Assignment Task: The following information is taken from the operating section of the statement of cash flows (direct method) of Battery Builders. Inc.:
|
Collections from customers
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$28,000
|
|
Payments to suppliers for purchases
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-13,000
|
|
Payments for operating expenses
|
-9,000
|
|
Payments for income taxes
|
-4,000
|
|
Cash provided by operating activities
|
2,000
|
The following information is obtained from the income statement of Battery Builders:
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Net income
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$4,000
|
|
Depreciation expense
|
4,000
|
|
Gain on sale of equipment
|
2,000
|
|
Write-off of intangibles
|
1,000
|
In addition, the following information is obtained from the comparative balance sheets of Battery Builders (decreases in parentheses):
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Change in accounts receivable
|
$3,000
|
|
Change in inventory
|
3,000
|
|
Change in accounts payable
|
2,000
|
|
Change in accrued payable (related to operating expense)
|
-2,000
|
|
Change in deferred taxes payable
|
1,000
|
Required: Prepare a complete accrual-basis income statement for the current year.
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