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Prepare cash flow analysis for operations

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Reference no: EM131785516

Test Your Knowledge Comparative Balance Sheet For the Year Ended 2013 and 2012

  2013   2012
Assets      
Cash $156,500   $115,000
Marketable Securities 34,000   22,000
Accounts Receivable 8,000   10,000
Inventory 27,000   15,000
Prepaid expenses 1,500   2,000
Plant assets 80,000   100,000
Accumul deprec (29,000)   (30,000)
Total Assets $278,000   $234,000
Liabilities & Owner's Equity      
Accounts payable $7,000   $4,000
Note payable short-term 26,000   12,000
Interest payable 4,000   3,000
Income tax payable 9,000   6,000
Bonds payable 42,000   50,000
Common stock 145,000   135,000
Retained earnings 45,000   24,000
Total liabilities & OE $278,000   $234,000

1. Sold plant assets for $ 60,000. Their book was $ 53,000.

2. Marketable securities sold for $ 15,000

3. Purchased plant assets by paying 22,000 down and financing the remainder using a short-term note.

Sales     $100,000
Cost of goods sold     40,000
Gross Profit     $60,000
Operating expenses      
     Depreciation exp $8,000    
     General exp 10,000   $18,000
Operating income     42,000
Other revenue and expenses      
  Gain on sale of plant assets $7,000    
  Loss on sale of marketable securities (2,000)    
  Interest exp (3,000)   2,000
Income from continuing operations     44,000
Income tax     17,600
Net income     $26,400

Prepare cash flow analysis using indirect method.Prepare cash flow analysis for operations

Reference no: EM131785516

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