Use the King Supply Corp. data from Problem. Requirements 1. Prepare the 2010 statement of cash flows
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Requirements
1. Prepare the 2010 statement of cash flows by using the direct method.
2. How will what you learned in this problem help you evaluate aninvestment?
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King Supply Corp. Comparative Balance Sheets December 31, 2010 Increase 2009 (Decrease) Current assets: Cash and cash equivalens17,600 Accounts receivable Inventories.... Prepaid expenses 5,000 12,600 4,500 44,500 1,000 79,100 7,500 11,600 2,100 6000 (3,900) Plant assets: Land Equipment, net 69,100 21,900 47,200 49,200 53,100 Current liabilities: Accounts payable.. Salary payable... 35,800 25,600 S 10,200 22,000 5,600 6,400 22,900 24,20 (1,300) Long-term liabilities: Notes payable 50,000 37,000 13,000 Stockholders' equity: Common stock, no-par Retained earnings 88,600 64,300 24,300 47.200 27400 19.800 Total liabilities and stockholders' equity. $266,500 $194,100 $72.400 King Supply Corp. Income Statement Year Ended December 31, 2010 Revenues: Sales revenue. $445,000 Expenses: Cost of goods soldS185,100 Salary expense Depreciation expense.17,400 Other operating expense Interest expense Income tax expense 76,400 49,800 24,800 29,500 Total expenses 383,000 S 62,000
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Related Book For
Financial accounting
ISBN: 978-0136108863
8th Edition
Authors: Walter T. Harrison, Charles T. Horngren, William Bill Thomas
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