Balance Sheet 2013 2012 2013 cash $ 15,000 $ 9,000 accounts receivable $ 240,000

Question

Balance Sheet 2013 2012 2013 cash $          15,000 $            9,000 accounts receivable $        240,000 $        340,000 inventory $        175,000 $        125,000 prepaid expenses $            6,000 $          10,000 Total current assets: $        436,000 $        484,000 Property, plant, and equipment $        470,000 $        610,000 Less Accumulated depreciation $          85,000 $          93,000 net property plant and equipment $        385,000 $        517,000 long term investments $          19,000 $          16,000 Total assets: $        840,000 $    1,017,000 Accounts payable $        230,000 $        310,000 Accrued Liabilities $          72,000 $          60,000 Income taxes payable $          34,000 $          40,000 Total Current Liabilities   ies: $        336,000 $        410,000 bonds payable $        180,000 $        290,000 total liabilities: $        516,000 $        700,000 common stock $        250,000 $        210,000 retained earnings $          74,000 $        107,000 total stockholder's equity $        324,000 $        317,000 total liabilites and stockholders equity $        840,000 $    1,017,000 r the Peoples Show Store are as follows Peo INCOME STATEMENT l statements for 2013 800,000 500.000 300,000 Cust of Goods Sold ss Profit selling and Operatin 213,000 Ner Operating Income ting items Gain on sale of investing Loss on sale of equipment me before taxes 7,000 3.0 90,000 27.000 63,000 taxes Net During 2013, Peoples sold some equipment for $20,000 that had cost $40,000 and a which there was accumulated depreciation of $16,000. In addition, the company sold Jons-term investments for $10,000 that had cost $3,000 when purchased several years aso A cash dividend was paid during 2013 and the company repurchased $40,000 of its own stock. Peoples did not retire any bonds during 2013 173 ] Pag

Explanation / Answer

Peoples Show Store Working Cash Flow statement Calculation of depreciation $2,013.00 Accumulated depreciation as on 2013 $93,000.00 Cash flow from Operating Activities Add : Accumulated depreciation of equipment sold $16,000.00 Net Income $63,000.00 Less : Accumulated depreciation as on 2012 $85,000.00 Adjustments to net income Depreciation Expense for 2013 $24,000.00 Depreciation Expense $24,000.00 Gain on sale of investing -$7,000.00 Calculation of purchase of Property, plant, and equipment Loss on sale of equipment $4,000.00 Gross balance as on 2013 $610,000.00 Increase in Accounts Receivables -$100,000.00 Add : equipment sold $40,000.00 Decrease in Inventory $50,000.00 Less : Gross Balance as on 2012 $470,000.00 Increase in Prepaid Expenses -$4,000.00 Purchase of Property, plant, and equipment $180,000.00 Increase in Accounts Payable $80,000.00 Decrease in Accrued Liabilities -$12,000.00 Calculation of dividend paid Increase in Income Tax payable $6,000.00 $41,000.00 Retained Earnings balance as on 2012 $74,000.00 Net Cash available from Operating activities $104,000.00 Add : Net Income $63,000.00 Cash flow from Investing activities less : Retained Earnings balance as on 2013 $107,000.00 Sale of equipment $20,000.00 Dividend paid $30,000.00 Sale of long term investment $10,000.00 Purchase of Property, plant, and equipment -$180,000.00 Net cash used for Investing activities -$150,000.00 Cash flow from Financing activities Issue of bonds payable $110,000.00 Repurchase of Common stock -$40,000.00 Dividend paid -$30,000.00 Net Cash available from Financing activities $40,000.00 Net Cash Surplus / (deficit) -$6,000.00 Add : Cash balance 2012 $15,000.00 Cash balance 2013 $9,000.00

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