the bbb company balance sheet and income statement follow 544528
The BBB Company balance sheet and income statement follow:
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|
BBB COMPANY |
||
|
2002 |
2003 |
|
|
Assets |
||
|
Cash |
$ 4,500 |
$ 4,000 |
|
Marketable securities |
2,500 |
2,000 |
|
Accounts receivable |
6,800 |
7,200 |
|
Inventories |
7,500 |
8,000 |
|
Total current assets |
21,300 |
21,200 |
|
Land |
11,000 |
12,000 |
|
Equipment |
24,000 |
20,500 |
|
Accumulated depreciation—equipment |
(3,800) |
(3,000) |
|
Building |
70,000 |
70,000 |
|
Accumulated depreciation—building |
(14,000) |
(12,000) |
|
Total assets |
$108,500 |
$108,700 |
|
Liabilities and Stockholders’ Equity |
||
|
Accounts payable |
$ 7,800 |
$ 7,000 |
|
Wages payable |
1,050 |
1,000 |
|
Taxes payable |
500 |
1,500 |
|
Total current liabilities |
9,350 |
9,500 |
|
Bonds payable |
30,000 |
30,000 |
|
Common stock, $10 par |
32,000 |
30,000 |
|
Additional paid-in capital |
21,000 |
19,200 |
|
Retained earnings |
16,150 |
20,000 |
|
Total liabilities and stockholders’ equity |
$108,500 |
$108,700 |
|
BBB COMPANY |
||
|
Sales |
$38,000 |
|
|
Operating expenses: |
||
|
Depreciation expense |
$ 2,800 |
|
|
Other operating expenses |
35,000 |
37,800 |
|
Operating income |
200 |
|
|
Gain on sale of land |
800 |
|
|
Income before tax expense |
1,000 |
|
|
Tax expense |
500 |
|
|
Net income |
$ 500 |
|
|
Supplemental information: |
||
|
Dividends declared and paid |
$ 4,350 |
|
|
Land sold for cash |
1,800 |
|
|
Equipment purchased for cash |
3,500 |
|
|
Common stock sold for cash |
3,800 |
|
Required a. Prepare a statement of cash flows for the year ended December 31, 2002.
(Present the cash flows from operations, using the indirect method.)
b. Comment on the statement of cash flows.
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