prepare a statement of cash flows using the indirect method 1
Presented below are the financial statements of Marigold Company.
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Marigold Company |
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|---|---|---|---|---|---|---|
|
Assets |
2017 |
2016 |
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|
Cash |
$ 112,000 |
$ 64,000 |
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|
Accounts receivable |
64,000 |
44,800 |
||||
|
Inventory |
89,600 |
64,000 |
||||
|
Property, plant, and equipment |
192,000 |
249,600 |
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|
Accumulated depreciation |
(102,400 |
) |
(76,800 |
) |
||
|
Total |
$355,200 |
$345,600 |
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|
|
||||||
|
Accounts payable |
$ 60,800 |
$ 48,000 |
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|
Income taxes payable |
22,400 |
25,600 |
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|
Bonds payable |
54,400 |
105,600 |
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|
Common stock |
57,600 |
44,800 |
||||
|
Retained earnings |
160,000 |
121,600 |
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|
Total |
$355,200 |
$345,600 |
|
Marigold Company |
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|---|---|---|---|---|
|
Sales revenue |
$774,400 |
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|
Cost of goods sold |
560,000 |
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|
Gross profit |
214,400 |
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|
Selling expenses |
$57,600 |
|||
|
Administrative expenses |
19,200 |
76,800 |
||
|
Income from operations |
137,600 |
|||
|
Interest expense |
9,600 |
|||
|
|
128,000 |
|||
|
Income tax expense |
25,600 |
|||
|
Net income |
$ 102,400 |
Additional data:
| 1. | Depreciation expense was $56,000. | |
| 2. | Dividends declared and paid were $64,000. | |
| 3. | During the year equipment was sold for $27,200 cash. This equipment cost $57,600 originally and had accumulated depreciation of $30,400 at the time of sale. |
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