Rapture Company: Statement of Cash Flows
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Rapture Company's 2011 income statement and selected balance sheet data at December 31, 2010 and 2011 follow. Prepare the Statement of Cashs - Only the operating section is required.
RAPTURE COMPANY
Selected Balance Sheet Accounts
At December 31 2011 2010
Accounts receivable ........ $380 $390
Inventory......................... 99 77
Accounts payable............... 120 130
Salaries payable................ 44 35
Utilities payable................ 11 8
Prepaid insurance............... 13 14
Prepaid rent..................... 11 9
RAPTURE COMPANY
Income Statement
For Year Ended December 31, 2011
Sales revenue........................$58,600
Expenses
Cost of goods sold.................21,000
Depreciation expense............. 6,000
Salaries expense...................11,000
Rent expense...................... 2,500
Insurance expense................ 1,900
Interest expense................... 1,800
Utilities expense.................... 1,400
Net income.........................$13,000
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Solution Summary
This solution provides a statement of cash flows for Rapture Company.
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