Reference no: EM133247026
Financial Statement Preparation
The Glass Factory, Inc. has just ended the 2002 production year. The balance sheet and income statement are presented below. Two of the four key financial statements remain to be prepared for the stockholders' report.
Balance Sheet
Glass Factory, Inc.
December 31, 2001 and 2002
Assets 2002 2001
Cash $ 1,000 $500
Accounts receivable 5,000 4,500
Inventory 7,000 6,000
Gross fixed assets $20,000 $15,000
Accumulated depreciation 10,000 9,000
Net fixed assets $10,000 $6,000
Total Assets $23,000 $17,000
Liabilities and Stockholders' Equity
Accounts payable $ 2,000 $ 1,500
Notes payable 3,000 2,500
Accruals 500 500
Long-term debt 10,000 6,000
Common stock at par 500 500
Paid-in capital in excess of par 5,500 5,500
Retained earnings 1,500 500
Total Liabilities and Stockholders' Equity $23,000 $17,000
Income Statement
Glass Factory, Inc. for the Year Ended December 31, 2002
Sales $40,000
Cost of goods sold 21,000
Gross profits $10,000
Operating expenses 13,000
Operating profits $ 6,000
Interest expense 2,000
Net profits before taxes $4,000
Taxes (40%) 1,600
Net profits after taxes $ 2,400
a. Calculate the amount of cash dividends paid during 2002.
b. Calculate the depreciation expense incurred during 2002.
c. Prepare a statement of retained earnings for the year ended December 31, 2002.
d. Prepare the statement of cash flows for the year ended December 31, 2002.
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