In: Accounting
B. Prepare a statement of cash flow on both the direct and indirect method
2017 |
2016 |
||
Assets: |
|||
Cash |
245,000 |
70,000 |
|
Accounts receivable, net |
87,000 |
65,000 |
|
Inventory |
54,000 |
60,000 |
|
Property, plant & equipment |
650,000 |
600,000 |
|
Accumulated depreciation |
(90,000) |
(60,000) |
|
Total Assets |
946,000 |
735,000 |
|
Liabilities & Equity |
|||
Accounts payable |
44,000 |
40,000 |
|
Accrued liabilities |
41,000 |
40,000 |
|
Common stock |
460,000 |
460,000 |
|
Retained earnings |
401,000 |
195,000 |
|
Total liabilities and equity |
946,000 |
735,000 |
|
Sales |
1,150,000 |
||
Cost of goods sold |
625,000 |
||
Gross profit |
525,000 |
||
Operating expenses |
180,000 |
||
Pre-tax income |
345,000 |
||
Income taxes |
69,000 |
||
Net income |
276,000 |