ACIS 2116 Chapter 16 Statement of Cash Flows Example

ACIS 2116 Chapter 16 Statement of Cash Flows Example - VT...

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Comparative Balance Sheets Assets December 31, 2007 2008 Change Cash $2,000 $5,000 $3,000 Accounts Receivable, net 8,000 14,000 $6,000 Merchandise Inventory 20,000 16,000 $(4,000) Equipment 27,000 21,000 $(6,000) Accumulated Depreciation (12,000) (17,000) $(5,000) Land 15,000 29,000 $14,000 Total Assets $60,000 $68,000 Liabilities and Equity December 31, 2007 2008 Liabilities Change Accounts Payable $6,000 $8,000 $2,000 Salaries Payable 9,000 4,000 $(5,000) Long-term Notes Payable 20,000 14,000 $(6,000) Total Liabilities 35,000 26,000 Stockholders' Equity Common Stock 18,000 25,000 $7,000 Retained Earnings 7,000 17,000 $10,000 Total Stockholders' Equity 25,000 42,000 Total Liabilities and Equity $60,000 $68,000 VT Company Income Statement For the Year Ending December 31, 2008 Sales Revenues $98,000 Cost of Goods Sold 62,000 Gross Margin 36,000 Salaries Expense $14,000 Depreciation Expense 10,000 24,000 Operating Income 12,000 Gain on Sale of Equipment 3,000 Net Income $15,000
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ACIS 2116 Chapter 16 Statement of Cash Flows Example - VT...

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