Cajun5
Apr 29, 2013, 04:04 PM
I really need hep with this one. I need to complete a cash flow statement using the indirect method.
Balance sheets and income statement follow:
Ethren Company
Comparative Balance Sheets
December 31
2010 2009
Assets
Cash.. . 24,640 23,040
Accounts receivable.. . 32,180 29,400
Merchandise inventory.. . 73,125 61,710
Long Term investments.. . 55,900 56400
Equipment.. . 175,500 145,500
Accumulated depreciation.. . (33,500) (31,200)
Total Assets.. . $327,795 $284,850
Liabilities:
Accounts payable.. . 65,000 40,380
Income taxes payable.. . 10,725 10,200
Bonds payable.. . 48,750 66,000
Total Liabilities.. . $124,475 $116,580
Equity:
Common stock.. . 117,000 96,000
Contributed capital in excess of a par.. . 13,000 9,000
Retained earnings.. . 73,320 63,270
Total Equity.. . 203,320 168,270
Total liabilities and equity.. . 327,795 284,850
Ethren Company
Income Statement
For Year Ended December 31, 2010
Sales.. . 240,000
Cost of goods sold.. . 80,900
Depreciation expense.. . 29,400
Other operating expenses.. . 48,000
Interest expense.. . 2,000 (160,300)
Other gains (losses):
Loss on sale of equipment.. . (8,400)
Income before taxes.. . 71,300
Income tax expense.. . 27,650
Net income.. . 43,650
Additional Information:
1. There was no gain or lass on the sales of the long term investments, nor on the bonds retired.
2. Old equipment with an original cost of $37,550 was sold for $2,100 cash.
3. New equipment was purchased for $67,550 cash.
4. Cash dividends of $33600 were paid.
5. Additional shares of stock were issued for $25,000 cash.
Prepare a complete statement of cash flows for calendar-year 2010 using the indirect method.
Balance sheets and income statement follow:
Ethren Company
Comparative Balance Sheets
December 31
2010 2009
Assets
Cash.. . 24,640 23,040
Accounts receivable.. . 32,180 29,400
Merchandise inventory.. . 73,125 61,710
Long Term investments.. . 55,900 56400
Equipment.. . 175,500 145,500
Accumulated depreciation.. . (33,500) (31,200)
Total Assets.. . $327,795 $284,850
Liabilities:
Accounts payable.. . 65,000 40,380
Income taxes payable.. . 10,725 10,200
Bonds payable.. . 48,750 66,000
Total Liabilities.. . $124,475 $116,580
Equity:
Common stock.. . 117,000 96,000
Contributed capital in excess of a par.. . 13,000 9,000
Retained earnings.. . 73,320 63,270
Total Equity.. . 203,320 168,270
Total liabilities and equity.. . 327,795 284,850
Ethren Company
Income Statement
For Year Ended December 31, 2010
Sales.. . 240,000
Cost of goods sold.. . 80,900
Depreciation expense.. . 29,400
Other operating expenses.. . 48,000
Interest expense.. . 2,000 (160,300)
Other gains (losses):
Loss on sale of equipment.. . (8,400)
Income before taxes.. . 71,300
Income tax expense.. . 27,650
Net income.. . 43,650
Additional Information:
1. There was no gain or lass on the sales of the long term investments, nor on the bonds retired.
2. Old equipment with an original cost of $37,550 was sold for $2,100 cash.
3. New equipment was purchased for $67,550 cash.
4. Cash dividends of $33600 were paid.
5. Additional shares of stock were issued for $25,000 cash.
Prepare a complete statement of cash flows for calendar-year 2010 using the indirect method.