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Module 2 Critical Thinking Assignment
Understanding Financial Statements and Cash Flow
Problem 2-1: Preparing Financial Statements
Information below is for Buraydah Manufacturing, Inc. for the year ended December 31, 20x1 except where beginning of year numbers indicated. All amounts in SAR unless otherwise stated.
Accumulated depreciation
2,817,000
Sales
5,826,000
Accounts receivable
233,000
Interest expense
237,000
Cost of goods sold
2,672,000
Short term notes payable
195,000
Income taxes
366,600
Inventories
967,000
Common stock
428,000
Dividends paid
120,000
Cash
986,500
Marketing, general and administrative expenses
1,678,500
Long term debt
5,844,000
Fixed assets (property & equipment)
7,218,000
Accounts payable
395,000
Other assets
862,000
Depreciation expense
422,000
Retained earnings at beginning of year
419,600
Number of shares of common stock
1,000
Using the information above:
1. Prepare an income statement in good form
2. Prepare end of year balance sheet in good form
3. Calculate net working capital
4. Calculate the debt ratio
Using an additional column for each financial statement:
5. Prepare a common sized income statement
6. Prepare a common sized balance sheet
Problem 2-2 Preparing Statement of Cash Flows
Given the following information, prepare a statement of cash flows.
Dividends
15
Increase in common stock
22
Decrease in accounts receivable
24
Increase in inventories
35
Operating income
80
Increase in accounts payable
25
Interest expense
25
Depreciation expense
12
Increase in long term debt
48
Increase in fixed assets
33
Income taxes
17
Beginning cash balance
20
Assume all amounts are in 000's SAR.
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