Final Exam Take Home Problem (20 points) Based on the information provided below, prepare the statement of cash flows for the…

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Final Exam Take Home Problem (20 points)

Based on the information provided below, prepare the statement of cash flows for the Gulp-it-Down Coffee Co.

Gulp-it-Down Coffee Co.

Comparative Balance Sheet

For the Year Ended December 31, 2012

 

2012

2011

Assets

 

 

Cash

140,000

160,000

Accounts Receivables

400,000

380,000

Inventory

480,000

420,000

Fixed Assets (net of accumulated Depreciation)

1,860,000

1,720,000

Less: Accumulated Depreciation

(1,000,000)

(900,000)

Total

1,880,000

1,780,000

 

 

 

Liabilities & Owner’s Equity

 

 

Accounts Payable

240,000

260,000

Accrued expense

120,000

100,000

Bonds Payable

780,000

720,000

Capital Stock

420,000

420,000

Retained Earnings

320,000

280,000

Total

1,880,000

1,780,000

 

Additional Information:
(1.) Net income for the year amounted to $60,000, and cash dividends were declared and paid in the amount of $20,000.
(2.) Gulp-it-Down Coffee Co.’s only noncash expense was depreciation Expense which totaled $100,000.
(3.) The company purchased plant assets for $140,000.
(4.) Bonds payable in the amount of $60,000 were issued during the year. 

 

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