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Homework answers / question archive / The following are comparative balance sheets and on income statement for Went Company
The following are comparative balance sheets and on income statement for Went Company. Went Company Balance Sheets As of December 31 2013 2012 Assets Cash $ 21,500 $120,000 Accounts receivable 195,000 105,000 Inventory 180,000 225,000 Long-term investments 0 60,000 Totals $396,500 $510,000
Liabilities and shareholders' equity Accounts payable $ 75,000 $120,000 Operating expenses payable 24,000 15,000 Bonds payable 70,000 100,000 Common stock 125,000 125,000 Retained earnings 102,500 150,000 Totals $396,500 $396,500
Went Company Income Statement For the Year Ended December 31, 2013
Sales $560,000 Cost of goods sold: Beginning inventory $225,000 Purchases 330,000 Goods available for sale 555,000 Less: ending inventory 180,000 Cost of goods sold 375,000 Gross profit 185,000 Operating expenses 180,000 Income from operations 5,000 Other expenses Loss on sale of long-term investments (7,500) Net loss $ (2,500)
Cash dividends declared in 2013 was paid in 2013
Required:
Prepare a statement of cash flows for 2013, using the indirect method.
