Question

Acem Corp has the following balance sheets and income statement: 2009 2010 ASSETS Cash $57,600.00 $7,282.00...

Acem Corp has the following balance sheets and income statement:

2009 2010
ASSETS
Cash $57,600.00 $7,282.00
Acct's rec. $351,200.00 $632,160.00
Inventory $715,200.00 $1,287,360.00
Total current assets $1,124,000.00 $1,926,802.00
Gross Fixed Assets $491,000.00 $1,202,950.00
Less Accumulated Depreciation $146,200.00 $263,160.00
Net Fixed Assets $344,800.00 $939,790.00
TOTAL Assets $1,468,800.00 $2,866,592.00
LIABILITIES AND EQUITY
Acct's Payable $145,600.00 $524,160.00
Notes Payable $200,000.00 $636,808.00
Accruals $136,000.00 $489,600.00
Total current liabilites $481,600.00 $1,650,568.00
Long-term debt $323,432.00 $723,432.00
Common Stock (100,000 Shares) $460,000.00 $460,000.00
Retained Earnings $203,768.00 $32,592.00
TOTAL Liabilities and Equity $1,468,800.00 $2,866,592.00
INCOME STATEMENT 2010
Sales $6,034,000.00
Cost of Goods Sold $5,528,000.00
Other Expenses $519,988.00
Gross Profit Margin $6,047,988.00
Depreciation and amortization $116,960.00
EBIT -$130,948.00
Interest Expense $136,012.00
EBT -$266,960.00
Taxes (40%) -$106,784.00
Net Income -$160,176.00

1. Given this information above, prepare a cash flow statement for 2010.

2. Additional information: Cash dividends were $11,000.

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Answer #1

ACEM CORP

STATEMENT OF CASH FLOW

FOR THE PERIOD ENDED 2010
Cash flow from operating activity
Net income -160176
Adjustment to reconcile net income to cash flow
Depreciation and amortization 116960
Increase in accounts receivable [632160-351200] (280960)
Increase in inventory (572160)
Increase in current liabilities [1650568-481600] 1168968 432808
Net cash flow provided by operating activity [A] 272632
cash flow from investing activity
Purchase of fixed asset [1202950-491000] (711950)
net cash used by investing activity [B] -711950
Net cash flow from financing activity
Issue of long term debt 400000
Dividend paid (11000)
net cash flow from financing activity [C] 389000
Increase/(decrease) in cash [A+B+C] -50318
Beginning cash balance 57600
Cash at end 7282
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