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atluriram
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Selected financial statement information and additional data

Resolved Question:

Selected financial statement information and additional data for Johnston Enterprises is presented below. Prepare a statement of cash flows for the year ending December 31, 2010

Johnston Enterprises
Balance Sheet and Income Statement Data
December 31, 2010 December 31, 2009

Current Assets:
Cash $153,000 $119,000
Accounts Receivable 238,000 306,000
Inventory 391,000 340,000
Total Current Assets 782,000 765,000

Property, Plant, and Equipment 1,241,000 1,122,000
Less: Accumulated Depreciation (476,000) (442,000)
Total Assets $1,547,000 $1,445,000

Current Liabilities:
Accounts Payable $187,000 $102,000
Notes Payable 51,000 68,000
Income Tax Payable 85,000 76,500
Total Current Liabilities 323,000 246,500

Bonds Payable 340,000 391,000
Total Liabilities 663,000 637,500

Stockholders' Equity:
Common Stock 510,000 467,500
Retained Earnings 374,000 340,000
Total Stockholders' Equity 884,000 807,500
Total Liabilities & Stockholders' Equity $1,547,000 $1,445,000

Sales 1,615,000 $1,513,000
Less Cost of Goods Sold 731,000 731,000
Gross Profit 884,000 782,000
Expenses:
Depreciation Expense 153,000 136,000
Salary Expense 391,000 357,000
Interest Expense 34,000 34,000
Loss on Sale of Equipment 17,000 0
Income Before Taxes 289,000 255,000
Less Income Tax Expense 119,000 102,000
Net Income $170,000 $153,000

Additional Information:
During the year, Johnston sold equipment with an original cost of $153,000 and accumulated depreciation of $119,000 and purchased new equipment for $272,000
Submitted: 3 years ago.
Category: Homework
Expert:  atluriram replied 3 years ago.
Sir/madam

I undertook the assignment and will submit the answer within 24 to 48 hours

With regards
atluri ramesh
Expert:  atluriram replied 3 years ago.
Sir/madam

I herewith submit the answer. You can download here

With regards
atluri ramesh
atluriram, Professor
Category: Homework
Satisfied Customers: 533
Experience: MASTER OF COMMERCE, BACHELOR OF LAWS, COMPANY SECRETARY QUALIFICATIONS
atluriram and 11 other Homework Specialists are ready to help you
Customer: replied 3 years ago.

Hi Atluri,

 

I received your answer, however I wished to have it as a regular income statement.

Thank you

 

Joseph

Expert:  atluriram replied 3 years ago.
THIS ANSWER IS LOCKED!
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atluriram, Professor
Category: Homework
Satisfied Customers: 533
Experience: MASTER OF COMMERCE, BACHELOR OF LAWS, COMPANY SECRETARY QUALIFICATIONS
atluriram and 11 other Homework Specialists are ready to help you

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