15. EMD, Inc., has the following comparative balance examination: sheets and inc

Question

15. EMD, Inc., has the following comparative balance examination: sheets and income statement available for your EMD, Inc. Balance Sheets December 31, 2011 and 2010 (in thousands) 2010 s 36 96 168 246 Accounts Receivable s 66 Property, Plant, and Equipment. Accumulated Depreciation Total Assets .. 138 206 266 (70) ) Accounts Payable Common Stock... . $106 406 94 $606 $ 88 326 78 92 Total Equities EMD, Inc. Income Statement For the Year Ended December 31,2011 (in thousands) $536 Cost of Goods Sold Gross Profit .. 140 Operating Expenses: Depreciation Income Taxes Other $22 18 56 96 Net Income Additional information: 1. Fully depreciated equipment costing S6 was discarded on the first day of business of 2. 3. 4. 5. 2011 A building was purchased for $26. Cash Dividends of $8 were paid. Common stock of $60 was sold during 2011 for cash. A common stock dividend of $20 was issued in 2011. No cash was rece ved. Prepare a statement of cash flows for EMD, Inc., for 2011 employing the indirect method

Explanation / Answer

EMD Inc Cash Flow Statement For year ended 31 December 2011 Cash flows from operating activities Net Income $   44 Adjustment to reconcile net income to: Depreciation expense $   22 Changes in current operating assets and liabilities Increase in accounts receivable $ (42) Increase in inventory $ (38) Increase in accounts payable $   18 $ (40) Net cash provided by operating activities $      4 Cash flows from investing activities purchase of equipment $ (26) Net cash used by investing activities $ (26) Cash flows from financing activities Cash received from stock issuance $   60 $406-$326-$20 Dividend paid $   (8) Net cash provided by financing activities $   52 Net increase in cash and cash equivalents $   30 Cash and cash equivalents at beginning of period $   36 Cash and cash equivalents at end of period $   66

Related Questions

Navigate

• Browse (All)
• Browse 1
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.