recitaiton 9 practice file for case flow 501015
| Condensed financial data of Arma Inc. follow. | |||||||
| ARMA INC. | |||||||
| Comparative Balance Sheets | |||||||
| Dec-31 | |||||||
| Assets | 2011 | 2010 | |||||
| Cash | $90,800 | $48,400 | |||||
| Accounts receivable | 92,800 | 33,000 | |||||
| Inventories | 112,500 | 102,850 | |||||
| Prepaid expenses | 28,400 | 26,000 | |||||
| Investments | 138,000 | 114,000 | |||||
| Plant assets | 270,000 | 242,500 | |||||
| Accumulated depreciation | -50,000 | -52,000 | |||||
| Total | $682,500 | $514,750 | |||||
| Liabilities and Stockholders’ Equity | |||||||
| Accounts payable | $112,000 | $67,300 | |||||
| Accrued expenses payable | 16,500 | 17,000 | |||||
| Bonds payable | 1,10,000 | 1,50,000 | |||||
| Common stock | 2,20,000 | 1,75,000 | |||||
| Retained earnings | 2,24,000 | 1,05,450 | |||||
| Total | $682,500 | $514,750 | |||||
| ARMA INC. | |||||||
| Income Statement | |||||||
| For the Year Ended December 31, 2011 | |||||||
| Sales | $392,780 | ||||||
| Less: | |||||||
| Cost of goods sold | $135,460 | ||||||
| Operating expenses, excluding depreciation | 12,410 | ||||||
| Depreciation expense | 46,500 | ||||||
| Income taxes | 27,280 | ||||||
| Interest expense | 4,730 | ||||||
| Loss on sale of plant assets | 7,500 | 2,33,880 | |||||
| Net income | $158,900 | ||||||
| Additional information: | |||||||
| 1. New plant assets costing $85,000 were purchased for cash during the year. | |||||||
| 2. Old plant assets having an original cost of $57,500 were sold for $1,500 cash. | |||||||
| 3. Bonds matured and were paid off at face value for cash. | |||||||
| 4. A cash dividend of $40,350 was declared and paid during the year. | |||||||
| Complete the statement of cash flows using the indirect method. (List amounts from largest positive to smallest positive followed by most negative to least negative, e.g. 15, 14, 10, -17, -5, -1. If amount decreases cash flow, use either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) | |||||||
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