Problem 12-7A (Part Level Submission Presented below are the financial statement

Question

Problem 12-7A (Part Level Submission Presented below are the financial statements of Kurtzel Company KURTZEL COMPANY Comparative Balance Sheets December 31 2014 Assets Cash Accounts receivable Inventory Property, plant, and equipment Accumulated depreciation Total 2013 $81,760 46,720 65,408 140,160 $46,720 32,704 46,720 182,208 (74,752) (56,064) $259,296 $252,288 iabilities and Stockholders' Equit Accounts payable Income taxes payable Bonds payable Common stock Retained earnings Total $35,040 18,688 77,088 32,704 88,768 $259,296$252,288 $44,384 16,352 39,712 42,048 116,800

Explanation / Answer

KURTZEL COMPANY Cash Flow Statement For year ended 31 December 2014 Cash flows from operating activities Net Income $   74,752 Adjustment to reconcile net income to: Depreciation expense $   40,880 Increase in accounts receivable $ (14,016) Increase in inventory $ (18,688) Increase in accounts payable $      9,344 Decrease in income tax payable $   (2,336) $   15,184 Net cash provided by operating activities $   89,936 Cash flows from investing activities Proceeds from sale of equipment $   19,856 Net cash provided by investing activities $   19,856 Cash flows from financing activities Repayment of bonds $ (37,376) Proceeds from issue of common stock $      9,344 Dividend paid $ (46,720) Net cash used by financing activities $ (74,752) Net increase in cash and cash equivalents $   35,040 Cash and cash equivalents at beginning of period $   46,720 Cash and cash equivalents at end of period $   81,760

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