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. Statement of cash flows preparation. Selected f...

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. Statement of cash flows preparation. Selected financial statement information and additional data for Johnston Enterprises is presented below. Prepare a statement of cash flows for the year ending December 31, 2010 Current Assets: Additional Information: During the year, Johnston sold equipment with an original cost of $153,000 and accumulated depreciation of $119,000 and purchased new equipment for $272,000 December 31, 2010 2009 Cash $153,000 $119,000 Accounts Receivable 238,000 306,000 Inventory 391,000 340,000 Total Current Assets 782,000 765,000 Property, Plant, and Equipment 1,241,000 1,122,000 Less: Accumulated Depreciation (476,000) (442,000) Total Assets $1,547,000 $1,445,000 Current Liabilities: Accounts Payable $187,000 $102,000 Notes Payable 51,000 68,000 Income Tax Payable 85,000 76,500 Total Current Liabilities 323,000 246,500 Bonds Payable 340,000 391,000 Total Liabilities 663,000 637,500 Stockholders' Equity: Common Stock 510,000 467,500 Retained Earnings 374,000 340,000 Total Stockholders' Equity 884,000 807,500 Total Liabilities & Stockholders' Equity $1,547,000 $1,445,000 Sales 1,615,000 $1,513,000 Less Cost of Goods Sold 731,000 731,000 Gross Profit 884,000 782,000 Expenses: Depreciation Expense 153,000 136,000 Salary Expense 391,000 357,000 Interest Expense 34,000 34,000 Loss on Sale of Equipment 17,000 0 Income Before Taxes 289,000 255,000 Less Income Tax Expense 119,000 102,000 Net Income $170,000 $153,000 Johnston Enterprises Balance Sheet and Income Statement Data December 31,,Please send answer as soon as possible. Thanks!,Thanks!

 

Paper#4810 | Written in 18-Jul-2015

Price : $25
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