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Presentation/PPT
27/08/2022
Exercise 23-14
Brecker Inc., a greeting card company, had the following statements prepared as of December 31, 2017.
BRECKER INC.
COMPARATIVE BALANCE SHEET
AS OF DECEMBER 31, 2017 AND 2016
12/31/17
12/31/16
Cash$6,000
$7,000
Accounts receivable62,000
51,000
Short-term debt investments (available-for-sale)35,000
18,000
Inventory40,000
60,000
Prepaid rent5,000
4,000
Equipment154,000
130,000
Accumulated depreciation—equipment(35,000
)(25,000
)Copyrights46,000
50,000
Total assets$313,000
$295,000
Accounts payable$46,000
$40,000
Income taxes payable4,000
6,000
Salaries and wages payable8,000
4,000
Short-term loans payable8,000
10,000
Long-term loans payable60,000
69,000
Common stock, $10 par100,000
100,000
Contributed capital, common stock30,000
30,000
Retained earnings57,000
36,000
Total liabilities & stockholders’ equity$313,000
$295,000
BRECKER INC.
INCOME STATEMENT
FOR THE YEAR ENDING DECEMBER 31, 2017
Sales revenue$338,150
Cost of goods sold175,000
Gross profit163,150
Operating expenses120,000
Operating income43,150
Interest expense$11,400
Gain on sale of equipment2,000
9,400
Income before tax33,750
Income tax expense6,750
Net income$27,000
Additional information:
1.Dividends in the amount of $6,000 were declared and paid during 2017.2.Depreciation expense and amortization expense are included in operating expenses.3.No unrealized gains or losses have occurred on the investments during the year.4.Equipment that had a cost of $20,000 and was 70% depreciated was sold during 2017.
I need to make a statement of cash flows with this information using the indirect method.
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