Statement of cash flows
Not what you're looking for?
Managerial accounting-statement of cash flows
SHORES INC.
Comparative Balance Sheet
December 31, Year 2, and Year 1
Yr. 2 Yr. 1
Assets
Cash $8 $18
Accounts receivable 355 233
Inventory 120 168
Prepaid expenses 12 5
Plant and equipment 612 475
Less accumulated depreciation (97) (88)
Long-term investments 17 22
Total assets $1,027 $833
Liabilities and Stockholders' Equity
Accounts payable $321 $225
Accrued liabilities 62 74
Bonds payable 288 174
Deferred income taxes 45 36
Common stock 205 254
Retained earnings 106 70
Total liabilities and stockholders' equity $1,027 $833
SHORES INC.
Income Statement
For the Year Ended December 31, Year 2
Sales $805
Cost of goods sold 502
Gross margin 303
Selling and administrative expenses 215
Net operating income 88
Nonoperating items:
Gain on sale of investments $7
Loss on sale of equipment 4 3
Income before taxes 91
Less income taxes 24
Net income $67
Equipment cost $20
Equipment sale 10
Accumulated depreciation on equipment 6
Long-term investment purchase 5
Long-term investment sale 12
Cash dividends 31
Check figure:
(1) Net cash provided by operating
activities $91
Purchase this Solution
Solution Summary
The solution explains how to prepare a statement of cash flows for Shores Inc
Purchase this Solution
Free BrainMass Quizzes
Understanding Management
This quiz will help you understand the dimensions of employee diversity as well as how to manage a culturally diverse workforce.
Basic Social Media Concepts
The quiz will test your knowledge on basic social media concepts.
Writing Business Plans
This quiz will test your understanding of how to write good business plans, the usual components of a good plan, purposes, terms, and writing style tips.
Income Streams
In our ever changing world, developing secondary income streams is becoming more important. This quiz provides a brief overview of income sources.
Business Ethics Awareness Strategy
This quiz is designed to assess your current ability for determining the characteristics of ethical behavior. It is essential that leaders, managers, and employees are able to distinguish between positive and negative ethical behavior. The quicker you assess a person's ethical tendency, the awareness empowers you to develop a strategy on how to interact with them.