Kate Petusky prepared Addison
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 $127,940 Cost of goods sold 69,800 Gross margin 58,140 Selling expense 13,060 Administrative expense 8,040 Salaries expense 20,030 Depreciation expense 1,950 Interest expense 4,050 47,130 Income before gain and taxes 11,010 Gain on sale of land 960 Income tax expense 860 Net income $11,110 Addison Controls Comparative Balance Sheets As of December 31 2013 2012 Cash $5,190 $4,390 Accounts receivable, net 6,310 5,530 Inventory 31,730 34,220 Total current assets 43,230 44,140 Property, plant, & equipment, net 211,530 215,380 Total assets $254,760 $259,520 Accounts payable $3,430 $5,900 Accrued expenses 650 710 Salaries payable 1,870 1,520 Taxes payable 2,160 2,620 Bonds payable 60,020 50,070 Total liabilities 68,130 60,820 Common stock 125,030 125,030 Retained earnings 61,600 73,670 Total stockholders’ equity 186,630 198,700 Total liabilities & stockholders’ equity $254,760 $259,520 • Equipment with an original cost of $35,060 was sold for $20,380. The book value of the equipment was $19,420. • 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 $9,950 cash. The bonds will mature on December 31, 2017. • The company paid $23,180 in cash dividends for the year. (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
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