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ACG2071ManagerialAccounting ReportingCashFlows Minicase CASHFLOWSPROBLEM: KiteCorporation,amerchandiser,recentlycompleteditscalendar...
CASH FLOWS PROBLEM: Kite Corporation, a merchandiser, recently completed its calendar-‐year 2011 operations. For the year, (1) all sales are credit sales, (2) all credits to Accounts Receivable reflect cash receipts from customers, (3) all purchases of inventory are on credit, (4) all debits to Accounts Payable reflect cash payments for inventory, and (5) Other Expenses are paid in advance and are initially debited to Prepaid Expenses. The company's balance sheets and income statement follow. Prepare a statement of cash flows in good form. Joseph Corporation Comparative Balance Sheet December 31, 2011 and 2010 Assets Cash Accounts Receivable Merchandise Inventory Prepaid Expenses Equipment Accumulated Depreciation Total Assets Liabilities and Equity Accounts Payable Short-‐term Notes Payable Long-‐term Notes Payable Common Stock, $5 par Paid in Capital in excess Retained Earnings Total Liabilities & Equity $ 136,500.00 $ 74,100.00 $ 454,500.00 $ 17,100.00 $ 278,250.00 $ (108,750.00) $ 851,700.00 $ 71,550.00 $ 90,750.00 $ 490,200.00 $ 19,200.00 $ 216,000.00 $ (93,000.00) $ 794,700.00 $ 117,450.00 $ 17,250.00 $ 112,500.00 $ 465,000.00 $ 18,000.00 $ 121,500.00 $ 851,700.00 $ 123,450.00 $ 11,250.00 $ 82,500.00 $ 450,000.00 $ 127,500.00 $ 794,700.00 ACG 2071 Managerial Accounting Reporting Cash Flows Minicase Joseph Corporation Income Statement
