CullumberCompany runs a retail company and recently completed its third year of operations. The balance sheet and income statement follow: Assets Cash Accounts receivable Inventory Equipment Accumulated depreciation Total assets Liabilities and Equity Accounts payable Income taxes payable Long-term notes payable Common stock, $2 par Paid-in capital in excess of par Retained earnings Total liabilities and equity Sales revenue Cost of goods sold Depreciation expense Income Statement for 2014 Other expenses Income taxes Net income 1 2 3. 4. 2013 $67,840 $74,368 26,880 31.104 39,424 37,376 117,760 30.976 $255,104 $229,632 157,440 36,480 2014 $46,464 $42,240 14,080 10,240 35,840 46.080 19,200 15,360 48.640 39.680 90,880 76.032 $255,104 $229,632 $431,872 261,120 5.504 111,360 18.560 $35,328 Additional Information on Year 2014 Transactions Purchased equipment by signing a long-term note for $10.240 and paying cash for the balance Paid cash as a payment on the long-term notes payable Issued 128 shares of common stock for cash Declared and paid cash dividends of $20,480. Prepare a statement of cash flows for 2014 using the indirect method. (Show amounts that decrease cash flow with either a-sign eg -15,000 or in parenthesis e.a. (15,000
CullumberCompany runs a retail company and recently completed its third year of operations. The balance sheet and income statement follow: Assets Cash Accounts receivable Inventory Equipment Accumulated depreciation Total assets Liabilities and Equity Accounts payable Income taxes payable Long-term notes payable Common stock, $2 par Paid-in capital in excess of par Retained earnings Total liabilities and equity Sales revenue Cost of goods sold Depreciation expense Income Statement for 2014 Other expenses Income taxes Net income 1 2 3. 4. 2013 $67,840 $74,368 26,880 31.104 39,424 37,376 117,760 30.976 $255,104 $229,632 157,440 36,480 2014 $46,464 $42,240 14,080 10,240 35,840 46.080 19,200 15,360 48.640 39.680 90,880 76.032 $255,104 $229,632 $431,872 261,120 5.504 111,360 18.560 $35,328 Additional Information on Year 2014 Transactions Purchased equipment by signing a long-term note for $10.240 and paying cash for the balance Paid cash as a payment on the long-term notes payable Issued 128 shares of common stock for cash Declared and paid cash dividends of $20,480. Prepare a statement of cash flows for 2014 using the indirect method. (Show amounts that decrease cash flow with either a-sign eg -15,000 or in parenthesis e.a. (15,000
Managerial Accounting: The Cornerstone of Business Decision-Making
7th Edition
ISBN:9781337115773
Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Chapter15: Financial Statement Analysis
Section: Chapter Questions
Problem 57P: Grammatico Company has just completed its third year of operations. The income statement is as...
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