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PROBLEM #1 XYZ Corporations balance sheet and income

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XYZ Corporation's balance sheet and income statement appear below:

Comparative Balance Sheet
Ending Beginning
Balance Balance
Cash and cash equivalents $34 $27
Accounts receivable 52 61
Inventory 41 40
Property, plant and equipment 531 460
Less accumulated depreciation 330 291
Total assets $328 $297

Liabilities and stockholders' equity:
Accounts payable $98 $109
Bonds payable 65 60
Common stock 71 70
Retained Earnings 94 58
total liabilities and stockholders' equity $328 $297

Income Statement
Sales $515
Cost of goods sold 312
Gross margin 203
Selling and administrative expense 134
Net operating income 69
Income taxes 21
Net income $48

Prepare a statement of cash flows using the indirect method.
Cash dividends were $12.

I am working on this and will post the solution as soon as I am done.


Customer: replied 4 years ago.

ok thanks


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