question archive The following are the income statement and balance sheets of Medico Company: Medico Company Income Statement Year Ended December 31, 2002 Sales $840,000 Cost of goods sold (490,000) Gross profit $350,000 Salary expense $175,000 Depreciation expense 35,000 Rent expense 16,000 Utilities expense 74
The following are the income statement and balance sheets of Medico Company: Medico Company Income Statement Year Ended December 31, 2002 Sales $840,000 Cost of goods sold (490,000) Gross profit $350,000 Salary expense $175,000 Depreciation expense 35,000 Rent expense 16,000 Utilities expense 74
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The following are the income statement and balance sheets of Medico Company: Medico Company Income Statement Year Ended December 31, 2002 Sales $840,000 Cost of goods sold (490,000) Gross profit $350,000 Salary expense $175,000 Depreciation expense 35,000 Rent expense 16,000 Utilities expense 74.000 Interest expense 18.000 Total other expenses (318,000) Net income $32,000 Medico Company Balance Sheet December 31, 2001 and 2002 2002 2001 Cash $28.000 $35.000
2002 2001 Cash $28.000 $35.000 Accounts receivable 97,000 87,000 Merchandise inventory 120,000 132,000 Supplies 15,000 10,000 Buildings and equipment 510,000 410,000 Accumulated depreciation (195.000) (160.000) Total assets $575.000 $514,000 Accounts payable $35,000 $41,000 Wages payable 21,000 39,000 Utilities payable 7,000 4,000 Bonds payable 240,000 200,000 Common stock 110,000 80.000 Retained earnings 162.000 150,000 Total liabilities and owners' equity $575,000 3514,000 Required: a. Prepare the statement of cash flows for the year ended December 31, 2002, using both the direct and the indirect method for the net cash flow from operating, investing and financing activities. b. Calculate Medico's free cash flow
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