Foundations of Finance 10e Keown, Martin, & Petty Chapter 4-11SPPrepare the Statement of Cash Flows for the year ended December 31, 2018Balance Sheet for 12/31/2017 & 12/31/2018 & Income Statement fye 12/31/2018 20172018Cash$ 15,000$ 14,000Marketable securities6,0006,200Accounts receivable42,00033,000Inventory51,00084,000Prepaid rent1,2001,100Total current assets$ 115,200$ 138,300Net plant and equipment286,000270,000Total assets$ 401,200$ 408,300Accounts payable$ 48,000$ 57,000Notes payable15,00013,000Accruals6,0005,000Total current liabilities$ 69,000$ 75,000Long-term debt160,000150,000Common stockholders' equity172,200183,300Total liabilities and equity401,200$ 408,300 T. P. Jarmon Company, Income Statement for the Year Ended 12/31/2018Sales (all credit)$ 600,000Less cost of goods sold460,000Gross profit$ 140,000Less operating and interest expensesGeneral and administrative$ 30,000Interest10,000Depreciation30,000Total70,000Earnings before taxes$ 70,000Less taxes14,700Net income available to common stockholders$ 55,300Less cash dividends44,200Change in retained earnings$ 11,100

It is the summary statement that shows the cash and cash equivalent's inflow and outflow as a result…

T. P. Jarmon Company, Income Statement for the Year Ended 12/31/2018 Sales (all credit) $ 600,000 Less cost of goods sold 460,000 Gross profit $ 140,000 Less operating and interest expenses General and administrative $ 30,000 Interest 10,000 Depreciation 30,000 Total 70,000 Earnings before taxes $ 70,000 Less taxes 14,700 Net income available to common stockholders $ 55,300 Less cash dividends 44,200 Change in retained earnings $ 11,100

T. P. Jarmon Company, Income Statement for the Year Ended 12/31/2018 Sales (all credit) $ 600,000 Less cost of goods sold 460,000 Gross profit $ 140,000 Less operating and interest expenses General and administrative $ 30,000 Interest 10,000 Depreciation 30,000 Total 70,000 Earnings before taxes $ 70,000 Less taxes 14,700 Net income available to common stockholders $ 55,300 Less cash dividends 44,200 Change in retained earnings $ 11,100

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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