Carr Corporation's comparative balance sheet and income statement for last year appear below: Comparative Balance Sheet...

Carr Corporation's comparative balance sheet and income statement for last year appear below:

Comparative Balance Sheet
	Ending Balance		Beginning Balance
Cash and cash equivalents	$	3,300	$	24,840
Accounts receivable		90,500		72,420
Inventory		42,900		51,230
Prepaid expenses		9,810		16,350
Long-term investments		254,400		206,000
Property, plant, and equipment		551,050		513,600
Less accumulated depreciation		348,800		315,650
Total assets	$	603,160	$	568,790
Accounts payable	$	9,810	$	27,500
Accrued liabilities		24,720		17,850
Income taxes payable		51,900		48,760
Bonds payable		164,800		210,000
Common stock		157,000		140,000
Retained earnings		194,930		124,680
Total liabilities and stockholders' equity	$	603,160	$	568,790

Income Statement
Sales	$	918,000
Cost of goods sold		459,000
Gross margin		459,000
Selling and administrative expense		283,500
Net operating income		175,500
Income taxes		41,300
Net income	$	134,200

The company declared and paid $63,950 in cash dividends during the year. It did not dispose of any property, plant, and equipment during the year.

Required:

Prepare the operating activities section of the company's statement of cash flows for the year using the direct method. (Enter all amounts as positive values except for adjustments to cash basis that are deducted.)

Solutions

Expert Solution

ekkarill92 answered 1 year ago

Next > < Previous

Related Solutions

Carr Corporation's comparative balance sheet and income statement for last year appear below: Comparative Balance Sheet...

Carr Corporation's comparative balance sheet and income statement for last year appear below: Comparative Balance Sheet Ending Balance Beginning Balance Cash and cash equivalents $ 3,090 $ 24,610 Accounts receivable 88,000 76,680 Inventory 39,800 47,940 Prepaid expenses 9,810 15,750 Long-term investments 254,400 210,000 Property, plant, and equipment 540,750 504,000 Less accumulated depreciation 329,600 312,700 Total assets $ 606,250 $ 566,280 Accounts payable $ 9,540 $ 25,500 Accrued liabilities 24,480 17,850 Income taxes payable 53,400 48,300 Bonds payable 176,000 216,000 Common...

Carr Corporation's comparative balance sheet and income statement for last year appear below: Comparative Balance Sheet...

Carr Corporation's comparative balance sheet and income statement for last year appear below: Comparative Balance Sheet Ending Balance Beginning Balance Cash and cash equivalents $ 3,270 $ 25,300 Accounts receivable 88,800 78,100 Inventory 39,800 49,820 Prepaid expenses 9,630 15,450 Long-term investments 247,200 216,000 Property, plant, and equipment 566,500 523,200 Less accumulated depreciation 345,600 324,500 Total assets $ 609,600 $ 583,370 Accounts payable $ 9,720 $ 25,750 Accrued liabilities 25,440 18,190 Income taxes payable 51,900 50,600 Bonds payable 171,200 206,000 Common...

Hyrkas Corporation's most recent balance sheet and income statement appear below: Balance Sheet December 31, Year...

Hyrkas Corporation's most recent balance sheet and income statement appear below: Balance Sheet December 31, Year 2 and Year 1 (in thousands of dollars) Year 2 Year 1 Assets Current assets: Cash $ 220 $ 330 Accounts receivable, net 360 380 Inventory 330 300 Prepaid expenses 20 20 Total current assets 930 1,030 Plant and equipment, net 1,180 1,300 Total assets $ 2,110 $ 2,330 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 300 $ 330 Accrued liabilities 50...

Hyrkas Corporation's most recent balance sheet and income statement appear below: Balance Sheet December 31, Year...

Hyrkas Corporation's most recent balance sheet and income statement appear below: Balance Sheet December 31, Year 2 and Year 1 (in thousands of dollars) Year 2 Year 1 Assets Current assets: Cash $ 170 $ 230 Accounts receivable, net 260 280 Inventory 230 200 Prepaid expenses 20 20 Total current assets 680 730 Plant and equipment, net 880 900 Total assets $ 1,560 $ 1,630 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 200 $ 230 Accrued liabilities 50...

Hyrkas Corporation's most recent balance sheet and income statement appear below: Balance Sheet December 31, Year...

Hyrkas Corporation's most recent balance sheet and income statement appear below: Balance Sheet December 31, Year 2 and Year 1 (in thousands of dollars) Year 2 Year 1 Assets Current assets: Cash $ 190 $ 270 Accounts receivable, net 300 320 Inventory 270 240 Prepaid expenses 20 20 Total current assets 780 850 Plant and equipment, net 1,000 1,060 Total assets $ 1,780 $ 1,910 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 240 $ 270 Accrued liabilities 50...

Hyrkas Corporation's most recent balance sheet and income statement appear below: Balance Sheet December 31, Year...

Hyrkas Corporation's most recent balance sheet and income statement appear below: Balance Sheet December 31, Year 2 and Year 1 (in thousands of dollars) Year 2 Year 1 Assets Current assets: Cash $ 160 $ 210 Accounts receivable, net 240 260 Inventory 210 180 Prepaid expenses 20 20 Total current assets 630 670 Plant and equipment, net 820 820 Total assets $ 1,450 $ 1,490 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 180 $ 210 Accrued liabilities 50...

Hyrkas Corporation's most recent balance sheet and income statement appear below: Balance Sheet December 31, Year...

Hyrkas Corporation's most recent balance sheet and income statement appear below: Balance Sheet December 31, Year 2 and Year 1 (in thousands of dollars) Year 2 Year 1 Assets Current assets: Cash $ 180 $ 250 Accounts receivable, net 280 300 Inventory 250 220 Prepaid expenses 20 20 Total current assets 730 790 Plant and equipment, net 940 980 Total assets $ 1,670 $ 1,770 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 220 $ 250 Accrued liabilities 50...

Hyrkas Corporation's most recent balance sheet and income statement appear below: Balance Sheet December 31, Year...

Hyrkas Corporation's most recent balance sheet and income statement appear below: Balance Sheet December 31, Year 2 and Year 1 (in thousands of dollars) Year 2 Year 1 Assets Current assets: Cash $ 180 $ 250 Accounts receivable, net 280 300 Inventory 250 220 Prepaid expenses 20 20 Total current assets 730 790 Plant and equipment, net 940 980 Total assets $ 1,670 $ 1,770 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 220 $ 250 Accrued liabilities 50...

Hyrkas Corporation's most recent balance sheet and income statement appear below: Balance Sheet December 31, Year...

Hyrkas Corporation's most recent balance sheet and income statement appear below: Balance Sheet December 31, Year 2 and Year 1 (in thousands of dollars) Year 2 Year 1 Assets Current assets: Cash $ 180 $ 250 Accounts receivable, net 280 300 Inventory 250 220 Prepaid expenses 20 20 Total current assets 730 790 Plant and equipment, net 940 980 Total assets $ 1,670 $ 1,770 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 220 $ 250 Accrued liabilities 50...

Hyrkas Corporation's most recent balance sheet and income statement appear below: Balance Sheet December 31, Year...

Hyrkas Corporation's most recent balance sheet and income statement appear below: Balance Sheet December 31, Year 2 and Year 1 (in thousands of dollars) Year 2 Year 1 Assets Current assets: Cash $ 180 $ 250 Accounts receivable, net 280 300 Inventory 250 220 Prepaid expenses 20 20 Total current assets 730 790 Plant and equipment, net 940 980 Total assets $ 1,670 $ 1,770 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 220 $ 250 Accrued liabilities 50...

Subjects