Simple Things Industries Ltd Income Statement Year Ended December 31,2014 Revenues and gains Sales revenue Gain on sale of plant assets Total revenues and gains Expenses Cost of goods sold Depreciation expense Other operating expense Total expenses Income before income taxes Income tax expense Net Income 2,224,000 115,500 2,339,500 1,305,000 165400 405400 1,875,800 463,700 265,000 198,700 Notes Acquisition of plant asset during 2014 Sale proceed from sale of plant asset Receipt for issuance of notes payable Payment for note payable Dividend paid Book value of equipment sold 600,900 356,000 384,900 450,000 148,500 240,500 Requirements Prepare a complete statement of cash flows for 2014 using the indirect method using the information above
Simple Things Industries Ltd Income Statement Year Ended December 31,2014 Revenues and gains Sales revenue Gain on sale of plant assets Total revenues and gains Expenses Cost of goods sold Depreciation expense Other operating expense Total expenses Income before income taxes Income tax expense Net Income 2,224,000 115,500 2,339,500 1,305,000 165400 405400 1,875,800 463,700 265,000 198,700 Notes Acquisition of plant asset during 2014 Sale proceed from sale of plant asset Receipt for issuance of notes payable Payment for note payable Dividend paid Book value of equipment sold 600,900 356,000 384,900 450,000 148,500 240,500 Requirements Prepare a complete statement of cash flows for 2014 using the indirect method using the information above
Century 21 Accounting General Journal
11th Edition
ISBN:9781337680059
Author:Gilbertson
Publisher:Gilbertson
Chapter2: Analyzing Transactions Into Debit And Credit Parts
Section: Chapter Questions
Problem 1ANFS
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