Prepare sallys hair supplys statement of cash flows

Assignment Help Financial Accounting

Reference no: EM131259835

Sally's Hair Supply Income Statement For the Year Ended December 31, 2015 ($ in thousands) Sales revenue $ 15,000 Operating expenses: Cost of goods sold $ 5,000 Depreciation 400 Insurance 900 Administrative and other 3,400 Total operating expenses 9,700 Income before income taxes 5,300 Income tax expense 2,120 Net income $ 3,180 Balance Sheet Information ($ in thousands) Dec. 31, 2016 Dec. 31, 2015 Assets: Cash $ 620 $ 360 Accounts receivable 830 990 Inventory 810 760 Prepaid insurance 130 35 Plant and equipment 3,200 2,600 Less: Accumulated depreciation (1,160 ) (760 ) Total assets $ 4,430 $ 3,985 Liabilities and Shareholders' Equity: Accounts payable $ 380 $ 520 Payables for administrative and other expenses 380 560 Income taxes payable 360 310 Note payable (due 12/31/2017) 1,380 950 Common stock 1,100 960 Retained earnings 830 685 Total liabilities and shareholders' equity $ 4,430 $ 3,985 Required: Prepare Sally's Hair Supply's statement of cash flows, using the indirect method.

Reference no: EM131259835

Questions Cloud

How much safety stock should be carried : The carrying cost is $15 per kilo per year, and the cost of a stockout is $70 per kilo per year. Given the following demand probabilities during the lead time, how much safety stock should be carried?

Prepare a persuasive proposal report : Prepare a Persuasive Proposal Report and a Power Point Presentation on the following You're company specializes in providing state of the art computer based networking systems to other companies as a way of keeping them in touch with modern techno..

Define radial distance from node i as the length of distance : Define the star distance of node i as the total distance from node i to all the nodes in the network. We refer to a node q as a median of G if node q has as small a star distance as any node in the network. Suggest a straightforward polynomial-tim..

How does price impact your purchase decision for the product : How does price impact your purchase decision for this product? How does it impact your perception of the brand? Does the company's pricing strategy help build a long-term relationship with you by creating value?

Prepare sallys hair supplys statement of cash flows : Sally's Hair Supply Income Statement For the Year Ended December 31, 2015 ($ in thousands) Sales revenue $ 15,000 Operating expenses: Cost of goods sold $ 5,000 Depreciation 400 Insurance 900 Administrative. Prepare Sally's Hair Supply's statement of..

What level of safety stock should be maintained for bb 1 : Mr. Beautiful, an organization that sells weight training sets, has an ordering cost of $40 for the BB-1 set. - What level of safety stock should be maintained for BB-1.

What are some of the most common behaviors : What are some of the most common behaviors that are classified as primary ways expectations tend to be violated in cross-cultural teams? Explain each with detailed examples.

How many pounds of coffee beans must be sold monthly : Scott and Tom are coffee roasters. They can roast up to 12,000 pounds of coffee beans monthly at their flagship store in Soho. However, they can only sell 3,000 pounds of coffee beans in the Soho store (flagship). Thus, Scott and Tom decided to open ..

Do the consequences of actions always direct : Do the consequences of actions always direct what is morally required? What should happen when two principles come into conflict? For example, should patient autonomy be considered more important than beneficence?

User Account

All Pages