Operating Activities Analysis Exercises And Problems
Using the financial data below, prepare a statement of cash flows for the year ended December 31, 2014 for Summer Peebles, Inc. using the indirect method.
Summer Peebles, Inc.
Income Statement Year Ending December 31, 2014
Sales
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Cost of Goods Sold
-$650.00
Depreciation Expense
-$100.00
Sales and General Expense
-$100.00
Interest Expense
-$50.00
Income Tax Expense
-$40.00
Net Income
$60.00
Summer Peebles, Inc.
Balance Sheets as of December 31, 2013 and 2014
Assets
2013
2014
Cash
$50.00
$60.00
Accounts Receivable, Net
$500.00
$520.00
Inventory
$750.00
$770.00
Current Assets
$1,300.00
$1,350.00
Fixed Assets, Net
$500.00
$550.00
Total Assets
$1,800.00
$1,900.00
Liabilities and Equity
Notes Payable to Banks
$100.00
$75.00
Accounts Payable
$590.00
$615.00
Interest Payable
$10.00
$20.00
Current Liabilities
$700.00
$710.00
Long-Term Debt
$300.00
$350.00
Deferred Income Tax
$300.00
$310.00
Capital Stock
$400.00
$400.00
Your submission should:
- Include the Excel spreadsheet with computations.
- Follow the CSU-Global Guide to Writing and APA Requirements (Links to an external site.)Links to an external site..
