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I5-3 The Green Light Companys accountant has prepared the…

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I5-3: The Green Light Company’s...
I5-3:
The Green Light Company’s accountant has prepared the following year end financial statements.
Green Light Company
Income Statement
For the Year Ended December 31, 2010

Revenue $300,000
Cost of goods sold 205,000
Gross margin 95,000
Selling and administrative expenses 40,500
Income from operations 54,500
Loss from sale of investments 3,500
Income before tax 51,000
Income tax expense 15,300
Net income $35,700


Green Light Company
Comparative Balance Sheet
As of December 31, 2010 and 2009

2010 2009

Cash $78,300 $50,000
Accounts receivable 76,000 56,500
Inventory 70,000 82,600
Plant, property & equipment 82,500 74,000
Accumulated depreciation (52,000) (50,000)
Long-term investments (held-to-maturity) 56,500 61,800
$311,300 $274,900

Accounts payable $52,200 $39,100
Accrued liabilities 8,700 11,000
Bonds payable 60,900 68,000
Common stock 82,500 74,500
Retained earnings 107,000 82,300
$311,300 $274,900

Additional information for 2010:
The Company paid out cash dividends in the amount of $11,000.
The Company acquired a machine valued at $3,000 in exchange for common stock.
The Company did not sell any plant, property or equipment during the year.
Instructions:
Using the indirect method, prepare a statement of cash flows in good form.

I5-4:
Using the information in I5-3, prepare a statement of cash flows in good form using the direct method.
Submitted: 8 years ago.Category: Homework
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