ATTLEBORO GROUP, INC. Income Statement Year Ended December 31, 2018 Net Sales Revenue $ 441,000 Cost of Goods Sold 205,400 Gross Profit 235,600 Operating Expenses: Salaries Expense $ 76,300 Depreciation Expense 15,300 Other Operating Expenses 49,600 Total Operating Expenses 141,200 Operating Income 94,400 Other Income and (Expenses): Interest Revenue 11,500 Interest Expense (24,400) Total Other Income and (Expenses) (12,900) Net Income Before Income Taxes 81,500 Income Tax Expense 16,200 Net Income $ 65,300 ATTLEBORO GROUP, INC. Comparative Balance Sheet December 31, 2018 and 2017 2018 2017 Assets Current Assets: Cash $ 14,000 $ 15,500 Accounts Receivable 42,000 43,700 Merchandise Inventory 96,800 93,300 Long-term Assets: Land 36,400 11,000 Plant Assets 121,250 112,850 Accumulated Depreciation-Plant Assets (20,350) (18,650) Total Assets $ 290,100 $ 257,700 Liabilities Current Liabilities: Accounts Payable $ 24,500 $ 26,000 Accrued Liabilities 23,900 22,600 Long-term Liabilities: Notes Payable 56,000 69,000 Total Liabilities 104,400 117,600 Stockholders' Equity Common Stock, no par 129,500 121,000 Retained Earnings 56,200 19,100 Total Stockholders' Equity 185,700 140,100 Total Liabilities anc Stockholders' Equity $ 290,100 $ 257,700

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter5: Inventories And Cost Of Goods Sold

Section: Chapter Questions

Problem 5.26MCE

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Using a spreadsheet to prepare the statement of cash flows—indirect method

The 2018 comparative balance sheet and income statement of Attleboro Group, Inc. follow. Attleboro disposed of a plant asset at book value in 2018.

Prepare the spreadsheet for the 2018 statement of cash flows. Format cash flows from operating activities by the indirect method. A plant asset was disposed of for $0. The cost and accumulated depreciation of the disposed asset was $13,600. There were no sales of land, no retirement of common stock, and no treasury stock transactions. Assume plant asset and land acquisitions were for cash.

ATTLEBORO GROUP, INC.
Income Statement
Year Ended December 31, 2018
Net Sales Revenue
$ 441,000
Cost of Goods Sold
205,400
Gross Profit
235,600
Operating Expenses:
Salaries Expense
$ 76,300
Depreciation Expense
15,300
Other Operating Expenses
49,600
Total Operating Expenses
141,200
Operating Income
94,400
Other Income and (Expenses):
Interest Revenue
11,500
Interest Expense
(24,400)
Total Other Income and (Expenses)
(12,900)
Net Income Before Income Taxes
81,500
Income Tax Expense
16,200
Net Income
$ 65,300

ATTLEBORO GROUP, INC.
Comparative Balance Sheet
December 31, 2018 and 2017
2018
2017
Assets
Current Assets:
Cash
$ 14,000
$ 15,500
Accounts Receivable
42,000
43,700
Merchandise Inventory
96,800
93,300
Long-term Assets:
Land
36,400
11,000
Plant Assets
121,250
112,850
Accumulated Depreciation-Plant Assets
(20,350)
(18,650)
Total Assets
$ 290,100
$ 257,700
Liabilities
Current Liabilities:
Accounts Payable
$ 24,500
$ 26,000
Accrued Liabilities
23,900
22,600
Long-term Liabilities:
Notes Payable
56,000
69,000
Total Liabilities
104,400
117,600
Stockholders' Equity
Common Stock, no par
129,500
121,000
Retained Earnings
56,200
19,100
Total Stockholders' Equity
185,700
140,100
Total Liabilities anc Stockholders' Equity
$ 290,100
$ 257,700

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