1/1/2004 12/31/2004 cash 100,000 170,000 acct rec 180,000 230,000 inventory 350,

Question

1/1/2004 12/31/2004 cash 100,000 170,000 acct rec 180,000 230,000 inventory 350,000 380,000 prepaid insurance 30,000 25,000 equipment 450,000 480,000 accumulated deprec -115,000 -140,000 995,000 1,145,000 acct pay 110,000 125,000 salaries payable 20,000 15,000 debt(non-current) 250,000 300,000 common stock-par 100,000 115,000 paid in capital 150,000 200,000 retained earnings 365,000 390,000 995,000 1,145,000 sales 5,000,000 cost of good solds -3,000,000 gross profit 2,000,000 salaries 1,200,000 depreciation 60,000 gain on assets sold 15,000 other operating expenses 300,000 net income 455,000 other information: purchased new equipment of 75,000 made payments on debt of 50,000 cash proceeds from sales of assets were 25,000 using the indirect method, prepare a cash flow statement

Explanation / Answer

Cash in hand = 100000 net income = 455000 decrease in account receivable = (50000) decrease in inventory = (30000) decease in prepaid insurance = 5000 decease in equipment = (30000) decease in accumulated deprec =(25000) increase in account payable = (15000) increase in salary payable = 5000 debt(non-current) = (50000) common stock-par = (15000) paid in capital = (50000) retained earning = (25000) purchased new equipment = (75,000) made payments on debt = (50,000) cash proceeds from sales of assets = 25,000 net cash remaining = 170000

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