preparing the statement of cash flows mdash indirect method the 2012 comparative bal 644592
Preparing the statement of cash flows—indirect method The 2012 comparative balance sheet and income statement of Attleboro Group, Inc. follow. Attleboro had no noncash investing and financing transactions during 2012.
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ATTLEBORO GROUP, INC. |
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Comparative Balance Sheet |
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December 31, 2012 and 2011 |
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Increase |
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2012 |
2011 |
(Decrease) |
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Current assets: |
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Cash and cash equivalents |
$ 11,800 |
$15,200 |
$ (3,400) |
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Accounts receivable |
42,200 |
43,900 |
(1,700) |
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Inventories |
96,800 |
93,500 |
3,300 |
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Plant assets: |
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Land |
39,800 |
14,000 |
25,800 |
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Equipment, net |
101,100 |
93,800 |
7,300 |
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Total assets |
$ 291,700 |
$ 260,400 |
$31,300 |
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Current liabilities: |
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Accounts payable |
$ 25,100 |
$26,300 |
$ (1,200) |
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Accrued liabilities |
24,200 |
22,500 |
1,700 |
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Long term liabilities: |
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Notes payable |
51,000 |
64,000 |
(13,000) |
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Stockholders’ equity: |
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Common stock |
136,600 |
128,300 |
8,300 |
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Retained earnings
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19,300
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35,500
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Total liabilities and stockholders’ equity
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$ 291,700
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$ 260,400
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$ 31,300
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ATTLEBORO GROUP, INC. Income Statement Year Ended December 31, 2012 |
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Revenues: |
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Sales revenue |
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$ 441,000 |
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Interest revenue |
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11,300 |
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Total revenues |
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$ 452,300 |
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Expenses: |
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Cost of goods sold |
$ 205,300 |
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Salary expense |
76,500 |
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Depreciation expense |
15,100 |
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Other operating expense |
49,600 |
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Interest expense |
24,700 |
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Income tax expense |
16,700 |
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Total expenses |
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387,900 |
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Net income |
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$ 64,400 |
Requirement
1. Prepare the spreadsheet for the 2012 statement of cash flows. Format cash flows from operating activities by the indirect method.