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Country Vista Company_Statement of cash flows




Question;Download and review the income statement for;the Country Vista Company. You will use the income statement to help you;complete Part 1 and Part 2 below.;?;Country Vista Income Statement;Country Vista Company;Income Statement;For the Year Ended December 31, 2011;Sales;$2,48,000;Cost of Goods Sold;$1,16,000;Gross Profit;$1,32,000;Operating;Expenses;Wages and Salaries Expense;$44,000;Rent Expense;$16,000;Depreciation Expense;$30,000;Other Operating Expenses;$18,000;$1,08,000;Income from;Operations;$24,000;Gain on Sale;of Equipment;$26,000;Income before;Income Taxes;$50,000;Income Tax;Expense;$17,500;Net Income;$32,500;Part 1: Indirect Method;Using Excel, prepare the Statement of Cash;Flows Indirect Method. Your SOCF should be based upon the income statement and;the additional information below;Additional Information;?;Increase in Accounts Receivables=$4,000;?;Increase in Accounts Payables=$16,000;?;Increase in Income Taxes Payable=$300;?;Decrease in Prepaid Expenses=$10,000;?;Decrease in Merchandise Inventory=$14,000;?;Decrease in Long Term Notes Payable=$20,000;?;Cash Paid to Purchase Land=$50,000;?;Cash Paid to Purchase Equipment=$15,000;?;Cash Paid to Retire Bonds=$25,000;?;Cash Paid to for Dividends=$10,000;?;Cash Received from the Sale of common stock=$50,000;?;Cash at the start of the year=$24,000;Part 2: Direct Method;Using Excel and the below information please;prepare the complete statement of cash flows using the direct method.;Additional Information;?;Cash Received from Customers=$80,000;?;Cash Payments for Merchandise=$10,000;?;Cash Payments for Operating Expenses=$5,000;?;Cash payments for Interest=$6,000;?;Cash Payments for Income Taxes=$3,000


Paper#44619 | Written in 18-Jul-2015

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