Chapter 1 Problem 14 a. Prepare a sources and uses statement for Whistler Corp.

Question

Chapter 1 Problem 14 a. Prepare a sources and uses statement for Whistler Corp. for fiscal year 2014. b. Prepare a cash flow statement for Whistler Corp. for fiscal year 2014. Whistler Corporation Financial Statements Balance Sheet: 2013 2014 Current Assets Cash $47,500 $76,700 Accounts Receivable $0 $43,100 Inventories $49,000 $36,500 Total current assets $96,500 $156,300 Noncurrent Assets Land $15,800 $15,800 Buildings $103,600 $164,600 Equipment $63,200 $65,500 Patent $5,200 $5,200 Accumulated depreciation -$10,800 -$12,200 Total noncurrent assets $177,000 $238,900 Total Assets $273,500 $395,200 Current Liabilities Accounts payable to suppliers $48,000 $25,900 Income taxes payable $0 $10,700 Total current liabilities $48,000 $36,600 Noncurrent Liabilities Long term debt $100,100 $134,000 Total liabilities $148,100 $170,600 Shareholders’ Equity Common Stock $125,400 $177,400 Retained Earnings $0 $47,200 Total shareholders’ equity $125,400 $224,600 Total Liabilities and Shareholders Equity $273,500 $395,200 Income statement: 2014 Sales $165,300 Cost of goods sold -46,200 Depreciation expenses -1,400 Net interest expenses -2,000 Other expenses -5,600 Income before taxes 110,100 Provision for income taxes -40,900 Net income $69,200 Dividends paid 22,000 Additions to retained earnings $47,200 Chapter 1 Problem 14 a. Prepare a sources and uses statement for Whistler Corp. for fiscal year 2014. b. Prepare a cash flow statement for Whistler Corp. for fiscal year 2014. Whistler Corporation Financial Statements Balance Sheet: 2013 2014 Current Assets Cash $47,500 $76,700 Accounts Receivable $0 $43,100 Inventories $49,000 $36,500 Total current assets $96,500 $156,300 Noncurrent Assets Land $15,800 $15,800 Buildings $103,600 $164,600 Equipment $63,200 $65,500 Patent $5,200 $5,200 Accumulated depreciation -$10,800 -$12,200 Total noncurrent assets $177,000 $238,900 Total Assets $273,500 $395,200 Current Liabilities Accounts payable to suppliers $48,000 $25,900 Income taxes payable $0 $10,700 Total current liabilities $48,000 $36,600 Noncurrent Liabilities Long term debt $100,100 $134,000 Total liabilities $148,100 $170,600 Shareholders’ Equity Common Stock $125,400 $177,400 Retained Earnings $0 $47,200 Total shareholders’ equity $125,400 $224,600 Total Liabilities and Shareholders Equity $273,500 $395,200 Income statement: 2014 Sales $165,300 Cost of goods sold -46,200 Depreciation expenses -1,400 Net interest expenses -2,000 Other expenses -5,600 Income before taxes 110,100 Provision for income taxes -40,900 Net income $69,200 Dividends paid 22,000 Additions to retained earnings $47,200

Explanation / Answer

Answer: a

Answer: Cash Flow Statement:

a) Sources and Uses Statement: Sources of cash Reduction in inventories $      12,500 Increase in accumulated depreciation            1,400 Increase in taxes payable          10,700 Increase in long-term debt          33,900 Increase in common stock          52,000 Increase in retained earnings          47,200    Total sources of cash $   1,57,700 Uses of cash Increase in cash $      29,200 Increase in accounts receivable          43,100 Increase in buildings          61,000 Increase in equipment            2,300 Reduction in accounts payable          22,100    Total uses of cash $   1,57,700

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