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Q1) Cade Corporation's balance sheet and income statement listed below:

Comparative Balance Sheet
 
Ending Balance
Beginning Balance
Assets:
 
 
Cash and cash equivalents
$ 27
$ 26
Accounts receivable
57
53
Inventory
62
55
Plant and equipment
685
580
Accumulated depreciation
( 404)
( 355)
Total assets
$427
$359
Liabilities and stockholders' equity:
Accounts payable.
$ 37
$ 46
Wages payable
21
25
Taxes payable
15
18
Bonds payable
171
170
Deferred taxe
23
22
Common stock
27
30
Retained earnings
 133
   48
Total liabilities and stockholders' equity
$427
$359

 

Income Statement
Sales
$895
Cost of goods sold
557
Gross margin
338
Selling and administrative expense
177
Net operating income
161
ncome taxes
48
Net income
$113

Cade sold some equipment during period which had cost $100 and had accumulated depreciation of $85.  Equipment was sold for $15.

Make a statement of cash flows in good form using indirect method to find out cash from operations. On the basis of cash flow statement reply following problems:

1. How much cash did Cade pay to vendors for inventory in the period?

2. How much cash did Cade pay in income taxes?

3. Compute free cash flow for Cade.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M917883

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