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Cash flow information: Direct and indirect methods The comparative year-end balance sheets of Sign Graphics, Inc., revealed the following activity...
1. Cash flow information: Direct and indirect methods. The comparative year-end balance sheets of Sign Graphics, Inc., revealed the following activity in the company's current accounts:
20X5
20X4
Increase/ Decrease)
Current assets
Cash
$55,400
$35,200
$20,200
Accounts receivable (net)
83,800
88,000
-4,200
Inventory
243,400
233,800
9,600
Prepaid expenses
25,400
24,200
1,200
Current liabilities
Accounts payable
$123,600
$140,600
($17,000)
Taxes payable
43,600
49,200
-5,600
Interest payable
9,000
6,400
2,600
Accrued liabilities
38,800
60,400
-21,600
Note payable
44,000
-
The accounts payable were for the purchase of merchandise. Prepaid expenses and accrued liabilities relate to the firm's selling and administrative expenses. The company's condensed income statement follows.
SIGN GRAPHICS INC.
Income Statement
for the Year Ended December 31, 20x5
Sales
$713,800
Less: Cost of goods sold
323,000
Gross profit
$390,800
Less: Selling & administrative expenses
$186,000
Depreciation expense
17,000
Interest expense
27,000
230,000
Add: gain on sale of land
$160,800
21,800
Income before taxes
$182,600
Income taxes
36,800
Net income
$145,800
Other data:
Requirements:
1. Prepare the operating activities section of the company's statement of cash flows, assuming use of:
2. Prepare the investing and financing activities sections of the statement of cash flows.
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