A.) Prepare the Statement of Cash Flows for Franklin Heavy Equipment Company using the indirect...
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Accounting
A.) Prepare the Statement of Cash Flows for Franklin Heavy Equipment Company using the indirect method B.) Analyze by preparing a Summary Cash Analysis and by commenting as we did on homework.
Franklin Heavy Equipment Company
Income Statement
For the Year Ended December 31, 2017
(in thousands)
Revenues $9,000
Depreciation expense $ 650
Other operating expenses 7,100 7,750
Income before income taxes $1,250
Interest expense 440
Income tax expense 270
Net income $ 540
Franklin Heavy Equipment Company
Balance Sheet
December 31, 2017 and 2016
2017 2016 2017 2016
Assets: Liability & SE:
Cash $ 230 $ 480 A/P $ 370 $ 550
A/R 510 590 Taxes Payable 120 280
Inventories 980 960 LT debt 910 830
Plant & Equipment 3,140 2,150 Common Stock 1,100 1,350
Less: Acc. Depr. (1,520) (870) Retained Earnings 840 300
Total Assets $3,340 $3,310 Total Liab. & SE $3,340 $3,310
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