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Balance Sheet_ Income Statement_ Cash Flow

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					                        Balance Sheet and Income Statement

The Weikart Company had the following items on its December 31, 20X0, balance sheet and 20X0
Income statements (in dollars except for number of shares outstanding):

 Cash and equivalents                                55,000
 Revenues                                            800,000
 Notes payable                                       51,000
 Long term debt, excluding current portion           210,000
 Accounts receivable, net                            48,000
 Provision for income taxes                          60,000
 Other long term assets                              110,000
 Interest expense                                    55,000
 Retained Earnings                                   204,000
 Income taxes payable                                37,000
 cost of sales                                       470,000
 Inventories                                         36,000
 Prepaid expenses                                    15,000
 Common stock (50,000 shares
 outstanding)                                        25,000
 Property, plant, and equipment at cost              580,000
 Accounts payable                                    43,000
 Interest income                                     15,000
 Goodwill, patents, and trademarks                   75,000
 Current portion of long term debt                   16,000
 Less: Accumulated depreciation                      170,000
 Selling and administrative expenses                 150,000
 Additional paid in capital                             ?


Prepare in proper form the December 31, 20X0, balance sheet and the 20X0 income statement for
Weikart Company, Include the proper amount for additional paid in capital.



                         Preparation of Statement of Cash Flows

Walgreens Co., the largest drugstore chain in the United States, had the following items in its financial
statement for the 6 month period ended February 28, 2009 (in millions).



 Net Sales                                                  31,422
 Net Earnings                                               1,048
 Additions to property and equipment                      -1,092
 Depreciation and amortization                              477
 Cash dividends paid                                       -223
 Other noncash expenses                                      56
 Decrease in other liabilities                              -21
 Business acquisitions, net of cash received               -183
 Increases in inventories                                  -298
 Proceeds from sale of short term investments               500
 Increases in trade accounts payable                        638
 Net proceeds from issuance of long-term debt               987
 Decreases in other current assets                           18
 Stock purchases                                           -140
 Other cash used for financing activities                    -9
 Net proceeds from employee stock plans                      77
 Decreases in accrued expenses and other
 liabilities                                               -144
 Increases in accounts receivable                          -348
 Repayments of short term borrowings                        -70
 Retained earnings                                        14,617
 Purchases of short term investments                      -1,150
 Deferred income taxes                                       23
 Increases in income taxes payable                          291
 Proceeds from sale of assets                                29
 Total assets                                             24,825
 Cash and cash equivalents at beginning of
 period                                                     ?
 Cash and cash equivalents at end of period                909
 Net increase in cash and cash equivalents                 466


Select the items from the list that would appear in Walgreens statement of cash flows and prepare the
statement tin proper form. Fill in the appropriate amounts for cash and cash equivalents at the
beginning of the period. Use the indirect method for reporting cash flows from operating activities
(Note: Deferred income taxes is a noncash expense, and net proceeds from employee stock plans is a
financing activity).

				
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