The income statement and additional data of Aggieland Computing Company follow: Aggieland Computing Company Income Statement Year Ended September 30, 20x2 Revenues: Sales revenue... Expenses: Cost of goods sold.. Salary expense... Depreciation expense.. 2. Additional data during fiscal year 20x2: C. d. c. f. & h. Rent expense.... Interest expense Income tax expense.... Net income... i. j. 103,000 45,000 29,000 11,000 2,000 9.000 $237,000 Proceeds from sales of land, $14,000. Proceeds from issuance of common stock, $35,000. Payment of long-term note payable, $20,000. Payment of dividends, $10,000. Decrease in cash balance, $4,000. 199.000 $38.000 Collections from customers were $7,000 more than sales. Payments to suppliers were $5,000 less than the sum of cost of goods sold plus rent expense. Payment to employees were $1,000 more than salary expense. Interest expense and income tax expense equal their cash amounts. Acquisition of equipment is $116,000. Of this amount, $101,000 was paid in cash, $15,000 by signing a long-term note payable. Aggieland sold no equipment during fiscal year 20x2. Prepare Aggieland Computing Company's statement of cash flows and accompanying schedule of noncash investing and financing activities. Report operating activities by the direct method. Evaluate Aggieland Computing Company's cash flows for the year. In your evaluation, mention all three categories of cash flows (operating, investing, and financing), and give the reason for your evaluation.
The income statement and additional data of Aggieland Computing Company follow: Aggieland Computing Company Income Statement Year Ended September 30, 20x2 Revenues: Sales revenue... Expenses: Cost of goods sold.. Salary expense... Depreciation expense.. 2. Additional data during fiscal year 20x2: C. d. c. f. & h. Rent expense.... Interest expense Income tax expense.... Net income... i. j. 103,000 45,000 29,000 11,000 2,000 9.000 $237,000 Proceeds from sales of land, $14,000. Proceeds from issuance of common stock, $35,000. Payment of long-term note payable, $20,000. Payment of dividends, $10,000. Decrease in cash balance, $4,000. 199.000 $38.000 Collections from customers were $7,000 more than sales. Payments to suppliers were $5,000 less than the sum of cost of goods sold plus rent expense. Payment to employees were $1,000 more than salary expense. Interest expense and income tax expense equal their cash amounts. Acquisition of equipment is $116,000. Of this amount, $101,000 was paid in cash, $15,000 by signing a long-term note payable. Aggieland sold no equipment during fiscal year 20x2. Prepare Aggieland Computing Company's statement of cash flows and accompanying schedule of noncash investing and financing activities. Report operating activities by the direct method. Evaluate Aggieland Computing Company's cash flows for the year. In your evaluation, mention all three categories of cash flows (operating, investing, and financing), and give the reason for your evaluation.
Century 21 Accounting General Journal
11th Edition
ISBN:9781337680059
Author:Gilbertson
Publisher:Gilbertson
Chapter22: End-of-fiscal-period Work For A Corporation
Section: Chapter Questions
Problem 2AP
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Transcribed Image Text:The income statement and additional data of Aggieland Computing Company follow:
Aggieland Computing Company
Income Statement
Year Ended September 30, 20x2
1.
Revenues:
Sales revenue.
Expenses:
Cost of goods sold...
Salary expense...
Depreciation expense..
Additional data during fiscal year 20x2:
2.
Rent expense...
Interest expense....
Income tax expense...
Net income.....
a.
b.
C.
d.
C.
f.
g
h.
i.
j.
103,000
45,000
29,000
11,000
2,000
9.000
$237,000
199.000
$38.000
Collections from customers were $7,000 more than sales.
Payments to suppliers were $5,000 less than the sum of cost of goods sold
plus rent expense.
Proceeds from sales of land, $14,000.
Proceeds from issuance of common stock, $35,000.
Payment of long-term note payable, $20,000.
Payment of dividends, $10,000.
Decrease in cash balance, $4,000.
Payment to employees were $1,000 more than salary expense.
Interest expense and income tax expense equal their cash amounts.
Acquisition of equipment is $116,000. Of this amount, $101,000 was paid
in cash, $15,000 by signing a long-term note payable. Aggieland sold no
equipment during fiscal year 20x2.
Prepare Aggieland Computing Company's statement of cash flows and accompanying
schedule of noncash investing and financing activities. Report operating activities
by the direct method.
Evaluate Aggieland Computing Company's cash flows for the year. In your
evaluation, mention all three categories of cash flows (operating, investing, and
financing), and give the reason for your evaluation.
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