Cemptex Corporation prepares its statement of cash flows using the indirect method to report operating activities. Net income for the 2013 fiscal year was $714,000. Depreciation and amortization expense of $85,000 was included with operating expenses in the income statement. The following information describes the changes in current assets and liabilities other than cash:
|
|
| Decrease in accounts receivable |
$ |
40,000 |
|
| Increase in inventories |
|
11,000 |
|
| Increase prepaid expenses |
|
10,300 |
|
| Increase in salaries payable |
|
11,800 |
|
| Decrease in income taxes payable |
|
16,000 |
|
| Required: |
|
Prepare the operating activities section of the statement of cash flows for 2013. (Amounts to be deducted should be indicated with a minus sign.)
|
|
| 2. The following is a partial trial balance for the Green Star Corporation as of December 31, 2013: |
| Account Title |
Debits |
Credits |
| Sales revenue |
|
1,200,000 |
| Interest revenue |
|
31,000 |
| Gain on sale of investments |
|
51,000 |
| Cost of goods sold |
700,000 |
|
| Selling expense |
165,000 |
|
| General and administrative expenses |
76,000 |
|
| Interest expense |
41,000 |
|
| Income tax expense |
131,000 |
|
|
| 130,000 shares of common stock were outstanding throughout 2013. |
| Required: |
|
*Prepare a single-step income statement for 2013, including EPS disclosures. (Round EPS answer to 2 decimal places.)
*Prepare a multiple-step income statement for 2013, including EPS disclosures. (Amounts to be deducted should be indicated with a minus sign. Round EPS answer to 2 decimal places.)
|