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Prepare a statement of cash flows for the Crosby Corporation CROSBY

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Prepare a statement of cash flows for the Crosby Corporation
CROSBY CORPORATION
Income Statement
For the Year Ended December 31, 2008
Sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $2,200,000
Cost of goods sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,300,000
Gross profits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 900,000
Selling and administrative expense . . . . . . . . . . . . . . . . . . . . 420,000
Depreciation expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 150,000
Operating income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 330,000
Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 90,000
Earnings before taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . 240,000
Taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80,000
CROSBY CORPORATION
Income Statement
For the Year Ended December 31, 2008
Earnings after taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 160,000
Preferred stock dividends . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,000
Earnings available to common stockholders . . . . . . . . . . . . . $ 150,000
Common shares outstanding . . . . . . . . . . . . . . . . . . . . . . . . 120,000
Earnings per share . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1.25
Statement of Retained Earnings
For the Year Ended December 31, 2008
Retained earnings, balance, January 1, 2008 . . . . . . . . . . . . . . . . . . . . $500,000
Add: Earnings available to common stockholders, 2008 . . . . . . . . . . 150,000
Deduct: Cash dividends declared and paid in 2008 . . . . . . . . . . . . . 50,000
Retained earnings, balance, December 31, 2008 . . . . . . . . . . . . . . . . . $600,000
CROSBY CORPORATION
Income Statement
For the Year Ended December 31, 2008
Earnings after taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 160,000
Preferred stock dividends . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,000
Earnings available to common stockholders . . . . . . . . . . . . . $ 150,000
Common shares outstanding . . . . . . . . . . . . . . . . . . . . . . . . 120,000
Earnings per share . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1.25
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 250,000 $ 440,000
Notes payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 400,000 400,000
Accrued expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 70,000 50,000
Total current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . 720,000 890,000
Long-term liabilities:
Bonds payable, 2012 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 70,000 120,000
Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 790,000 1,010,000
Comparative Balance Sheets
For 2007 and 2008
Year-End
2007
Year-End
2008
Assets
Current assets:
Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 70,000 $ 100,000
Accounts receivable (net) . . . . . . . . . . . . . . . . . . . . . . . . . . 300,000 350,000
Inventory . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 410,000 430,000
Prepaid expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50,000 30,000
Total current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 830,000 910,000
Investments (long-term securities) . . . . . . . . . . . . . . . . . . . 80,000 70,000
Plant and equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,000,000 2,400,000
Less: Accumulated depreciation . . . . . . . . . . . . . . . . . . . 1,000,000 1,150,000
Net plant and equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,000,000 1,250,000
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,910,000 $2,230,000
Stockholders’ equity:
Preferred stock, $100 per value . . . . . . . . . . . . . . . . . . . . . . 90,000 90,000
Common stock, $1 par value . . . . . . . . . . . . . . . . . . . . . . . . 120,000 120,000
Capital paid in excess of par . . . . . . . . . . . . . . . . . . . . . . . . 410,000 410,000
Retained earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 500,000 600,000
Total stockholders’ equity . . . . . . . . . . . . . . . . . . . . . . . . . 1,120,000 1,220,000
Total liabilities and stockholders’ equity . . . . . . . . . . . . . . . . . . $1,910,000 $2,230,000
28. Describe the general relationship between net income and net cash flows from
operating activities for the firm.
29. Has the buildup in plant and equipment been financed in a satisfactory manner?
Briefly discuss.
Submitted: 5 years ago.
Category: Homework
Expert:  Neo replied 5 years ago.

Good day!

 

Please download HERE.

 

and HERE (please reword to ensure originality).

 

Thank you so much! :)

Neo, Tutor
Category: Homework
Satisfied Customers: 12098
Experience: BS Accounting
Neo and other Homework Specialists are ready to help you
Customer: replied 5 years ago.
Will you be on line tomorrow 12:30 am pct I need help with an assignment that is timed.
Customer: replied 5 years ago.
Thanks for the help.
Expert:  Neo replied 5 years ago.
Yes; I will be online that time. But advise me what will be the topic covered so II may know. If you can give me a copy of your ebook, the better. If not, it's ok. :)
Customer: replied 5 years ago.
I can’t it is a quiz and when I log on the time starts and it must be completed within 3 hours.
Customer: replied 5 years ago.
The results will be auto graded and sent to the instructor so I have to relay the question to you after I start the test one question at a time. I don’t know if you have ever done this before this is a first for me. But until I understand the material and learn it I will need help.
Customer: replied 5 years ago.
I have to log off go to sleep, I will be online later to check reply.
Expert:  Neo replied 5 years ago.
I do understand but do you happen to have idea what topics may be covered? Chapter titles will do.
Customer: replied 5 years ago.
Probably financial ratios similar to what you just helped me with because that's what were working on this week.
Expert:  Neo replied 5 years ago.

Ok.

 

When posting the questions, please type "For Neo" at the beginning of the post so it can easily catch my attention and to ensure that I will be the one to answer them for you.

 

Thank you so much! :)

Customer: replied 5 years ago.
Ok I got to go to sleep I'll be back on line as I always am At 12:30 am pct after work.
Customer: replied 5 years ago.
Sorry the test was quetion and answer no ratios.But I will need more help in the future.
Expert:  Neo replied 5 years ago.
No problem. :)
Customer: replied 5 years ago.
"For Neo"I need help with this solution.

Healthy Foods, Inc., sells 50-pound bags of grapes to the military for $10 a bag.
The fixed costs of this operation are $80,000, while the variable costs of the
grapes are $.10 per pound.
a. What is the break-even point in bags?
b. Calculate the profit or loss on 12,000 bags and on 25,000 bags.
c. What is the degree of operating leverage at 20,000 bags and at 25,000 bags?
Why does the degree of operating leverage change as the quantity sold
increases?
d. If Healthy Foods has an annual interest expense of $10,000, calculate the
degree of financial leverage at both 20,000 and 25,000 bags.
e. What is the degree of combined leverage at both sales levels?
Expert:  Neo replied 5 years ago.

Good day!

 

Please download HERE.

 

Thank you so much! :)

Neo, Tutor
Category: Homework
Satisfied Customers: 12098
Experience: BS Accounting
Neo and other Homework Specialists are ready to help you
Customer: replied 5 years ago.
Neo is the solution you gave me complete? It has this at the top FOR VERIFICATION USE ONLY: Please do not submit as is.
Expert:  Neo replied 5 years ago.

Good day!

 

That is complete but you must not submit that file to your instructor as is which means you need to modify it--to ensure originality.

 

If you want me to modify it for you, please let me know.

 

Thank you. :)

Customer: replied 5 years ago.
Yes please modify it for me.I don't have alot of time.
Expert:  Neo replied 5 years ago.
No problem; I will post it shortly. :)
Customer: replied 5 years ago.
Thank you
Expert:  Neo replied 5 years ago.
THIS ANSWER IS LOCKED!
You can view this answer by clicking here to Register or Login and paying $3.
If you've already paid for this answer, simply Login.
Customer: replied 5 years ago.
Thanks again! I have 5 weeks left so if your around I'll send some more work your way.

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