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ACC 230 4.5. The following comparative balance sheets and income statement are available for Little Bit Inc


ACC 230 4.5Little Bit Inc


Create your own statement of cash flows for problem 4.5 on p. 141(ch.4). Include your completed statement of cash flows and a 200-300 word analysis of the statement. 


4.5. The following comparative balance sheets and income statement are available for Little Bit Inc. 


Prepare a statement of cash flows for 2009 using the indirect method and analyze the statement. 

December 31,     

2009  2008 

Cash                                                  $40,000      $24,000 

Accounts receivable (net)                                  48,000           41,500 

Inventory                                             43,000           34,500 

Prepaid expenses                                        19,000           15,000      

Total Current Assets                                   $150,000      $115,000 

Plant and equipment                                       $67,000      $61,000 

Less accumulated depreciation                             (41,000)      (23,000) 

Plant and equipment (net)                                  $26,000      $38,000 

Long-term investments                                  90,000           89,000      

Total Assets                                        $266,000      $242,000 

Accounts Payable                                        $13,000      $11,000 

Accrued liabilities                                        55,000           71,000      

Total Current Liabilities                              $68,000      $82,000 

Long-term debt                                        25,000           8,000 

Deferred taxes                                             4,000           3,500      

Total Liabilities                                   $97,000      $93,500 

Common stock ($1 par) and additional paid-in capital            112,000      97,000 

Retained earnings                                        57,000           51,500

Total Liabilities and Equity                             $266,000      $242,000 


Income Statement for 2009 

Sales                                                             $155,000 

Cost of goods sold                                                  83,000      

Gross profit                                                   $72,000 

Selling and administrative                                 $45,000 

Depreciation                                            18,000 

     Operating Profit                                            63,700 

Interest expense                                                  $8,300      

Earnings before tax                                             2,000 

Tax expense                                                       $6,300 

Net income                                                       $5,500 


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