Refer to the following financial statements for Crosby Corporation: CROSBY CORPORATION Income Statement For the Year Ended December 31, 2011 Sales $4,240,000 Cost of goods sold 2,810,000 Gross profit $1,430,000 Selling and administrative expense 738,000 Depreciation expense 236,000 Operating income $456,000 Interest expense 88,000 Earnings before taxes $368,000 Taxes 173,000 Earnings after taxes $195,000 Preferred stock dividends 10,000 Earnings available to common stockholders $185,000 Shares outstanding 150,000 Earnings per share $1.23 Statement of Retained Earnings For the Year Ended December 31, 2011 Retained earnings, balance, January 1, 2011 $320,500 Add: Earnings available to common stockholders, 2011 $185,000 Deduct: Cash dividends declared and paid in 2011 $181,000 Retained earnings, balance, December 31, 2011 $324,500 Comparative Balance Sheets For 2010 and 2011 Year-End 2010 ($) Year-End 2011 ($) Assets Current assets: Cash 113,000 481,600 Accounts receivable (net) 563,000 607,000 Inventory 602,000 664,000 Prepaid expenses 60,900 30,900 Total current assets 1,338,900 1,783,500 Investments (long-term securities) 91,600 89,600 Gross plant and equipment 2,520,000 2,640,000 Less: Accumulated depreciation 1,940,000 2,176,000 Net plant and equipment 580,000 464,000 Total assets 2,010,500 2,337,100 Liabilities and Stockholders' Equity Current liabilities: Accounts payable 342,000 581,000 Notes payable 548,000 548,000 Accrued expenses 75,000 51,600 Total current liabilities 965,000 1,180,600 Long-term liabilities: Bonds payable, 2011 135,000 242,000 Total liabilities 1,100,000 1,422,600 Stockholders' equity: Preferred stock, $100 par value 90,000 90,000 Common stock, $1 par value 150,000 150,000 Capital paid in excess of par 350,000 350,000 Retained earnings 320,500 324,500 Total stockholders' equity 910,500 914,500 Total liabilities and stockholders' equity 2,010,500 2,337,200 Prepare a statement of cash flows for the Crosby Corporation.
Refer to the following financial statements for Crosby Corporation:
CROSBY CORPORATION
Income Statement
For the Year Ended December 31, 2011
Sales $4,240,000
Cost of goods sold 2,810,000
Gross profit $1,430,000
Selling and administrative expense 738,000
Operating income $456,000
Interest expense 88,000
Earnings before taxes $368,000
Taxes 173,000
Earnings after taxes $195,000
Earnings available to common stockholders $185,000
Shares outstanding 150,000
Earnings per share $1.23
Statement of Retained Earnings
For the Year Ended December 31, 2011
Retained earnings, balance, January 1, 2011 $320,500
Add: Earnings available to common stockholders, 2011 $185,000
Deduct: Cash dividends declared and paid in 2011 $181,000
Retained earnings, balance, December 31, 2011 $324,500
Comparative Balance Sheets
For 2010 and 2011
Year-End 2010 ($) Year-End 2011 ($)
Assets
Current assets:
Cash 113,000 481,600
Accounts receivable (net) 563,000 607,000
Inventory 602,000 664,000
Prepaid expenses 60,900 30,900
Total current assets 1,338,900 1,783,500
Investments (long-term securities) 91,600 89,600
Gross plant and equipment 2,520,000 2,640,000
Less: Accumulated depreciation 1,940,000 2,176,000
Net plant and equipment 580,000 464,000
Total assets 2,010,500 2,337,100
Liabilities and
Current liabilities:
Accounts payable 342,000 581,000
Notes payable 548,000 548,000
Accrued expenses 75,000 51,600
Total current liabilities 965,000 1,180,600
Long-term liabilities:
Bonds payable, 2011 135,000 242,000
Total liabilities 1,100,000 1,422,600
Stockholders' equity:
Preferred stock, $100 par value 90,000 90,000
Common stock, $1 par value 150,000 150,000
Capital paid in excess of par 350,000 350,000
Retained earnings 320,500 324,500
Total stockholders' equity 910,500 914,500
Total liabilities and stockholders' equity 2,010,500 2,337,200
Prepare a statement of cash flows for the Crosby Corporation.
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