Cash flow statement - Let's Practice - handout template 1 .xlsx

ATG 2183 - Statement of Cash Flows Let's Practice
End of Beginning Current
Balance sheet year of year Change Income statement year
Cash 76,000 42,000 34,000 Sales 900,000
Accounts receivable 116,000 107,000 9,000 Cost of goods sold 700,000
Inventory 88,000 94,000 (6,000) Gross profit 200,000
Total current assets 280,000 243,000 37,000 Operating expenses 135,000
Equipment, at cost 280,000 210,000 70,000 Income from operations 65,000
Less: Accum. depreciation (80,000) (67,000) (13,000) Other income & (expense):
Net book value of equipment 200,000 143,000 57,000 Interest expense (12,500)
Total assets 480,000 386,000 94,000 Interest income 1,500
Loss on sale of equipment (4,000)
Accounts payable 70,000 81,000 (11,000) Total other income/(expense) (15,000)
Interest payable 7,000 4,000 3,000 Income before taxes 50,000
Total current liabilities 77,000 85,000 (8,000) Income tax expense 20,000
Notes payable 235,000 176,000 59,000 Net income 30,000
Total liabilities 312,000 261,000 51,000
Common stock 65,000 50,000 15,000
Retained earnings 103,000 75,000 28,000
Total S.H. equity 168,000 125,000 43,000
Total liabilities & equity 480,000 386,000 94,000
Refer to the balance sheets and income statement above to answer the following questions.
was sold during the year for cash. The company also had 90,000 of new borrowing during the year.