Solution-Prepare a statement of cash flows for zowine

Prepare a statement of cash flows for zowine

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Reference no: EM133177897

Question - Zowine Company's condensed income statement for the year ended December 31, 20-2, is shown.

Net sales	$762,000
Cost of goods sold	553,000
Gross profit	$209,000
Operating expenses	33,000
Income before taxes	$176,000
Income tax expense	52,800
Net income	$123,200

Additional information obtained from Zowine's comparative balance sheets as of December 31, 20-2 and 20-1, is shown.

	20-2	20-1
Cash	$75,200	$21,000
Accounts receivable	71,000	101,000
Merchandise inventory	79,000	121,000
Accounts payable	48,000	81,000

The following additional information was obtained from Zowine's financial statements and auxiliary records for the year ended December 31, 20-2 is shown.

Acquired a new warehouse	$117,000
Bought new warehouse equipment	80,000
Issued a note to the bank	42,000
Issued additional common stock:
Par value	52,000
Paid-in capital in excess of par	23,000
Declared and paid cash dividends	28,000

Required - Prepare a statement of cash flows for Zowine for the year ended December 31, 20-2.

Reference no: EM133177897

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Prepare a statement of cash flows for zowine

Reference no: EM133177897

Reference no: EM133177897

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