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Homework answers / question archive / The following comparative balance sheets and income statement are available for AddieMae Inc

The following comparative balance sheets and income statement are available for AddieMae Inc

Accounting

The following comparative balance sheets and income statement are available for AddieMae Inc. Prepare a statement of cash flows for 2016 using the indirect method and analyze the statement.

Balance Sheet December 31  
  2016 2015
Cash $3,300 $1,000
Accounts Receivable (net) 1,100 600
Inventory 11,200 4,300
Total Current Assets $15,600 $5,900
Plant and Equipment $3,000 $2,300
Less Accumulated Depreciation (1,300) (800)
Plant and Equipment (net) $1,700 $1,500
Long-term Investments 1,200 900
Total Assets $18,500 $8,300
Accounts Payable $3,300 $2,500
Accrued Liabilities 700 600
Income Tax Payable 400 100
Total Current Liabilities $4,400 $3,200
Long-Term Debt 200 0
Total Liabilities $4,600 $3,200
Common Stock ($1 par) abd additional paid-in capital 9,900 7,300
Retained Earning 4,000 (2,200)
Total Liabilities and Equity $18,500 $8,300
Income Statement for 2016    
Sales   $94,000
Cost of Goods Sold   55,000
Gross Profit   $39,000
Selling and Administrative $28,800  
Depreciation 500 29,300
Operating Profit   $9,700
Interest Expense   100
Earning before tax   $9,600
Tax Expense   3,400
Net Income   $6,200

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