Prepare a multiple-step income statement for 2013 including

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Reference no: EM13588119

Cemptex Corporation prepares its statement of cash flows using the indirect method to report operating activities. Net income for the 2013 fiscal year was $714,000. Depreciation and amortization expense of $85,000 was included with operating expenses in the income statement. The following information describes the changes in current assets and liabilities other than cash:

Decrease in accounts receivable

40,000

Increase in inventories

11,000

Increase prepaid expenses

10,300

Increase in salaries payable

11,800

Decrease in income taxes payable

16,000

Required:

Prepare the operating activities section of the statement of cash flows for 2013. (Amounts to be deducted should be indicated with a minus sign.)

2. The following is a partial trial balance for the Green Star Corporation as of December 31, 2013:

Account Title	Debits	Credits
Sales revenue		1,200,000
Interest revenue		31,000
Gain on sale of investments		51,000
Cost of goods sold	700,000
Selling expense	165,000
General and administrative expenses	76,000
Interest expense	41,000
Income tax expense	131,000

130,000 shares of common stock were outstanding throughout 2013.

Required:

*Prepare a single-step income statement for 2013, including EPS disclosures. (Round EPS answer to 2 decimal places.)

*Prepare a multiple-step income statement for 2013, including EPS disclosures. (Amounts to be deducted should be indicated with a minus sign. Round EPS answer to 2 decimal places.)

Reference no: EM13588119

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