The following selected data for the Food Factory Corporation were gathered by the accountants for the year ended December 31, 2013, who are responsible for preparing the financial statements:
Cost of goods sold $47,300
depreciation expense 14,100
Other operating expenses 15,700
Loss on sale of investments 1,900
Gain on sale of capital assets 6,200
Sales revenue 99,700
Interest revenue 7,100
Dividend revenue 3,200
Salary expense 24,700
Interest expense 5,200
Income tax expense 2,700
Net income 4,600
The cash account began the year with a balance of $32,500 and ended the year with a balance of $191,500.
Other relevant data gathered by the accountants:
Accounts receivable decreased $12,600
Inventory increased 7,800
Prepaid expenses decreased 2,300
Accounts payable increased 19,400
Salary payable increased 1,400
Accrued liabilities decreased 4,900
Income tax payable increased 700
Acquisition of capital assets 42,000
Issuance of common shares 75,000
Proceeds from sale of investments 29,000
Collection of loan principal 25,200
Payment of dividends 18,000
Purchased equipment by signing a note payable 25,000
Proceeds from sale of capital assets 26,700
Proceeds from sale of repurchased shares 25,000
Prepare the cash flow statement for the year ended December 31, 2013 under ASPE, using the indirect method and including a schedule of noncash investing and financing activities, if necessary.
Quick Reply
