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    Week 13 - Soal

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    Heidi Paramita
    Barker Co. reported $28.35 million in sales revenue and $6.158 million in net income for the year ended December 31, 2019. Additional information provided details changes in accounts receivable, inventory, prepaid expenses and payables between the periods, as well as depreciation expense of $312,000. The statement asks to prepare an indirect statement of cash flows for Barker Co. for the period ending December 31, 2019. For ERIC Co., comparative balance sheets for 2017-2018 and an income statement for 2018 are provided. Additional information notes dividends paid in 2018, depreciation/amortization expenses, and a $70,000 equipment sale. The statement asks to prepare

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    Week 13 - Soal

    Uploaded by

    Heidi Paramita
    40 views3 pages
    Barker Co. reported $28.35 million in sales revenue and $6.158 million in net income for the year ended December 31, 2019. Additional information provided details changes in accounts receivable, inventory, prepaid expenses and payables between the periods, as well as depreciation expense of $312,000. The statement asks to prepare an indirect statement of cash flows for Barker Co. for the period ending December 31, 2019. For ERIC Co., comparative balance sheets for 2017-2018 and an income statement for 2018 are provided. Additional information notes dividends paid in 2018, depreciation/amortization expenses, and a $70,000 equipment sale. The statement asks to prepare

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    Barker Co. reported $28.35 million in sales revenue and $6.158 million in net income for the year ended December 31, 2019. Additional information provided details changes in accounts receivable, inventory, prepaid expenses and payables between the periods, as well as depreciation expense of $312,000. The statement asks to prepare an indirect statement of cash flows for Barker Co. for the period ending December 31, 2019. For ERIC Co., comparative balance sheets for 2017-2018 and an income statement for 2018 are provided. Additional information notes dividends paid in 2018, depreciation/amortization expenses, and a $70,000 equipment sale. The statement asks to prepare

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    40 views3 pages

    Week 13 - Soal

    Uploaded by

    Heidi Paramita
    Barker Co. reported $28.35 million in sales revenue and $6.158 million in net income for the year ended December 31, 2019. Additional information provided details changes in accounts receivable, inventory, prepaid expenses and payables between the periods, as well as depreciation expense of $312,000. The statement asks to prepare an indirect statement of cash flows for Barker Co. for the period ending December 31, 2019. For ERIC Co., comparative balance sheets for 2017-2018 and an income statement for 2018 are provided. Additional information notes dividends paid in 2018, depreciation/amortization expenses, and a $70,000 equipment sale. The statement asks to prepare

    Copyright:

    © All Rights Reserved
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    ASISTENSI 13

    STATEMENT OF CASH FLOW

    PROBLEM 1
    Barker Co. is a furniture company. The following information is the Barker Co. Profit / Loss Report.
    for the period ended December 31, 2019.

    Barker Co.
    Income Statement
    For the year ended December 31, 2019
    Sales Revenue 28.350.000
    COGS
    Beginning inventory 8.457.000
    Purchase 12.985.000
    COGAS 21.442.000
    Ending inventory (1.400.000)
    Total COGS (20.042.000)
    Gross Prrofit 8.308.000
    Operating Expense (2.150.000)
    Net Income 6.158.000

    Additional information for Barker Co. financial condition are:


    1. Accounts receivable decreased by $ 125,500 from the previous period.
    2. Inventory increased by $ 315,000 from the previous period.
    3. Prepaid expenses increased by $ 225,750 from the previous period.
    4. Accounts payable decreased by $ 112,560 from the previous period.
    5. Accrued expenses payable decreased by $ 100,000 from the previous period.
    6. Operating expenses including a depreciation expense of $ 312,000.
    Instruction:
    Prepare a Statement of Cash Flows for Barker Co. for the period ending 31 December 2019 using
    the indirect method!
    PROBLEM 2
    The following is the ERIC Co. Comparative Balance Sheet for 31 December 2017 & 2018 and the
    company's Profit / Loss Report for the year ended 31 December 2018.

    ERIC Co

    Comparative Balance Sheets

    December 31

    Assets 2018 2017

    Cash and cash equivalents $21,000.00 $24,500.00

    Accounts receivable $217,000.00 $178,500.00

    Short Term Investments $122,500.00 $63,000.00

    Inventory $140,000.00 $210,000.00

    Prepaid rent $17,500.00 $14,000.00

    Equipment $539,000.00 $455,000.00

    Acc. Depreciation -equipment -$122,500.00 -$87,500.00

    Copyrights $161,000.00 $175,000.00

    Total Assets $1,095,500.00 $1,032,500.00

    Liabilities and Stockholders'


    Equity

    Accounts payable $161,000.00 $140,000.00

    Income Tax Payable $14,000.00 $21,000.00

    Salary payable $28,000.00 $14,000.00

    Short-term loans payable $28,000.00 $35,000.00

    Long term loans payable $210,000.00 $241,500.00

    Common Stock ($35) $350,000.00 $350,000.00

    Paid in Capital in Excess of Par -


    Common Stock $105,000.00 $105,000.00

    Retained Eranings $199,500.00 $126,000.00

    Total Liabilities and


    Stockholders' Equity $1,095,500.00 $1,032,500.00
    ERIC Co.

    Income Statement

    For the Year Ended December 31, 2018

    Sales $1,183,525.00

    Cost of Goods Sold $612,500.00

    Gross Profit $571,025.00

    Operating Expenses $420,000.00

    Operating Profit $151,025.00

    Interest Expenses $39,900.00

    Gain on equipment sale $7,000.00 $32,900.00

    Income before income tax $118,125.00

    Income tax expense $23,625.00

    Net Income $94,500.00

    Additional Information:
    Dividends are announced and paid in 2018. Operating expenses include depreciation and
    amortization expenses. There are no gain/loss to investing in the current year. The equipment which
    is valued at $ 70,000, has been depreciated 70% and sold in 2018.

    Instruction:
    a. Prepare an indirect cash flow statement method!
    b. Prepare a direct cash flow statement method!

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