Prepare a complete cash flow statement of a company, Cost Accounting

Listed below are some balances of XYZ, Inc as of and for the year ended December 31, 2012 and 2013

Year ending

12/31/13

 

Revenue

2,000,000

 

Cost of goods sold

600,000

 

Rent expense

120,000

 

Insurance expense

60,000

 

Interest expense

50,000

 

Income tax expense

55,000

 

Payroll and benefit expense

200,000

 

Depreciation cost

50,000

 

Amortization cost

10,000

 

Gain on sale of investments

20,000

 

Loss on building fire

50,000

 

Interest income

25,000

 

General and administrative cost

180,000

 

Dividend income

25,000

 

 

 

 

As of

12/31/12

12/31/13

Accounts receivable

300,000

325,000

Interest receivable

10,000

8,000

Inventory

375,000

350,000

Accrued payroll and benefits

65,000

78,000

Accrued rent

10,000

10,000

Prepaid insurance

100,000

80,000

Accrued general and administrative

15,000

10,000

Accrued income tax

10,000

55,000

Cash

50,000

1,567,000

The following is additional information with regards XYZ during the year ending December 31, 2013:

Paid a dividend of $100,000

Made lease payments of $30,000

Purchased Ford Motor Stock for $25,000

Borrowed $600,000 under its line of credit

Purchased land for $50,000

Loaned $25,000 to the CEO

Sold patent for $30,000

Proceeds from sale of GE stock $100,000

Made Bond payments of $10,000

Repurchased Company stock for $15,000

Received insurance proceeds of $12,000 related to building fire

Issued $200,000 of XYZ common stock

Requirements:  Using the information above for XYZ Inc

(1)    Prepare a complete cash flow statement for the year ending December 31, 2013 using the indirect method

(2)    Prepare the operating section of the cash flow statement for the year ending December 31, 2013 using the direct method

(1)   The cash flow statements should be prepared in proper form and format including all relevant headings, sections, captions, titles, totals and subtotals. 

(2)   Solutions must be prepare using either excel or word.

Posted Date: 3/6/2013 4:07:49 AM | Location : United States







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