,000 $202.000 $ 36,000 $ 27,000 Accounts payable Wages payable Note payable, long-term Contributed capital Retained earnings 2,200 1,400 40,000 46,000 86,600 70,600 37,200 25.000 $170,000 $202,000 Income statement for 2012 Sales $135,000 Cost of goods sold Other expenses 70,000 37,800 $ 27,200 Net income
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Req 1 Related Cash Balance sheet at December 31 Flow Section 2012 2011 Change in Cash Cash 34000 29000 5000 10 Net increase in cash O Accounts receiva...View the full answer
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