SAFFORDVILLE COMPANY
Business, 06.04.2020 16:25 evsdcp44b3w
Condensed financial data of Saffordville Company are shown below.
SAFFORDVILLE COMPANY
Comparative Balance Sheets
December 31
Assets 2017 2016
Cash $102,700 $ 33,400
Accounts receivable 60,800 37,000
Inventory 126,900 102,650
Investments 79,500 107,000
Equipment 315,000 205,000
Accumulated depreciationâequipment (44,500) (40,000)
Total $640,400 $445,050
Liabilities and Stockholdersâ Equity
Accounts payable $ 57,700 $ 48,280
Accrued expenses payable 15,100 18,830
Bonds payable 145,000 70,000
Common stock 250,000 200,000
Retained earnings 172,600 107,940
Total $640,400 $445,050
SAFFORDVILLE COMPANY
Income Statement
For the Year Ended December 31, 2017
Sales revenue $297,500
Gain on disposal of plant assets 5,000
302,500
Less:
Cost of goods sold $99,460
Operating expenses, excluding depreciation 19,670
Depreciation expense 30,500
Income tax expense 37,270
Interest expense 2,940 189,840
Net income $112,660
Additional information:
1. New equipment costing $146,000 was purchased for cash during the year.
2. Investments were sold at cost.
3. Equipment costing $36,000 was sold for $15,000, resulting in a gain of $5,000.
4. A cash dividend of $48,000 was declared and paid during the year.
Prepare a statement of cash flows using the indirect method.
Answers: 3
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Condensed financial data of Saffordville Company are shown below.
SAFFORDVILLE COMPANY
SAFFORDVILLE COMPANY
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