Case Study 1 Selected financial statement information and additional data for ABC Enterprises is presented...
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Case Study 1
Selected financial statement information and additional data for ABC Enterprises is presented below. Prepare a statement of cash flows for the year ending December 31, 2022
ABC Enterprises
Statement of Financial Position and Income Statement Data
December 31,December 31,
2022 2021
Property, Plant, and Equipment $ 1,241,000 $1,122,000
Less: Accumulated Depreciation (476,000) (442,000)
765,000 680,000
Current Assets:
Inventory 391,000 340,000
Accounts Receivable238,000 306,000
Cash153,000 119,000
Total Current Assets782,000 765,000
Total Assets$1,547,000 $1,445,000
Equity:
Share CapitalOrdinary $ 510,000$ 467,500
Retained Earnings374,000340,000
Total Equity 884,000 807,500
Non-Current Liabilities:
Bonds Payable340,000391,000
Current Liabilities:
Accounts Payable187,000102,000
Notes Payable51,00068,000
Income Taxes Payable 85,000 76,500
Total Current Liabilities323,000246,500
Total Liabilities663,000637,500
Total Liabilities & Equity$1,547,000 $1,445,000
Sales Revenue$1,615,000 $1,513,000
Less Cost of Goods Sold731,000 731,000
Gross Profit884,000 782,000
Expenses:
Depreciation Expense153,000136,000
Salaries and Wages Expense391,000357,000
Interest Expense34,00034,000
Loss on Sale of Equipment 17,000 0
Income Before Taxes289,000255,000
Less Income Tax Expense 119,000 102,000
Net Income$ 170,000$ 153,000
Additional Information:
During the year, ABC sold equipment with an original cost of $153,000 and accumulated depreciation of $119,000 and purchased new equipment for $272,000.
Case Study 1
Selected financial statement information and additional data for ABC Enterprises is presented below. Prepare a statement of cash flows for the year ending December 31, 2022
ABC Enterprises
Statement of Financial Position and Income Statement Data
December 31,December 31,
2022 2021
Property, Plant, and Equipment $ 1,241,000 $1,122,000
Less: Accumulated Depreciation (476,000) (442,000)
765,000 680,000
Current Assets:
Inventory 391,000 340,000
Accounts Receivable238,000 306,000
Cash153,000 119,000
Total Current Assets782,000 765,000
Total Assets$1,547,000 $1,445,000
Equity:
Share CapitalOrdinary $ 510,000$ 467,500
Retained Earnings374,000340,000
Total Equity 884,000 807,500
Non-Current Liabilities:
Bonds Payable340,000391,000
Current Liabilities:
Accounts Payable187,000102,000
Notes Payable51,00068,000
Income Taxes Payable 85,000 76,500
Total Current Liabilities323,000246,500
Total Liabilities663,000637,500
Total Liabilities & Equity$1,547,000 $1,445,000
Sales Revenue$1,615,000 $1,513,000
Less Cost of Goods Sold731,000 731,000
Gross Profit884,000 782,000
Expenses:
Depreciation Expense153,000136,000
Salaries and Wages Expense391,000357,000
Interest Expense34,00034,000
Loss on Sale of Equipment 17,000 0
Income Before Taxes289,000255,000
Less Income Tax Expense 119,000 102,000
Net Income$ 170,000$ 153,000
Additional Information:
During the year, ABC sold equipment with an original cost of $153,000 and accumulated depreciation of $119,000 and purchased new equipment for $272,000.
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