KRUG INC. Comparative Balance Sheets

KRUG INC.Comparative Balance SheetsDecember 31, 2012 and 20112012 2011AssetsCash $ 26,400 $ 30,550Accounts receivable, net 14,050 12,150Inventory 90,100 70,150Equipment 49,900 44,500Accum. depreciation”Equipment (22,500 ) (18,300 )Total assets $ 157,950 $ 139,050Liabilities and EquityAccounts payable $ 23,350 $ 25,400Salaries payable 1,050 600Common stock, no par value 107,000 100,000Retained earnings 26,550 13,050Total liabilities and equity $ 157,950 $ 139,050KRUG INC.Income StatementFor Year Ended December 31, 2012Sales $ 47,575Cost of goods sold (17,950 )Gross profit 29,625Operating expensesDepreciation expense $ 4,200Other expenses 8,550Total operating expense 12,750Income before taxes 16,875Income taxes expense 3,375Net income $ 13,500Additional Informationa. No dividends are declared or paid in 2012.b. Issued additional stock for $7,000 cash in 2012.c. Purchased equipment for cash in 2012; no equipment was sold in 2012.1. Use the above financial statements and additional information to prepare a statement of cash flows for the year ended December 31, 2012, using the indirect method. (Amounts to be deducted should be indicated with a minus sign. Omit the “$” sign in your response.)

 

 

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