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Extra Practice with Operating Cash Flows.docx - From Jamie...

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From Jamie Pratt, Financial Accounting in an Economic Context, 9thEditionThe following balance sheet and income statement data were taken from the records of Martland Storesfor the year ended December 31, 2015:20152014Net ChangeBalance SheetCashAccounts receivableInventoryPrepaid insuranceTotal current assetsMachinery (net)TotalAccounts payableWages payableTotal current liabilitiesBonds payable (net)Capital stockRetained earningsTotal$6,00012,0004,500900$23,40038,000$61,400$12,6009,500$22,10017,00015,0007,300$61,400$1,40013,5009,8001,200$25,90037,500$63,400$13,1007,400$20,50017,00015,00010,900$63,400$4,600(1,500)(5,300)(300)(2,500)500($2,000)($500)2,1001,60000(3,600)($2,000)Income StatementRevenuesCost of goods soldGross profitWages expenseInsurance expenseInterest expenseDepreciation expenseNet loss$96,00064,000$32,000(18,600)(9,200)(2,100)(5,700)$3,600Prepare the operating section of the statement of cash flows and present it under both the direct andindirect methods.ACT 312A/612A, FALL 20171
From Jamie Pratt, Financial Accounting in an Economic Context, 9thEditionThe following balance sheet and income statement data were taken from the records of Mako RetailSupply for the year ended December 31, 2015:20152014Net ChangeBalance SheetCashAccounts receivableInventoryPrepaid rentTotal current assetsEquipment (net)TotalAccounts payableWages payableInterest payable

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