Reference no: EM132354202
Problem : Aga Company reported the following information for the year 2013:
janx,Company
Income Statement
For the Period Ended December 31, 2018
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Sales
Cost of Goods Sold Gross Profit
Office Expenses
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$636,000
240 000
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396,000
242,000
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Depreciation Expense
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9 000
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Income from Operations
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145,000
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Interest Expense
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0
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Income before Income Tax
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145,000
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Income tax expense
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120,000
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Net Income
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$25,000
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Zany Company
Comparative Balance Sheets
December 31, 20XX
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2018
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2017
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Assets:
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|
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Cash and cash equivalents
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$84,000
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$48,700
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Accounts Receivable
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53,600
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50,000
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Inventory
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39,600
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39,000
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Prepaid Expenses
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5,500
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15,000
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Equipment
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206,000
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200,000
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Accumulated Depreciation - Equipment
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(126,700)
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(117,700)
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Total assets
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$262,000
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$235,000
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Liabilities:
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|
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Accounts Payable
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$48,000
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$49,000
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Accrued Liabilities
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44,000
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42,000
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Stockholders' Equity:
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|
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Common Stock
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10,000
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9,000
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Retained Earnings
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160,000
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135,000
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Total Liabilities & StE Equity
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$262,000
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$235,000
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Additional information:
1. No equipment was sold throughout the year, so the change in accumulated depreciation is a result of depreciation expense for the year.
2. Stock was issued for cash.
3. Equipment was purchased with cash.
Required:
1. Prepare a FULL statement of cash flows for the year 2018, including the Operating, Investing and Financing sections, assuming that Zani. Company uses the INDIRECT method.
2. Can a company have a positive cash flow and negative income? What about positive income and negative cash flow? Explain your answer.
Bonus Problem
Prepare the FULL Statement of Cash Flows for Zara, Company for the year 2018, assuming they use the DIRECT method.
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