Practice Question SCF Answers

Practice Question SCF Answers - Statement of Cash Flows (...

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Statement of Cash Flows ( Practice Q. ) ANSWER KEY TSI Manufacturing Co. Balance Sheet Dec 31 2005 2004 Assets Cash $ 88,000 58,000 Accounts Receivable 136,000 76,000 Inventory 128,000 108,000 Prepaid Expenses 8,000 0 Fixed Assets, net of acc. Depr. 720,000 440,000 _________ ________ Total Assets $ 1,080,000 682,000 ======== ======== Accounts payable $ 60,000 38,000 Taxes payable 6,000 8,000 Long-term debt 250,000 52,000 Capital stock 354,000 254,000 Retained earnings 410,000 330,000 ________ _________ Total liabilities & stockholders’ equity 1,080,000 682,000 ======= ======= TSI Manufacturing Co. Income Statement For the year ended Dec 31, 2005 Sales $ 916,000 Cost of Goods Sold ( 376,000) Gross profit 540,000 Operating expenses : 212,000 Depreciation 40,000 Income Taxes 122,000 Interest 56,000 430,000 Net Income 110,000 ====== Additional information : 1. 2. TSI purchased new machinery in the amt of $ 320,000
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Practice Question SCF Answers - Statement of Cash Flows (...

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