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    deloris723 Posts: 4, Reputation: 1
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    May 10, 2012, 04:35 PM
    E13-9a
    Condensed financial data of Arma Inc. follow.

    ARMA INC.
    Comparative Balance Sheets
    December 31

    Assets
    2011


    2010

    Cash $90,800 $48,400
    Accounts receivable 92,800 33,000
    Inventories 112,500 102,850
    Prepaid expenses 28,400 26,000
    Investments 138,000 114,000
    Plant assets 270,000 242,500
    Accumulated depreciation
    (50,000)


    (52,000)

    Total
    $682,500


    $514,750


    Liabilities and Stockholders' Equity
    Accounts payable $112,000 $67,300
    Accrued expenses payable 16,500 17,000
    Bonds payable 110,000 150,000
    Common stock 220,000 175,000
    Retained earnings
    224,000


    105,450

    Total
    $682,500


    $514,750



    ARMA INC.
    Income Statement
    For the Year Ended December 31, 2011

    Sales $392,780
    Less:
    Cost of goods sold $135,460
    Operating expenses, excluding depreciation 12,410
    Depreciation expense 46,500
    Income taxes 27,280
    Interest expense 4,730
    Loss on sale of plant assets
    7,500


    233,880

    Net income
    $158,900


    Additional information:

    New plant assets costing $85,000 were purchased for cash during the year.
    Old plant assets having an original cost of $57,500 were sold for $1,500 cash.
    Bonds matured and were paid off at face value for cash.
    A cash dividend of $40,350 was declared and paid during the year.
    Complete the statement of cash flows using the indirect method. (List amounts from largest positive to smallest positive followed by most negative to least negative, e.g. 15, 14, 10, -17, -5, -1. If amount decreases cash flow, use either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)
    ARMA INC.
    Statement of Cash Flows
    For the Year Ended December 31, 2011

    Cash flows from operating activities
    $
    Adjustments to reconcile net income to net
    cash provided by operating activities
    $










    Net cash by operating activities

    Cash flows from investing activities






    Net cash by investing activities

    Cash flows from financing activities






    Net cash by financing activities



    Net in cash
    Cash at beginning of period


    Cash at end of period
    $


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