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Answered: - George Winston Company George Winston Company Comparative


This is an Intermediate Accounting assignment concerning Cash Flows. Be sure on the excel template that you have completed the entire cash flow statement (operations, investing and financing) and that you've done operations both with the indirect method and direct method!? Also, be sure to show any items needed under the schedule of noncash investing and financing. ?Use Excel formulas for all of your numbers (cell reference, add, subtract, etc).

This should take about an hour to complete. Thank you.


George Winston Company

 

George Winston Company

 

Comparative statement of Financial Position

 

Cash Flow Statement (direct method)

 

As of May 31

 

current

 

past

 

as of May 31st of current year

 

year

 

year diff

 

Current Assets

 

cash

 

33250

 

20000

 

13250

 

accounts receivable

 

80000

 

58000

 

22000

 

merchandise inventory

 

210000

 

250000

 

-40000

 

prepaid expenses

 

9000

 

7000

 

2000

 

total

 

332250

 

335000

 

-2750

 

Plant assets

 

Plant assets

 

600000

 

502000

 

98000

 

Less: accumulated depreciation

 

150000

 

125000

 

25000

 

Net Plant assets

 

450000

 

377000

 

73000

 

total assets

 

782250

 

712000

 

70250

 

Currrent liabilities

 

accounts payable

 

123000

 

115000

 

8000

 

salaries payable

 

47250

 

72000

 

-24750

 

interest payable

 

27000

 

25000

 

2000

 

total

 

197250

 

212000

 

-14750

 

Long-term debt

 

Bonds payable

 

70000

 

100000

 

-30000

 

total liabilities

 

267250

 

312000

 

-44750

 

Stockholder's equity

 

common stock $10 par

 

370000

 

280000

 

90000

 

retained earnings

 

145000

 

120000

 

25000

 

total stockholder's equity

 

515000

 

400000

 

115000

 

total liabilities and stockholder's equity

 

782250

 

712000

 

70250

 


 

George Winston Company

 

Income statement

 

For the year ended May 31st of current year

 

Sales

 

Cost of goods sold

 

gross margin

 

Expenses

 

Salary expense

 

interest expense

 

other expenses

 

depreciation expense

 

total expenses

 

Operating income

 

Income tax expense

 

Net income

 


 

George Winston Company

 

Cash Flow Statement (indirect method)

 

as of May 31st of current year -- operations only

 

1255250

 

722,000

 

533,250

 

252,100

 

75,000

 

8,150

 

25,000

 

360,250

 

173,000

 

43,000

 

130,000

 


 

The following is additional information concerning Winston?s

 

transactions during the current year ended May 31st

 

1. All sales during the year were made on account.

 

2. All merchandise was purchased on account, comprising

 

the total accounts payable account.

 

3. Plant assets costing $98,000 were purchased by paying

 


 

$48,000 in cash and issuing 5,000 shares of stock.

 

4. The ?other expenses? are related to prepaid expenses

 


 

Schedule of noncash Investing and Financing

 


 

 


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