the 2012 comparative balance sheet and income statement of appleton group inc follow 552747
Preparing the statement of cash flows—indirect method
The 2012 comparative balance sheet and income statement of Appleton Group, Inc., follow. Appleton had no noncash investing and financing transactions during 2012.
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APPLETON GROUP, INC. Comparative Balance Sheet December 31, 2012 and 2011 |
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2012 |
2011 |
Increase (Decrease) |
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Current assets: |
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Cash and cash equivalents |
$ 9,300 |
$ 15,300 |
$ (6,000) |
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Accounts receivable |
42,000 |
43,200 |
(1,200) |
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Inventories |
97,100 |
93,700 |
3,400 |
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Plant assets: |
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Land |
41,100 |
16,000 |
25,100 |
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Equipment, net |
101,200 |
94,300 |
6,900 |
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Total assets |
290,700 |
$ 262,500 |
$ 28,200 |
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Current liabilities: |
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Accounts payable |
$ 25,600 |
$ 26,600 |
$ (1,000) |
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Accrued liabilities |
24,000 |
22,800 |
1,200 |
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Long-term liabilities: |
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Notes payable |
46,000 |
62,000 |
(16,000) |
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Stockholders’ equity: |
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Common stock |
140,300 |
131,400 |
8,900 |
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Retained earnings |
54,800 |
19,700 |
35,100 |
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Total liabilities and stockholders’ equity |
$ 290,700 |
$ 262,500 |
$ 28,200 |
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APPLETON GROUP, INC. Income Statement Year Ended December 31, 2012 |
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Revenues: |
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Sales revenue |
$ 439,000 |
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Interest revenue |
11,800 |
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Total revenues |
$ 450,800 |
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Expenses: |
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Cost of goods sold |
$ 205,500 |
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Salary expense |
76,500 |
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Depreciation expense |
15,500 |
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Other operating expense |
49,500 |
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Interest expense |
24,300 |
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Income tax expense |
16,300 |
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Total expenses |
387,600 |
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Net income |
$ 63,200 |
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Requirement
1. Prepare the spreadsheet for the 2012 statement of cash flows. Format cash flows from operating activities by the indirect method.
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