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I. Assignment Requirement:
This assignment is about how to make and analyze three statements, especially for Cash Flow Statement. Selected financial statement information and additional data for A Company is presented below Please Prepare a statement of cash flows for the year ending December 31, 2016.
Please try to finish your assignment and submit your assignment to e-class no later than 18:00 on Oct. 12th. Late submission will NOT be accepted and 10 points will be deducted from your final scores.
A Company
Dec. 31, 2016Dec. 31, 2015
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 Receivable238,000306,000
Cash153,000119,000
Total Current Assets782,000765,000
Total Assets1,547,0001,445,000
Equity:
Share Capital–Ordinary510,000467,500
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 & Equity1,547,000 1,445,000
Sales Revenue $1,615,000$1,513,000
Less Cost of Goods Sold731,000731,000
Gross Profit884,000782,000
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, A Company 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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