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Logan Company is a merchandiser that prepared the statement of cash flows and income statement provided below:
Logan CompanyIncome StatementSales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $4,120Cost of goods sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . $2,890Gross margin . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,230Selling and administrative expenses . . . . . . . . . . . . . . $835Net operating income . . . . . . . . . . . . . . . . . . . . . . . . . . $395Non operating items: Loss on sale of equipment . . . . . . $3Income before taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . $392Income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $217Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $175
Required:
Assume that you have been asked to teach a workshop to the employees within Logan Company's Marketing Department. The purpose of your workshop is to explain how the statement of cash flows differs from the income statement. Your audience is expecting you to explain the logic underlying each number included in the statement of cash flows. Prepare a memo that explains the format of the statement of cash flows and the rationale for each number included in Logan's statement of cash flows.
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