Prepare a cash flow statement and complete the balance sheet

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Assignment

Given the following statements, prepare a cash flow statement & complete the Balance Sheet as of 12/31/98.

• Income after tax for the year ended 12/31/99 was $100M; although the company elected to retain only $70M of this amount
• Company purchased $250M in depreciable assets during the '99 year

The accumulated depreciation amount will change by $75M ('99 vs. '98)

• Company issued $150M in bonds during the '99 year
• Company issued $130M in Common stock during the '99 year
• Company paid down $50M on Notes Payable during the '99 year
• Company owes $125M more to their vendors in '99 than in '98
• The Company has $250M more money owed to them in'99 than in '98
• The Company has a $150M less in inventory in '99 than in '98
• The Company elected to prepay an additional $50M in rent (‘99 vs. '98)

Balance Sheet

 

12/31/98

12/31/99

Current Assets:


Cash

285,000

Marketable Securities

35,000

A/R

475,000

Inventory

150,000

Prepaid Expenses

75,000

Total Current Assets

1,020,000

Investments

175,000

Plant & Equipment

945,000

  less Accumulated Depreciation

325,000

Net Plant & Equipment

620,000

Total Assets

1,815,000

Current Liabilities


A/P

325,000

Notes Payable

325,000

Accrued Expenses

50,000

Total Current Liabilities

700,000

Bonds Payable

475,000

Total Liabilities

1,175,000

Stockholders Equity


 Preferred Stock

100,000

 Common Stock

140,000

 Capital in excess of Par

150,000

 Retained Earnings

250,000

   Total Stockholders Equity

640,000

Total Liabilties & Stockholders Equity

1,815,000

Reference no: EM131808435

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