Final Exam Take Home Problem (20 points)
Based on the information provided below, prepare the statement of cash flows for the Gulp-it-Down Coffee Co.
| Gulp-it-Down Coffee Co. Comparative Balance Sheet For the Year Ended December 31, 2012 | ||
| 2012 | 2011 | |
| Assets |
|
|
| Cash | 140,000 | 160,000 |
| Accounts Receivables | 400,000 | 380,000 |
| Inventory | 480,000 | 420,000 |
| Fixed Assets (net of accumulated Depreciation) | 1,860,000 | 1,720,000 |
| Less: Accumulated Depreciation | (1,000,000) | (900,000) |
| Total | 1,880,000 | 1,780,000 |
|
|
| |
| Liabilities & Owner s Equity |
|
|
| Accounts Payable | 240,000 | 260,000 |
| Accrued expense | 120,000 | 100,000 |
| Bonds Payable | 780,000 | 720,000 |
| Capital Stock | 420,000 | 420,000 |
| Retained Earnings | 320,000 | 280,000 |
| 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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