Young & Price: Statement of Cash Flows for Cabrillo Corp.
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1. You are a CPA at Young & Price, LLP tasked with preparing the 2009 financial statements for one of your firm's clients, Cabrillo Corp.
Use the following information that you obtained from the 2009 balance sheet and income statements to calculate the company's overall change in cash for 2009.
Accounts receivable increased by $5,000
Inventory decreased by $2,000
Other current assets increased by $7,000
Fixed assets increased by $20,000
Accounts payable decreased by $15,000
Bonds payable decreased by $25,000
Accrued expenses increased by $2,000
Common stock increased by $5,000
Net income for the year was $75,000
Dividends of $12,000 were paid to stockholders
Overall change in cash?
2. You are an accountant, working late one night to prepare your client's statement of cash flows. After jotting down the following notes, you lost the client's comparative balance sheet and must rely on these notes alone to prepare the statement of cash flows.
Use the following information to determine your client's overall change in cash:
Account Change
Accounts Receivable ($5,000)
Supplies $1,000
Inventory $3,000
Prepaid Rent ($2,000)
Fixed Assets $18,000
Accumulated Depreciation $4,000
Accounts Payable $3,000
Accrued Expenses ($1,000)
Notes Payable $5,000
Bonds Payable ($2,000)
Common Stock $1,000
Net Income $17,000
Dividends Paid $3,000
Overall change in cash?
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Solution Summary
This solution discusses the statement of cash flows for Cabrillo Corporation.
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