SalesCost of goods soldGross profitOperating expenses:Salaries$32,000Depreciation and depletion 4,500MiscellaneousIncome before taxesIncome taxesNet incomeAssetsCashAccounts receivablesInventoryProperty, plant andequipmentIncome StatementFor the year ended December 31, 2011Share capitalRetained earningsLong term liabilities:Notes payableCurrent liabilities:Less: Acc. DepreciationTotal AssetsShare capital and liabilities:Accounts payableSalaries payableTaxes payable82,30020,10012,400$150,00063,00087,00038,1008,20029.900Balance Sheet31-12-2011060,00062,200125.10045,30048,9006,4001,5002,90040,00030,0001,90039,00015,60031-12-20106,40042,00023,40074.50015,4005,7001,30074.5002,70040,00010,0002,100125,100Required: Prepare cash flow statement for the year ended December 31, 2011.

Lets understand the basics. Cashflow statement is prepared by the management to understand the from…

Sales Cost of goods sold Gross profit Operating expenses. Salaries Income Statement For the year ended December 31, 2011 $32,000 Depreciation and depletion 4,500 Miscellaneous 12.400 $150,000 63,000 87,000 48,900

Sales Cost of goods sold Gross profit Operating expenses. Salaries Income Statement For the year ended December 31, 2011 $32,000 Depreciation and depletion 4,500 Miscellaneous 12.400 $150,000 63,000 87,000 48,900

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter4: Accounting For Retail Operations

Section: Chapter Questions

Problem 4.8.2MBA: Gross profit percent and markup percent Caterpillar Inc. (CAT) produces and sells various types of...

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Question

Sales
Cost of goods sold
Gross profit
Operating expenses:
Salaries
$32,000
Depreciation and depletion 4,500
Miscellaneous
Income before taxes
Income taxes
Net income
Assets
Cash
Accounts receivables
Inventory
Property, plant and
equipment
Income Statement
For the year ended December 31, 2011
Share capital
Retained earnings
Long term liabilities:
Notes payable
Current liabilities:
Less: Acc. Depreciation
Total Assets
Share capital and liabilities:
Accounts payable
Salaries payable
Taxes payable
82,300
20,100
12,400
$150,000
63,000
87,000
38,100
8,200
29.900
Balance Sheet
31-12-2011
0
60,000
62,200
125.100
45,300
48,900
6,400
1,500
2,900
40,000
30,000
1,900
39,000
15,600
31-12-2010
6,400
42,000
23,400
74.500
15,400
5,700
1,300
74.500
2,700
40,000
10,000
2,100
125,100
Required: Prepare cash flow statement for the year ended December 31, 2011.

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