Working with an income statement and balance sheet

Reference no: EM13749584

I. (Working with an income statement and balance sheet) Prepare a balance sheet and income statement for Beblond, Inc. from the following information.

Inventory $ 6,500
Common stock 45,000
Cash 16,550
Operating expenses 1,350
Short-term notes payable 600
Interest expense 900
Depreciation expense 500
Sales 12,800
Accounts receivable 9,600
Accounts payable 4,800
Long-term debt 55,000
Cost of goods sold 5,750
Buildings and equipment 122,000
Accumulated depreciation 34,000
Taxes 1,440
General and administrative expenses 850
Retained earnings ?

III. (Computing cash flows) Given the following information, prepare a statement of cash flows.

Dividends S 25
Increase in common stock 27
Increase in accounts receivable 65
Increase in inventories 5
Operating income 215
Increase in accounts payables 40
Interest expense 50
Depreciation expense 20
Increase in bank debt 48
Increase in accrued expenses 15
Increase in gross fixed assets 55
Income taxes 45

III. (Analyzing a statement of cash flows) Interpret the following information regarding Westlake Corporation's cash flows.

Net income $ 680
Depreciation expense 125
Profits before depreciation 805
Increase in accounts receivable (200)
Increase in inventories (240)
Increase in accounts payable 120
Increase in accrued expenses 81
Cash flow from operations $ 566
Investment activity
Change in fixed assets (1,064)
Financing activity
Increase in long-term debt $ 640
Common stock dividends (120)
Total financing activities $ 520
Change in cash $ 22
Beginning cash 500
Ending cash $ 522

Reference no: EM13749584

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