Computing cash flow items—direct method Superb Mobile Homes reported the following in its financial statements for the year ended December 31, 2012:
|
2012 |
2011 |
|
|
Income Statement |
|
|
|
Net sales |
$25,118 |
$21,115 |
|
Cost of sales |
18,088 |
15,432 |
|
Depreciation |
273 |
232 |
|
Other operating expenses |
4,411 |
4,283 |
|
Income tax expense |
536 |
481 |
|
Net income |
$1,810 |
$687 |
|
Balance Sheet |
|
|
|
Cash and cash equivalents |
$15 |
$13 |
|
Accounts receivable |
799 |
619 |
|
Inventories |
3,489 |
2,839 |
|
Property and equipment, net |
4,346 |
3,436 |
|
Accounts payable |
1,544 |
1,364 |
|
Accrued liabilities |
941 |
853 |
|
Long term liabilities |
479 |
468 |
|
Common stock |
671 |
443 |
|
Retained earnings |
5,014 |
3,779 |
Requirement
1. Determine the following for Superb Mobile Homes during 2012:
- Collections from customers.
- Payments for inventory.
- Payments of operating expenses.
- Acquisitions of property and equipment (no sales of property during 2012).
- Borrowing, with Superb paying no long term liabilities.
- Cash receipt from issuance of common stock.
Payment of cash dividends.