Use the New Design Ltd. data from Problem 17-3B. Required 1. Prepare the 2014 cash flow statement
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Required
1. Prepare the 2014 cash flow statement by the indirect method. If your instructor also assigned Problem 17-3B, prepare only the operating activities section of the statement.
2. Evaluate the 2014 cash flow for this company.
Transcribed Image Text:
NEW DESIGN LTD Income Statement For the Year Ended December 31, 2014 Revenues Sales revenue Interest revenue $257,000 13,600 270,600 Total revenues Expenses: Cost of goods sold Salaries expense Amortization expense Other operating expenses Interest expense Income tax expense $76,600 27,800 4,000 10,500 16,600 27,800 Total expenses 163,300 $107 300 Net income NEW DESIGN LTD Balance Sheet December 31, 2014 and 2013 2014 2013 Current assets Cash and cash equivalents Accounts receivable Interest receivable Inventories Prepaid expenses $ 7,200 31,600 1,900 33,600 $ 6,300 26,900 66,500 103,000 $246,300 57,200 1,900 49,400 54,000 $196 400 Plant and equipment, net Total assets Current liabilities $ 28,800 4,900 6,600 16,000 7,700 Accounts pavable $ 31,400 Interest payable 3,100 13,700 8,900 Other accrued liabilities Income tax payable Long-term liabilities Notes payable Shareholders' equity Common shares Retained earnings 75,000 95,000 68,300 41,500 $246,300 34,700 2,700 $196 400 Total liabilities and shareholders' equity
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Related Book For
Accounting
ISBN: 978-0132690089
9th Canadian Edition volume 2
Authors: Charles T. Horngren, Walter T. Harrison Jr., Jo Ann L. Johnston, Carol A. Meissner, Peter R. Norwood
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