Details of this Paper

Below is the income statement and balance sheet of...

Description

Solution


Question

Below is the income statement and balance sheet of Closely Held Corporation. From this information prepare a statement of cash flows for the year ended September 30, 2005. Income Statement for year ended September 30, (in thousands) 2004 2005 Revenues $500,000 $512,000 Cost of Sales (395,000) (404,480) Gross Margin 105,000 107,520 Selling and Administrative (60,000) (61,440) Income before interest and taxes 45,000 46,080 Interest expense (9,900) (12,320) Income before income taxes 35,100 33,760 Income tax (12,812) (12,322) Net income $ 22,289 $ 21,438 Balance Sheet as of September 30, (in thousands) 2004 2005 Change Assets Current Assets Cash and equivalents $ 10,000 $ 10,240 $ 240 Accounts receivable 40,000 48,640 8,640 Inventories 39,500 56,627 17,127 Prepaid expenses 10,000 11,000 1,000 Total Current Assets 99,500 126,507 27,007 Property, plant, and equipment 390,000 411,000 21,000 Accumulated depreciation (233,000) (250,000) (17,000) P, P & E net 157,000 161,000 4,000 Other Assets, net amortization 27,000 26,000 (1,000) Total Assets $283,500 $313,507 $ 30,007 Liabilities and Shareholders? Equity Current Liabilities Current portion of long-term debt $ 12,000 $ 13,000 $ 1,000 Notes payable 30,000 31,000 1,000 Accounts payable 39,500 42,450 2,950 Accrued liabilities 21,569 18,000 (3,569) Income taxes payable 8,900 9,500 600 Total Current Liabilities 111,969 113,950 1,981 Long-term debt 87,000 99,000 12,000 Non-current deferred income tax 10,000 9,070 (30) Other non-current liabilities 4,340 5,000 660 Shareholders? Equity Common stock ? Class A 3,000 3,500 500 Capital in excess of par 21,000 26,000 5,000 Retained earnings 46,191 56,087 9,896 Total Shareholders? Equity 70,191 85,587 15,396 Total Liabilities and Equity $283,500 $313,507 $ 30,007

 

Paper#3609 | Written in 18-Jul-2015

Price : $25
SiteLock