cashflowworksheet

cashflowworksheet - Brecker Inc Comparative Balance Sheet...

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Unformatted text preview: Brecker, Inc. Comparative Balance Sheet As of December 31, 2005 and 2004 Account Dec. 31, 2005 Dec. 31, 2004 Change Cash $6,000 $7,000 ($1,000) Accounts receivable 62,000 51,000 11,000 Inventories 35,000 18,000 17,000 Short-term available-for-sale investments 40,000 60,000 (20,000) Prepaid rent 5,000 4,000 1,000 Printing Equipment 154,000 130,000 24,000 Accumulated depreciation - printing equipment (35,000) (25,000) (10,000) Goodwill 46,000 50,000 (4,000) Total Assets $313,000 $295,000 $18,000 Accounts payable $46,000 $40,000 $6,000 Income taxes payable 4,000 6,000 (2,000) Wages payable 8,000 4,000 4,000 Short-term loans payable 8,000 10,000 (2,000) Long-term loans payable 60,000 69,000 (9,000) Common stock, $10 par 100,000 100,000 Contributed capital, common stock 30,000 30,000 Retained earnings 57,000 36,000 21,000 Total liabilities and equity $313,000 $295,000 $18,000 Brecker, Inc. Income Statement For the Year Ending December 31, 2005 Sales $338,150 Cost of Goods Sold (175,000) Operating Expenses (120,000) Interest Expense (11,400) Gain on sale of equipment 2,000 Income tax expense (6,750) Net Income $27,000 Additional information: 1. Dividends of $6,000 were declared and paid during 2005. 2. Depreciation expense and amortization expense are included in operating expenses. 3. No unrealized gains or losses have occurred on the investments during the year. 4. Equipment that had a cost of $20,000 and was 70% depreciated was sold during 2005. Brecker, Inc. Statement of Cash Flows (Partial) (Indirect Method) For the Year Ended December 31, 2005 Cash flows from operating activities Net income Adjustments to reconcile net income to net cash provided by operating activities: __________________________________________ __________________________________________...
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This homework help was uploaded on 04/10/2008 for the course ACT 124 taught by Professor Venuti during the Fall '07 term at Hofstra University.

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cashflowworksheet - Brecker Inc Comparative Balance Sheet...

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