Income Tax Payable Statement of Cash Flows - Excel

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					                                              Student Name:
                                                      Class:
                                                               Problem 16-04A

                         MEMPHIS CORPORATION
                          Statement of Cash Flows
                     For Year Ended December 31, 2009

Cash flows from operating activities:
 Net income
 Adjustments to reconcile net income to net
  cash provided by operating activities
  Increase in accounts receivable
  Increase in inventory
  Increase in accounts payable
  Increase in taxes payable
  Depreciation expense
 Net cash provided by operating activities
Cash flows from investing activities:
 Cash paid for equipment
Cash flows from financing activities:
 Cash from issuing stock
 Cash paid for cash dividends
 Net cash used in financing activities
Net increase in cash
Cash balance at December 31, 2008
Cash balance at December 31, 2009
Given Data P16-04A:

                     MEMPHIS CORPORATION
                     Comparative Balance Sheet
                    December 13, 2009 and 2008

                                                 December 31
                                               2009       2008
                             Assets
Cash                                       $   165,000 $ 137,000
Accounts receivable                             82,000     74,000
Merchandise inventory                          620,000    525,000
Equipment                                      345,000    240,000
Accumulated depreciation, Equipment           (159,000)  (102,000)
Total assets                               $ 1,053,000 $ 874,000

                   Liabilities and Stockholders' Equity
Accounts payable                            $ 160,000     $    96,000
Income taxes payable                             22,000        19,000
Common stock, $2 par value                      588,000       560,000
Contributed capital in excess of
  par value, common stock                       201,000       159,000
Retained earnings                                82,000        40,000
Total liabilities and equities              $ 1,053,000   $   874,000


                    MEMPHIS CORPORATION
                         Income Statement
                For Year Ended December 31, 2009

Sales                                                     $ 1,794,000
Cost of goods sold                                          1,088,000
Gross profit                                              $ 706,000
Operating expenses:
  Depreciation expense                     $    57,000
  Other expenses                               500,000        557,000
Income before taxes                                       $   149,000
Income taxes                                                   22,000
Net income                                                $   127,000


Additional information:
Equipment purchased for cash               $   105,000
Number of stock shares issued                   14,000
Price per share of stock issued            $         5
Cash dividends declared and paid                85,000

Check figure:
(1) Cash from operating activities         $   148,000
                                                                 Student Name:
                                                                         Class:
                                                                                  Problem 16-05A

                                         MEMPHIS CORPORATION
                                   Spreadsheet for Statement of Cash Flows
                                     For Year Ended December 31, 2009

                                      December 31,            Analysis of Changes           December 31,
                                          2008                    Debit           Credit        2009
Balance sheet-debits:
Cash                                       137,000                                               165,000
Accounts receivable                         74,000                                                82,000
Merchandise inventory                      525,000                                               620,000
Equipment                                  240,000                                               345,000
                                           976,000                                             1,212,000

Balance sheet-credits:
Accumulated depreciation, equip.           102,000                                                 159,000
Accounts payable                            96,000                                                 160,000
Income taxes payable                        19,000                                                  22,000
Common stock, $2 par value                 560,000                                                 588,000
Paid in capital in excess of
  par value, common stock                  159,000                                               201,000
Retained earnings                           40,000                                                82,000
                                           976,000                                             1,212,000

Statement of cash flows:
 Operating activities:
  Net income
  Increase in accounts receivable
  Increase in merchandise inventory
  Decrease in accounts payable
  Increase in income tax payable
  Depreciation expense
 Investing activities:
  Payment for equipment
 Financing activities:
  Issued common stock for cash
  Paid cash dividends
                                                 Student Name:
                                                         Class:
                                                                  Problem 16-05A

                  MEMPHIS CORPORATION
                   Statement of Cash Flows
              For Year Ended December 31, 2009

Cash flows from operating activities:
 Net income
 Adjustments to reconcile net income to net
  cash provided by operating activities
  Increase in accounts receivable
  Increase in inventory
  Increase in accounts payable
  Increase in taxes payable
  Depreciation expense
 Net cash provided by operating activities
Cash flows from investing activities:
 Cash paid for equipment
Cash flows from financing activities:
 Cash from issuing stock
 Cash paid for cash dividends
 Net cash used in financing activities
Net increase in cash
Cash balance at December 31, 2008
Cash balance at December 31, 2009
Given Data P16-05A:

                    MEMPHIS CORPORATION
                    Comparative Balance Sheet
                   December 13, 2009 and 2008

                                                 December 31
                                               2009       2008
                             Assets
Cash                                       $   165,000 $ 137,000
Accounts receivable                             82,000     74,000
Merchandise inventory                          620,000    525,000
Equipment                                      345,000    240,000
Accumulated depreciation, Equipment           (159,000)  (102,000)
Total assets                               $ 1,053,000 $ 874,000

                   Liabilities and Stockholders' Equity
Accounts payable                            $ 160,000     $    96,000
Income taxes payable                             22,000        19,000
Common stock, $2 par value                      588,000       560,000
Contributed capital in excess of
  par value, common stock                       201,000       159,000
Retained earnings                                82,000        40,000
Total liabilities and equities              $ 1,053,000   $   874,000


                    MEMPHIS CORPORATION
                         Income Statement
                For Year Ended December 31, 2009

Sales                                                     $ 1,794,000
Cost of goods sold                                          1,088,000
Gross profit                                              $ 706,000
Operating expenses:
  Depreciation expense                     $    57,000
  Other expenses                               500,000        557,000
Income before taxes                                       $   149,000
Income taxes                                                   22,000
Net income                                                $   127,000


Additional information:
Equipment purchased for cash               $   105,000
Number of stock shares issued                   14,000
Price per share of stock issued            $         5
Cash dividends declared and paid                85,000

Check figure:
Analysis of Changes column totals          $   614,000
                                             Student Name:
                                                     Class:
                                                              Problem 16-06A

                     MEMPHIS CORPORATION
                      Statement of Cash Flows
                 For Year Ended December 31, 2009

Cash flows from operating activities:
 Cash received from customers
 Cash paid for merchandise
 Cash paid for other operating expenses
 Cash paid for income taxes
 Net cash provided by operating activities
Cash flows from investing activities:
 Cash paid for equipment
Cash flows from financing activities:
 Cash from issuing stock
 Cash paid for cash dividends
 Net cash used in financing activities
Net increase in cash
Cash balance at December 31, 2008
Cash balance at December 31, 2009
Given Data P16-06A:

                    MEMPHIS CORPORATION
                    Comparative Balance Sheet
                   December 13, 2009 and 2008

                                                 December 31
                                               2009       2008
                             Assets
Cash                                       $   165,000 $ 137,000
Accounts receivable                             82,000     74,000
Merchandise inventory                          620,000    525,000
Equipment                                      345,000    240,000
Accumulated depreciation, Equipment           (159,000)  (102,000)
Total assets                               $ 1,053,000 $ 874,000

                   Liabilities and Stockholders' Equity
Accounts payable                            $ 160,000     $    96,000
Income taxes payable                             22,000        19,000
Common stock, $2 par value                      588,000       560,000
Contributed capital in excess of
  par value, common stock                       201,000       159,000
Retained earnings                                82,000        40,000
Total liabilities and equities              $ 1,053,000   $   874,000


                    MEMPHIS CORPORATION
                         Income Statement
                For Year Ended December 31, 2008

Sales                                                     $ 1,794,000
Cost of goods sold                                          1,088,000
Gross profit                                              $ 706,000
Operating expenses:
  Depreciation expense                     $    57,000
  Other expenses                               500,000        557,000
Income before taxes                                       $   149,000
Income taxes                                                   22,000
Net income                                                $   127,000
Given Data P16-06A:

Additional information:
Equipment purchased for cash        $   105,000
Number of stock shares issued            14,000
Price per share of stock issued     $         5
Cash dividends declared and paid         85,000

Check figure:
Cash used in financing activities   $   (15,000)

				
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