Explore BrainMass

Explore BrainMass

    Closely Held Corporation income statement

    Not what you're looking for? Search our solutions OR ask your own Custom question.

    This content was COPIED from BrainMass.com - View the original, and get the already-completed solution here!

    Below is the income statement and balance sheet of Closely Held Corporation. From this information prepare a statement of cash flows for the year ended September 30, 2005.

    © BrainMass Inc. brainmass.com December 15, 2022, 7:53 pm ad1c9bdddf
    https://brainmass.com/business/financial-statements/closely-held-corporation-income-statement-256825

    Attachments

    Solution Preview

    Below is the income statement and balance sheet of Closely Held Corporation. From this information,
    prepare a statement of cash flows for the year ended September 30, 2005

    Closely Held Corporation
    Comparative Balance Sheets
    September 30, (in thousands)
    Increase Activity
    2004 2005 (Decrease)
    Assets
    Current Assets
    Cash and equivalents 10,000 10,240 240
    Accounts receivable 40,000 48,640 8,640 Operating
    Inventories 39,500 56,627 17,127 Operating
    Prepaid expenses 10,000 11,000 1,000 Operating
    Total Current Assets 99,500 126,507 27,007 Operating
    Property, plant, and equipment 390,000 411,000 21,000 Investing
    Accumulated depreciation -233,000 -250,000 -17,000 Investing
    P, P & E net 157,000 161,000 4,000
    Other Assets, net amortization 27,000 26,000 -1,000 Operating
    Total assets 283,500 313,507 30,007

    Liabilities and Shareholders' Equity
    Current Liabilities
    Current portion of long-term debt 12,000 13,000 1,000 Operating
    Notes payable 30,000 31,000 1,000 Operating
    Accounts payable 39,500 42,450 2,950 Operating
    Accrued liabilities 21,569 18,000 -3,569 Operating
    Income taxes payable 8,900 9,500 600 Operating
    Total Current Liabilities 111,969 113,950 1,981 Operating
    Long-term debt 87,000 99,000 12,000 Financing
    Non-current deferred income 10,000 9,970 -30 Operating
    Other non-current liabilities 4,340 5,000 660 Operating
    Shareholders' ...

    Solution Summary

    This solution is comprised of a detailed explanation to prepare a statement of cash flows for the year ended September 30, 2005.

    $2.49

    ADVERTISEMENT