The table below contains data on Fincorp Incorporated. The balance sheet items correspond to values at year-end 2021 and 2022, while the income statement items correspond to revenues or expenses during the year ending in either 2021 or 2022. All values are in thousands of dollars. Revenue 2021 $ 4,300 2022 $ 4,400 Cost of goods sold Depreciation 1,200 1,300 480 500 Inventories 400 435 Administrative expenses 430 480 Interest expense 200 200 Federal and state taxes* 680 700 Accounts payable 300 365 Accounts receivable 380 420 Net fixed assetst 4,000 4,710 Long-term debt 3,500 5,500 Notes payable 875 630 tes Dividends paid 340 340 Cash and marketable securities 2,345 430 Taxes are paid in their entirety in the year that the tax obligation is incurred. † Net fixed assets are fixed assets net of accumulated depreciation since the asset was installed. Construct a statement of cash flows for Fincorp for 2022. Note: Enter your answers in thousands of dollars. Negative amounts should be indicated by a minus sign. Cash flows from operations Net income Noncash expenses Depreciation expense Changes in working capital Additions to notes payable Fincorp Incorporated Statement of Cash Flows ($ in 000s)
The table below contains data on Fincorp Incorporated. The balance sheet items correspond to values at year-end 2021 and 2022, while the income statement items correspond to revenues or expenses during the year ending in either 2021 or 2022. All values are in thousands of dollars. Revenue 2021 $ 4,300 2022 $ 4,400 Cost of goods sold Depreciation 1,200 1,300 480 500 Inventories 400 435 Administrative expenses 430 480 Interest expense 200 200 Federal and state taxes* 680 700 Accounts payable 300 365 Accounts receivable 380 420 Net fixed assetst 4,000 4,710 Long-term debt 3,500 5,500 Notes payable 875 630 tes Dividends paid 340 340 Cash and marketable securities 2,345 430 Taxes are paid in their entirety in the year that the tax obligation is incurred. † Net fixed assets are fixed assets net of accumulated depreciation since the asset was installed. Construct a statement of cash flows for Fincorp for 2022. Note: Enter your answers in thousands of dollars. Negative amounts should be indicated by a minus sign. Cash flows from operations Net income Noncash expenses Depreciation expense Changes in working capital Additions to notes payable Fincorp Incorporated Statement of Cash Flows ($ in 000s)
Chapter16: Working Capital Policy And Short-term Financing
Section: Chapter Questions
Problem 3P
Related questions
Question
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Recommended textbooks for you
EBK CONTEMPORARY FINANCIAL MANAGEMENT
Finance
ISBN:
9781337514835
Author:
MOYER
Publisher:
CENGAGE LEARNING - CONSIGNMENT
Fundamentals Of Financial Management, Concise Edi…
Finance
ISBN:
9781337902571
Author:
Eugene F. Brigham, Joel F. Houston
Publisher:
Cengage Learning
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
EBK CONTEMPORARY FINANCIAL MANAGEMENT
Finance
ISBN:
9781337514835
Author:
MOYER
Publisher:
CENGAGE LEARNING - CONSIGNMENT
Fundamentals Of Financial Management, Concise Edi…
Finance
ISBN:
9781337902571
Author:
Eugene F. Brigham, Joel F. Houston
Publisher:
Cengage Learning
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
Fundamentals of Financial Management (MindTap Cou…
Finance
ISBN:
9781337395250
Author:
Eugene F. Brigham, Joel F. Houston
Publisher:
Cengage Learning
Managerial Accounting: The Cornerstone of Busines…
Accounting
ISBN:
9781337115773
Author:
Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:
Cengage Learning
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning