Kate Petusky prepared Addison Controls’ balance

Kate Petusky prepared Addison Controls’ balance

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Kate Petusky prepared Addison Controls’ balance sheet and income statement for 2013. Before she could complete the statement of cash flows, she had to leave town to attend to a family emergency. Because the full set of statements must be provided to the auditors today, Addison’s president, Lance Meyers, has asked you to prepare the statement of cash flows. Meyers has provided you with the balance sheet and income statement that Petusky prepared, as well as some notes she made: Addison Controls Income Statement For the Year Ended December 31, 2013 Sales revenue $127,910 Cost of goods sold 69,840   Gross margin 58,070 Selling expense 13,050 Administrative expense 8,110 Salaries expense 20,130 Depreciation expense 1,920 Interest expense 4,020 47,230 Income before gain and taxes 10,840 Gain on sale of land 900 Income tax expense 840   Net income $10,900 Addison Controls Comparative Balance Sheets As of December 31 2013 2012 Cash $5,190 $4,360 Accounts receivable, net 6,370 5,520 Inventory 31,790 34,260   Total current assets 43,350 44,140 Property, plant, & equipment, net 211,570 215,330   Total assets $254,920 $259,470 Accounts payable $3,500 $5,940 Accrued expenses 700 760 Salaries payable 1,810 1,590 Taxes payable 2,150 2,690 Bonds payable 60,030 50,010   Total liabilities 68,190 60,990 Common stock 125,050 125,050 Retained earnings 61,680 73,430   Total stockholders’ equity 186,730 198,480 Total liabilities & stockholders' equity $254,920 $259,470 • Equipment with an original cost of $35,050 was sold for $20,260. The book value of the equipment was $19,360. • On June 1, 2013, the company purchased new equipment for cash at a cost of $17,520. • At the end of the year, the company issued bonds payable for $10,020 cash. The bonds will mature on December 31, 2017. • The company paid $22,650 in cash dividends for the year. Warning Don't show me this message again for the assignment Ok    Cancel

(a) Calculate the following amounts: a. Collections from customers b. Payments to suppliers c. Payments to employees d. Payments for operating expenses e. Payments for income taxes

Using the direct method, prepare Addison Control’s statement of cash flows for 2013. (If amount decreases cash flow then enter with a negative sign preceding the number or parenthesis, e.g. -15,000 or (15,000).)

Addison Controls Statement OfCashflows For The Year Ended December 31, 2013
Cash, ending balance Cash, beginning balance Change in cash Cash flows from investing activities Cash flows from financing activities Cash flows from operating activities
Cash dividends on common stock Payments for income taxes Issue bonds Payments for operating expenses Sale of equipment Purchase of equipment Collections from customers Payments to suppliers Payments to employees	$
Sale of equipment Purchase of equipment Issue bonds Collections from customers Payments to suppliers Cash dividends on common stock Payments for income taxes Payments to employees Payments for operating expenses
Payments for income taxes Payments to employees Purchase of equipment Collections from customers Sale of equipment Payments to suppliers Issue bonds Payments for operating expenses Cash dividends on common stock
Cash dividends on common stock Payments to suppliers Payments for operating expenses Collections from customers Payments for income taxes Sale of equipment Payments to employees Purchase of equipment Issue bonds
Payments for operating expenses Payments to employees Collections from customers Payments for income taxes Sale of equipment Payments to suppliers Purchase of equipment Issue bonds Cash dividends on common stock
Net cash used provided by investing financing operating activities		$
Cash flows from operating activities Cash flows from investing activities Cash, ending balance Change in cash Cash flows from financing activities Cash, beginning balance
Issue bonds Payments for operating expenses Payments to employees Collections from customers Cash dividends on common stock Purchase of equipment Payments for income taxes Payments to suppliers Sale of equipment
Cash dividends on common stock Collections from customers Issue bonds Payments to employees Payments to suppliers Payments for operating expenses Payments for income taxes Sale of equipment Purchase of equipment
Net cash provided used by operating investing financing activities
Cash flows from financing activities Cash, beginning balance Cash, ending balance Cash flows from operating activities Cash flows from investing activities Change in cash
Cash dividends on common stock Collections from customers Payments for operating expenses Payments for income taxes Sale of equipment Payments to suppliers Payments to employees Issue bonds Purchase of equipment
Payments for income taxes Purchase of equipment Sale of equipment Collections from customers Payments to suppliers Payments to employees Cash dividends on common stock Issue bonds Payments for operating expenses
Net cash provided used by operating financing investing activities
Cash, ending balance Cash flows from operating activities Cash, beginning balance Cash flows from investing activities Change in cash Cash flows from financing activities
Cash flows from operating activities Cash flows from financing activities Cash, ending balance Cash flows from investing activities Change in cash Cash, beginning balance
Cash flows from financing activities Cash flows from investing activities Cash, beginning balance Change in cash Cash, ending balance Cash flows from operating activities		$

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