Question description


Jetson Spacecraft Corp. shows the following information on its 2011 income statement: sales = $244,000; costs = $144,000; other expenses = $7,900; depreciation expense = $18,000; interest expense = $13,200; taxes = $21,315; dividends = $10,000. In addition, you’re told that the firm issued $4,700 in new equity during 2011 and redeemed $3,200 in outstanding long-term debt.
a. What is the 2011 operating cash flow?
 Operating cash flow $ ???
b. What is the 2011 cash flow to creditors?
 Cash flow to creditors $ ???
c. What is the 2011 cash flow to stockholders?
 Cash flow to stockholders $ ???
d. If net fixed assets increased by $30,000 during the year, what was the addition to NWC?
 Addition to NWC $ ???


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Prepare a 2011 balance sheet for Cornell Corp. based on the following information: cash = $132,000; patents and copyrights = $630,000; accounts payable = $212,500; accounts receivable = $102,500; tangible net fixed assets = $1,630,000; inventory = $295,500; notes payable = $185,000; accumulated retained earnings = $1,268,000; long-term debt = $850,000. (Be sure to list the accounts in order of their liquidity.)
Balance Sheet
 (Click to select)Notes payableCashAccounts receivableAccounts payableInventory $ ???
 (Click to select)Accounts receivableIntangible net fixed assetsTangible net fixed assetsNotes payableAccounts payable
 (Click to select)CashInventoryAccounts payableCommon stockAccounts receivable
 Current assets $ ???
 (Click to select)Accounts payableAccounts receivableIntangible net fixed assetsTangible net fixed assetsInventory
 (Click to select)Accumulated retained earningsCommon stockTangible net fixed assetsIntangible net fixed assetsNotes receivable
 Total assets $ ???
 (Click to select)Notes payableLong-term debtAccounts receivableAccumulated retained earningsAccounts payable $ ???
 (Click to select)Notes payableCommon stockLong-term debtNotes receivableAccumulated retained earnings
 Current liabilities $ ???
 (Click to select)CashInventoryAccounts payableAccounts receivableLong-term debt
 Total liabilities $ ???
 (Click to select)Notes receivableCommon stockAccounts payableAccounts receivableNotes payable
 (Click to select)Accumulated retained earningsNotes payableCashAccounts payableCommon stock
 Total liabilities & owners’ equity $ ???


Use the following information for Taco Swell, Inc., (assume the tax rate is 30 percent):
2010 2011
 Sales $ 21,073 $ 18,636
 Depreciation 1,851 1,926
 Cost of goods sold 4,929 4,897
 Other expenses 1,041 919
 Interest 890 1,021
 Cash 6,352 7,036
 Accounts receivable 8,230 9,997
 Short-term notes payable 1,360 1,337
 Long-term debt 20,890 25,111
 Net fixed assets 51,306 58,120
 Accounts payable 4,688 5,214
 Inventory 14,606 15,478
 Dividends 1,900 1,808
For 2011, calculate the cash flow from assets, cash flow to creditors, and cash flow to stockholders.(Negative amounts should be indicated by a minus sign. Round your answers to 2 decimal places.)
 Cash flow from assets $ ???
 Cash flow to creditors $ ???
 Cash flow to stockholders $ ???
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