Condensed financial data of Sinjh Inc. follow. - 10391

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Condensed financial data of Sinjh Inc. follow.

 

 

 

SINJH INC.

Comparative Balance Sheets

December 31

Assets

2012

 

2011

Cash

$ 90,045

 

$ 47,788

Accounts receivable

92,167

 

33,938

Inventories

112,900

 

101,750

Prepaid expenses

28,005

 

25,194

Investments

138,251

 

113,933

Plant assets

270,612

 

241,985

Accumulated depreciation

(50,008)

 

(51,442)

     Total

$681,972

 

$513,146

 

 

 

 

Liabilities and Stockholders' Equity

 

 

Accounts payable

$111,899

 

$ 67,927

Accrued expenses payable

16,408

 

17,428

Bonds payable

120,720

 

149,440

Common stock

219,900

 

174,770

Retained earnings

213,045

 

103,581

     Total

$681,972

 

$513,146

 

 

 

SINJH INC.

Income Statement

For the Year Ended December 31, 2012

Sales

 

 

$392,706

Less:

 

 

 

   Cost of goods sold

$134,884

 

 

   Operating expenses, excluding depreciation

12,026

 

 

   Depreciation expense

47,874

 

 

   Income taxes

26,519

 

 

   Interest expense

4,393

 

 

   Loss on sale of plant assets

6,748

 

232,444

Net income

 

 

$160,262

 

Additional information:

 

  1. New plant assets costing $85,836 were purchased for cash during the year.
  2. Old plant assets having an original cost of $57,209 were sold for $1,153 cash.
  3. Bonds matured and were paid off at face value for cash.
  4. A cash dividend of $50,798 was declared and paid during the year.

 

Instructions

 

Prepare a statement of cash flows using the indirect method. (List multiple entries with a positive cash flow first and then the negative cash flow. List amounts from largest to smallest e.g. 10, 5, 3, 2. If amount decreases cash flow, use either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)

 

Solution Description

 

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