Problem 2-1: Preparing Financial Statements
| Using the following data: | |
| 1. Prepare an income statement in good form | |
| 2. Prepare end of year balance sheet in good form | |
| 3. Calculate net working capital | |
| 4. Calculate the debt ratio | |
| DATA | SAR |
| Depreciation expense | 75,000 |
| Cash | 250,000 |
| Long-Term Debt | 450,000 |
| Net Sales | 750,000 |
| Accounts payable | 98,000 |
| Marketing and general and administrative expenses | 110,000 |
| Buildings and Equipment | 950,000 |
| Notes payable | 80,000 |
| Accounts receivable | 165,000 |
| Interest expense | 5,250 |
| Accrued expenses | 8,500 |
| Common Stock | 350,000 |
| Cost of Goods sold | 250,000 |
| Inventory | 105,000 |
| Taxes | 72,000 |
| Problem 2-2 Preparing Statement of Cash Flows | |
| Given the following data, prepare a statement of cash flows. | |
| DATA | |
| Increase in accounts receivable | 42 |
| Increase in inventories | 37 |
| Operating Income | 105 |
| Interest Expense | 35 |
| Increase in accounts payable | 32 |
| Dividends | 18 |
| Increase in common stock | 23 |
| Increase in net fixed assets | 27 |
| Depreciation Expense | 14 |
| Income taxes | 20 |
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