Homework answers / question archive / ? Data table Abrahams Manufacturing Company Balance Sheet for 1131/2017 and 1/31/2018 2017 2018 Cash $ 89,000 $ 108,000 Accounts receivable 64,000 68,100 Inventory 112,000 102,900 Prepaid expenses 10,000 10,000 Total current assets $ 275,000 $ 289,000 Gross plant and equipment 238,000 312,000 Accumulated depreciation (40,000) (66,000) $ 473,000 $ 535,000 Total assets Accounts payable $ 85,000 $ 94,000 Accrued liabilities 68,000 59,000 Total current debt $ 153,000 $ 153,000 Mortgage payable 70,000 0 Preferred stock 0 129,000 Common stock 205,000 205,000 Retained earnings 45,000 48,000 Total debt and equity $ 473,000 $ 535,000 ? Data table Abrahams Manufacturing Company Income Statement for the Year Ended 1/31/2018 2018 Sales $ 182,000 Cost of goods sold 57,000 Gross profit $ 125,000 Selling, general and administrative expenses 47,000 26,000 Depreciation expense Operating income $ 52,000 Interest expense 2,700 Earnings before taxes $ 49,300 Taxes 15,776 Preferred stock dividends 12,000 $ 21,524 Earnings available to common stockholders prepare a statement of cash flows for Abrahams (Working with a statement of cash flows) Given the balance sheet, and income statement, Manufacturing Company for the year ended January 31, 2018

? Data table Abrahams Manufacturing Company Balance Sheet for 1131/2017 and 1/31/2018 2017 2018 Cash $ 89,000 $ 108,000 Accounts receivable 64,000 68,100 Inventory 112,000 102,900 Prepaid expenses 10,000 10,000 Total current assets $ 275,000 $ 289,000 Gross plant and equipment 238,000 312,000 Accumulated depreciation (40,000) (66,000) $ 473,000 $ 535,000 Total assets Accounts payable $ 85,000 $ 94,000 Accrued liabilities 68,000 59,000 Total current debt $ 153,000 $ 153,000 Mortgage payable 70,000 0 Preferred stock 0 129,000 Common stock 205,000 205,000 Retained earnings 45,000 48,000 Total debt and equity $ 473,000 $ 535,000 ? Data table Abrahams Manufacturing Company Income Statement for the Year Ended 1/31/2018 2018 Sales $ 182,000 Cost of goods sold 57,000 Gross profit $ 125,000 Selling, general and administrative expenses 47,000 26,000 Depreciation expense Operating income $ 52,000 Interest expense 2,700 Earnings before taxes $ 49,300 Taxes 15,776 Preferred stock dividends 12,000 $ 21,524 Earnings available to common stockholders prepare a statement of cash flows for Abrahams (Working with a statement of cash flows) Given the balance sheet, and income statement, Manufacturing Company for the year ended January 31, 2018

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? Data table Abrahams Manufacturing Company Balance Sheet for 1131/2017 and 1/31/2018 2017 2018 Cash $ 89,000 $ 108,000 Accounts receivable 64,000 68,100 Inventory 112,000 102,900 Prepaid expenses 10,000 10,000 Total current assets $ 275,000 $ 289,000 Gross plant and equipment 238,000 312,000 Accumulated depreciation (40,000) (66,000) $ 473,000 $ 535,000 Total assets Accounts payable $ 85,000 $ 94,000 Accrued liabilities 68,000 59,000 Total current debt $ 153,000 $ 153,000 Mortgage payable 70,000 0 Preferred stock 0 129,000 Common stock 205,000 205,000 Retained earnings 45,000 48,000 Total debt and equity $ 473,000 $ 535,000 ? Data table Abrahams Manufacturing Company Income Statement for the Year Ended 1/31/2018 2018 Sales $ 182,000 Cost of goods sold 57,000 Gross profit $ 125,000 Selling, general and administrative expenses 47,000 26,000 Depreciation expense Operating income $ 52,000 Interest expense 2,700 Earnings before taxes $ 49,300 Taxes 15,776 Preferred stock dividends 12,000 $ 21,524 Earnings available to common stockholders prepare a statement of cash flows for Abrahams (Working with a statement of cash flows) Given the balance sheet, and income statement, Manufacturing Company for the year ended January 31, 2018. Additional Information 1. The only entry in the accumulated depreciation account is for 2018 depreciation. 2. The firm paid $18,524 in common stock dividends during 2018. Complete the operating activities part of the statement of cash flows: (Round to the nearest dollar. NOTE: Input cash inflows as positive values and cash outflows as negative values.) $ Statement of Cash Flows Cash Flows from Operating Activities Net income 21,524 Adjustments Depreciation 26,000 Increase in accounts receivable (4,100) Decrease in inventory 9,100 Increase in account payable 9,000 Decrease in accrued liabilities (9,000) Net cash provided by operating activities $ 52,524 Complete the investing activities part of the statement of cash flows: (Round to the nearest dollar. NOTE: Input cash inflows as positive values and cash outflows as negative values.) Statement of Cash Flows (Cont'd) Cash Flows from Investing Activities Increase in gross plant and equipment (74,000) Net cash used in investing activities $ (74,000) Complete the financing activities part of the statement of cash flows: (Round to the nearest dollar. NOTE: Input cash inflows as positive values and cash outflows as negative values.) $ Statement of Cash Flows (Cont'd) Cash Flows from Financing Activities Decrease in mortgage payable Increase in preferred stock Dividends Net cash provided by financing activities Net increase in cash Cash, February 1, 2018 Cash, January 31, 2018 CA