practice cash flow

Practice cash flow - 227 232 Total Liabilities and Shareholders Equity 13,827 8,147 Income Statement-Smith Corporation for the year ended Sales

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© Mikhail B. Pevzner, PhD Practice Cash Flow Problem Prepare Statement of Cash Flows based on the following balance sheet and income statement data: Balance Sheet-MBP Corporation As of December 31, 2007 2007 2006 Assets Cash 5,000 4,000 Accounts Receivable 627 3,297 Inventory 800 600 PP&E 8,000 1,050 Accumulated Depreciation (600) (800) Total Assets 13,827 8,147 Liabilities and Shareholders' Equity Accounts Payable 600 915 Bonds Payable 9,000 6,000 Common Stock 4,000 1,000 Retained Earnings
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Unformatted text preview: 227 232 Total Liabilities and Shareholders' Equity 13,827 8,147 Income Statement-Smith Corporation for the year ended December 31, 2007 Sales 10,000 Cost of Goods Sold (5,000) Gross Profit 5,000 Operating Expenses Depreciation Expense 500 General Expenses 800 Interest Expense 100 Income Tax Expense 300 Total operating expenses 1,700 Gain on sale of equipment 500 Net Income 3,800 Other facts: 1) the company bought $10,000 of PP&E and financed it entirely by issuing bonds payable; 2) all dividends were paid in cash;...
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This note was uploaded on 02/05/2011 for the course ACCT 301 taught by Professor Hasan during the Fall '09 term at George Mason.

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Practice cash flow - 227 232 Total Liabilities and Shareholders Equity 13,827 8,147 Income Statement-Smith Corporation for the year ended Sales

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