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

Comparative Balance Sheet
Ending Balance
Beginning Balance
Cash and cash equivalents
$ 27
$ 26
Accounts receivable
Plant and equipment
Accumulated depreciation
( 404)
( 355)
Total assets
Liabilities and stockholders' equity:
Accounts payable.
$ 37
$ 46
Wages payable
Taxes payable
Bonds payable
Deferred taxe
Common stock
Retained earnings
Total liabilities and stockholders' equity


Income Statement
Cost of goods sold
Gross margin
Selling and administrative expense
Net operating income
ncome taxes
Net income

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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