5. Satu Company, a merchandiser recently completed its 2017 operations. For the year (1) all sales..
5. Satu Company, a merchandiser recently completed its 2017 operations. For the year (1) all sales are credit sales, (2) all credits on Accounts Receivable reflects cash receipts from customers, (3) all purchases of Inventory are on credit, (4) all debits to Accounts Payable reflect cash payments for Inventory. (5) Other Expenses are cash expenses, and (6) any change in Income Taxes Payable reflects accrual and cash payment of taxes. The company's Balance Sheets and Income Statement follows: SATU COMPANY Comparative Balance Sheets December 31, 2017 and 2016 2017 2016 $ 58,750 20,222 78,972 165,667 107,750 (46,700) $305,689 $ 28,400 25,860 54,260 140,320 77,500 (31,000) $241,080 Pa Assets Cash… Accounts receivable Total current assets.. Inventory Equipment .. Accum. depreciation–Equipment Total assets … Liabilities and Equity Accounts payable Income taxes payable…. Total current liabilities. Equity Common stock, $5 par value. Paid-in capital in excess of par, common stock….. Retained earnings …. Total liabilities and equity…. $ 20,372 2,100 22,472 $157,530 6,100 163,630 40,000 25,000 68,000 175,217 $305,689 20,000 32,450 $241,080 SATU COMPANY Income Statement For Year Ended December 31, 2017 $750,800 269,200 481.600 Sales… Cost of goods sold Gross profit.. Operating expenses Depreciation expense. Other expenses. Income before taxes.. Income taxes expense. Net income.. $ 15,700 173,933 189,633 291,967 89,200 $202,767 Additional Information on Year 2017 Transactions a. Purchased equipment for $30,250 cash. b. Issued 3,000 shares of common stock for $21 cash per share. c. Declared and paid $60,000 of cash dividends. Required: 1. Prepare a complete Statement of Cash Flows, using the Indirect Method. (75 POINTS) May 16 2022 03:12 PM
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