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[answered] MANAGEMENT 120A CASE ASSIGNMENT 1 Cash Flow Statement Analy


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MANAGEMENT 120A CASE ASSIGNMENT 1 Cash Flow Statement Analysis

 

The following is Crash Zone Corporation?s balance sheet at the end of 2013 and its cash

 

flow statement for 2014. Crash Zone manufactures safety equipment for race cars.

 

The following is the balance sheet for Crash Zone for 2013.

 

Crash Zone Corp.

 

Balance Sheets Decem ber 31

 

2013 Assets

 

Current assets

 

Cash $ Accounts receivable - net 8,250

 

7,110 Inventory 14,221 Prepaid assets 1,850 Total current assets 31,431 Land 30,278 Buildings and equipment 222,665 Less: Accumulated depreciation,

 

buildings and equipment

 

Total assets (41,115)

 

$ 243,259 Liabilities and Stockholders' Equity

 

Current liabilities

 

Accounts payables

 

Accrued expenses

 

Total current liabilities

 

Long-term debt $ 13,500

 

4,888

 

18,388

 

31,500 Stockholders' equity

 

Common stock, $10.00 par value

 

Paid-in-capital

 

Retained earnings

 

Less: Treasury stock

 

Total liabilities and stockholders' equity 21,552

 

45,002

 

146,872

 

(20,055)

 

$ 243,259 Page | 1 The following is the statement of cash flows for 2014:

 

Crash Zone Corp.

 

Cash Flow Statements

 

For the year ended December 31, 2014

 

Operating Activities

 

Net Income $ 15,750 Plus (minus) noncash items:

 

Depreciation expense 6,210 Plus (minus) changes in current asset and liability accounts

 

- Increase in inventory (350) + Decrease in prepaid assets 102 Decrease in accrued expenses (655) - Increase in accounts receivable (3,178) - Decrease in accounts payable

 

Cash provided by operating activities (1,230)

 

$ 16,649 Investing Activities

 

Purchase of equipment $ (27,910) Proceeds from the sale of land

 

Cash used by investing activities 6,555

 

$ (21,355) Financing Activities

 

Issuance of long-term debt $ Issuance of common stock 8,900

 

23,000 Cash dividends paid (12,200) Purchase of treasury stock (7,513) Cash provided by financing activities $ 12,187 Net cash flow $ 7,481 Additional information:

 

a. During 2014, 500 shares of common stock were sold to the public.

 

b. Land was sold during 2014 at an amount equal to its original cost.

 

Required:

 

Use the preceding information to derive Crash Zone?s balance sheet at the end of 2014. Page | 2

 


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