Based on the class text book- Principles of Managerial Finance by Gitman & Zutter - Chapter...

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Finance

Based on the class text book- Principles of Managerial Financeby Gitman & Zutter - Chapter 4-Cash Flow and Financial Planningother additional readings, Solve the following problem on Cash FlowStatement.

The income statement and a partial balance sheet for JeffersonCompany is presented below.
                         Jefferson Company
                           Income Statement
                    For the Year Ended December 31, 2014
Sales                                                       $500,000
Cost of goodssold                                       390,000
Gross profit$                                                               110,000
Operating expenses:
Salaries$                                                   70,000
Depreciationexpense                                  20,000
Miscellaneous                                             10,000          100,000
                        Netincome                                        $10,000
                                                                                  ======
_______________________________________________________________________________________________________________
                       Jefferson Company
                       Partial Balance Sheet
                        December 31, 2014
                                         12/31/2014             12/31/2013
Cash                                                     $80,000                         $65,000
Accounts receivable(net)                          57,000                           50,000
Inventories                                         102,000                               86,000
Prepaidexpenses                                    4,500                                 4,000
Accounts payable(merchandise)             58,000                               51,000
Salariespayable                                      7,500                               6,000
Required: Prepare the operating activities section of thestatement of cash flows using the directmethod.

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Cash received from customer Beginning accounts receivable Sales Ending accounts receivableCash received from customer 50000 500000 57000Cash received from See Answer

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Based on the class text book- Principles of Managerial Financeby Gitman & Zutter - Chapter 4-Cash Flow and Financial Planningother additional readings, Solve the following problem on Cash FlowStatement.The income statement and a partial balance sheet for JeffersonCompany is presented below. Jefferson Company Income Statement For the Year Ended December 31, 2014Sales $500,000Cost of goodssold 390,000Gross profit$ 110,000Operating expenses:Salaries$ 70,000Depreciationexpense 20,000Miscellaneous 10,000 100,000 Netincome $10,000 ======_______________________________________________________________________________________________________________ Jefferson Company Partial Balance Sheet December 31, 2014 12/31/2014 12/31/2013Cash $80,000 $65,000Accounts receivable(net) 57,000 50,000Inventories 102,000 86,000Prepaidexpenses 4,500 4,000Accounts payable(merchandise) 58,000 51,000Salariespayable 7,500 6,000Required: Prepare the operating activities section of thestatement of cash flows using the directmethod.