accounting 2 homework

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For YourBusinessTutor:

Use the following information to determine this companys cash flows from operating activities using the inderect method.

                  BOSS COMPANY

           Selected Balance Sheet Information

                December 31, 2013  and  2012

                                                   2013                2012


Current assets

       cash...................................$84,650           $26,800

       accounts receivable...........  25,000             32,000

        inventory...........................  60,000              54,100

Current liabilities

        Accounts payable.............   30,400             25,700

         income taxes payable.....     2,050               2,200

 

                      BOSS COMPANY

                   Income Statement

                        For Year ended December 31, 2013

 

Sales .................................................$515,000

cost of goods sold............................... 331,600 

Gross profit......................................... 183,400 

Operating expenses

     Depreciation expence.....$ 36,000

     other expenses                 121,500    157,500

Income before taxes                                 25,900

Income taxes expense                                7,700

Net Income                                               $ 18,200

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   

    • Posted: 5 years ago
    • Due: 
    • Budget: $15
    Answers 3
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