Carmel Company”s comparative balance sheet and income statement for last year appear below:
| Statement of Financial Position Don't use plagiarized sources. Get Your Custom Essay on carmel company s comparative balance sheet and income statement for last year appear 641415 Get an essay WRITTEN FOR YOU, Plagiarism free, and by an EXPERT! | ||
|
| Ending | Beginning |
|
| Balance | Balance |
| Cash | $ 49,000 | $ 30,000 |
| Accounts receivable | 23,000 | 30,000 |
| Inventory | 63,000 | 49,000 |
| Prepaid expenses | 13,000 | 19,000 |
| Long term investments | 260,000 | 200,000 |
| Plant and equipment | 520,000 | 500,000 |
| Accumulated depreciation | (256,000) | (224,000) |
| Total assets | $672,000 | $604,000 |
| Accounts payable | $ 20,000 | $ 35,000 |
| Accrued liabilities | 30,000 | 17,000 |
| Taxes payable | 15,000 | 11,000 |
| Bonds payable | 100,000 | 150,000 |
| Deferred taxes | 23,000 | 16,000 |
| Common stock | 100,000 | 70,000 |
| Retained earnings | 384,000 | 305,000 |
| Total liabilities and owners’ equity | $672,000 | $604,000 |
| Income Statement |
|
| Sales | $810,000 |
| Less cost of goods sold | 390,000 |
| Gross margin | 420,000 |
| Less operating expenses | 290,000 |
| Net operating income | 130,000 |
| Less income taxes | 39,000 |
| Net income | $ 91,000 |
The company declared and paid $12,000 in cash dividends during the year.
Required:
Construct in good form the operating activities section of the company”s statement of cash flows for the year using the direct method.
LDR 3302-21.01.01-1A24-S1, Organizational Theory and Behavior Unit III Essay Top of Form Bottom of Form…
Chapter 9 What are teratogens? Give 5 examples. Define each of these stages: Germinal, embryonic,…
You are a Financial Analyst that has been appointed to lead a team in the…
You are familiar with the ANA Code of Ethics and have a growing understanding of…
This week’s discussion will focus on management decision-making and control in two companies, American corporation…
Mary Rowlandson felt that the man who eventually came to own her, Quinnapin, was “the…