Windsor, Inc. Comparative Balance Sheets December 31 Assets 2020 2019 Cash $36,000 $21,000 Accounts receivable 32,700...

Windsor, Inc. Comparative Balance Sheets December 31
Assets	2020		2019
Cash	$36,000		$21,000
Accounts receivable	32,700		18,900
Inventory	30,100		20,100
Equipment	59,600		77,600
Accumulated depreciation—equipment	(29,400	)	(23,300	)
Total	$129,000		$114,300

Liabilities and Stockholders’ Equity
Accounts payable	$28,000		$16,800
Income taxes payable	7,200		8,400
Bonds payable	26,700		32,100
Common stock	17,700		13,400
Retained earnings	49,400		43,600
Total	$129,000		$114,300

Windsor, Inc. Income Statement For the Year Ended December 31, 2020
Sales revenue		$242,500
Cost of goods sold		175,200
Gross profit		67,300
Operating expenses		24,900
Income from operations		42,400
Interest expense		2,700
Income before income taxes		39,700
Income tax expense		7,400
Net income		$32,300

Additional data:

Dividends declared and paid were $26,500.

During the year, equipment was sold for $9,600 cash. This equipment cost $18,000 originally and had a book value of $9,600 at the time of sale.

All depreciation expense, $14,500, is in the operating expenses.

All sales and purchases are on account. Compute free cash flow.

Free cash flow

Solutions

Expert Solution

Please find the attached sheets,

Please comment for any explanation or assistance,

Thanks,

ekkarill92 answered 1 year ago

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