Partnership and Corporation Cash Flow Statement

ARAS
SIRMACMART CO.
STATEMENT OF FINANCIAL POSITION

2013 2012
ASSETS
Cash ??? 150,700
Accounts Receivable 195,800 212,400
Trading securities 78,100 70,000
Prepaid Expenses 104,000 91,000
Merchandise Inventory 537,000 510,000
Machinery 450,000 320,000
Accum. Dep. Machinery 154,000 96,000
Building 1,200,000 ---------
Accum. Dep. Building 120,000 ---------
Land 4,000,000 3,400,000

LIABILITIES
Accrued Expenses 98,000 50,000
Accounts Payable 181,000 163,500
Interest Payable 150,000 88,000
Notes Payable 1,612,000 750,000
Long-term debt 273,000 289,000

SHARE HOLDERS EQUITY

Ordinary share, P10 par 687,000 370,000
Share Premium 405,000 94,000
Treasury shares 118,000 102,000
Additional paid in capital-treasury 11,000 7,000
Retained Earnings ??? ???

SIRMACMART CO.
INCOME STATEMENT

Sales 1,215,000
Purchases 415,000
Total expenses (including depreciation
and interest expense) 582,700
Gain (Loss) on sale of noncurrent asset ???
Income tax 30%
Net Income (loss) ???

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Partnership and Corporation Cash Flow Statement

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Additional Information and transactions during the 2013

30,625 shares are outstanding as of Jan. 1, 2012

All treasury shares were purchased at P16
Land costing 1,200,000 was sold for 1,300,000
Purchased 3,000 shares at P16
Building was acquired by giving 25% down payment and issuing
notes payable (5 annual payments), rest of notes payable are
related to operating activities
Machinery costing 95,000, 46% depreciated, was sold for 42,000
Paid 15,000 interest expense, interest payable is currently due
Declared and paid 117,000 dividends after all treasury share
transactions

COMPUTE FOR THE FF.

1. Cash provided by (used in) OPERATING ACTIVITIES

2. Cash provided by (used in) INVESTING ACTIVITIES
3. Cash provided by (used in) FINANCING ACTIVITIES
4. Ending balance of Cash
5. Working capital as of Dec. 31, 2013
6. Ending balance of Retained earnings
7. Number of TREASURY SHARES sold during the 2013
8. Dividends per share
9. Net income (loss)
10.Outstanding shares on December 31, 2013

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Partnership and Corporation Cash Flow Statement

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SUGGESTED ANSWERS

1. 423,500
2. (983,000)
3. 483,000
4. 74,200
5. (181,900)
6. 3,066,100
7. 2,000
8. 1.91
9. 234,500
10.61,325

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