based on the information provided below prepare the statement of cash flows for the 496227
Based on the information provided below, prepare the statement of cash flows for the Gulp-it-Down Coffee Co.
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based on the information provided below prepare the statement of cash flows for the 496227
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Comparative Balance Sheet For the Year Ended December 31, 2012 |
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2012 |
2011 |
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|
Assets |
|
|
|
Cash |
140,000 |
160,000 |
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Accounts Receivables |
400,000 |
380,000 |
|
Inventory |
480,000 |
420,000 |
|
Fixed Assets (net of accumulated Depreciation) |
1,860,000 |
1,720,000 |
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Less: Accumulated Depreciation |
(1,000,000) |
(900,000) |
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Total |
1,880,000 |
1,780,000 |
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|
|
|
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Liabilities & Owner s Equity |
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|
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Accounts Payable |
240,000 |
260,000 |
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Accrued expense |
120,000 |
100,000 |
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Bonds Payable |
780,000 |
720,000 |
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Capital Stock |
420,000 |
420,000 |
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Retained Earnings |
320,000 |
280,000 |
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Total |
1,880,000 |
1,780,000 |
Additional Information:
(1.) Net income for the year amounted to $60,000, and cash dividends were declared and paid in the amount of $20,000.
(2.) Gulp-it-Down Coffee Co.’s only noncash expense was depreciation Expense which totaled $100,000.
(3.) The company purchased plant assets for $140,000.
(4.) Bonds payable in the amount of $60,000 were issued during the year.
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