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Prepare a cash flow statement for the following information.
b. Include a cash reconciliation statement.
Balance Sheet ($)
Jan 1 Dec 31
ASSETS:
Current Assets:
Cash 310,000 600,000
Marketable Securities 1,200,000 1,000,000
Accounts Receivable, net 290,000 330,000
Inventory 3,000,000 4,000,000
Prepaid Expenses 200,000 300,000
Total Current Assets 5,000,000 6,230,000
Total Fixed Assets, net 2,500,000 2,000,000
Total Assets 7,500,000 8,230,000
LIABILITIES & EQUITIES
Current Liabilities:
Accounts Payable 1,500,000 1,000,000
Notes Payable 1,000,000 1,000,000
Accrued Expenses 500,000 800,000
Total Current Liabilities 3,000,000 2,800,000
Total Long-term Liabilities 1,000,000 1,500,000
Total Liabilities 4,000,000 4,300,000
Preferred Stock 500,000 500,000
Common Stock 500,000 500,000
Capital in Excess of Par 1,000,000 1,000,000
Retained Earnings 1,500,000 1,930,000
Total Stockholders Equity 3,500,000 3,930,000
Total Liabilities and Equity 7,500,000 8,230,000
Income Statement (for ques 6, problem 5)
Sales 10,000,000
COGS 6,000,000
Gross Profit 4,000,000
Administrative expenses 1,200,000
Depreciation 500,000
EBIT 2,300,000
Interest Expense 500,000
EBT 1,800,000
Taxes (40%) 720,000
Net Income 1,080,000
