Question

Sales $713,800
Less: Cost of goods sold 323,000
Gross profit $390,800

Less: Selling & administrative expenses $186,000
Depreciation expense 17,000
Interest expense 27,000 230,000

Add: gain on sale of land $160,800
21,800
Income before taxes $182,600
Income taxes 36,800
Net income $145,800

Other data:
1. Long-term investments were purchased for cash at a cost of $74,600.
2. Cash proceeds from the sale of land totaled $76,200.
3. Store equipment of $44,000 was purchased by signing a short-term note payable. Also, a $150,000 telecommunications system was acquired by issuing 3,000 shares of preferred stock.
4. A long-term note of $49,400 was repaid.
5. Twenty thousand shares of common stock were issued at $5.19 per share.
6. The company paid cash dividends amounting to $128,600. Use Direct & Indirect Method for Cash flow

Answer 1

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