Assignment Problem: Listed below are some balances of Omega, Inc for the year ending December 31, 2013 and as of December 31, 2012 and 2013
Year ending 12/31/13
Revenue 3,000,000
Cost of goods sold 1,600,000
Rent expense 115,000
Insurance expense 80,000
Interest expense 5,000
Income tax expense 100,000
Payroll and benefit expense 225,000
Depreciation cost 70,000
Dividend income 30,000
Gain on sale of investments 45,000
Loss on building fire 35,000
Interest income 25,000
General and administrative cost 155,000
Impairment 20,000
As of 12/31/12 12/31/13
Cash 100,000 1,595,000
Accounts receivable 325,000 350,000
Interest receivable 12,000 10,000
Inventory 400,000 375,000
Accrued payroll and benefits 75,000 88,000
Accrued rent 50,000 50,000
Prepaid insurance 80,000 60,000
Accrued general and administrative 55,000 50,000
Accrued income tax 20,000 65,000
The following is additional information with regards Omega during the year ending December 31, 2013:
Purchased $200,000 of machinery with a note payable.
Paid a dividend on preferred stock of $100,000.
Made capital lease payments of $80,000.
Issued a $200,000 bond.
Purchased Delta Stock for $225,000.
Borrowed $700,000 under its line of credit.
Purchased land for $50,000.
Sold a building for $100,000 for $20,000 cash and $80,000 mortgage.
Loaned $125,000 to the CEO.
Sold a franchise for $130,000.
Proceeds from sale of UAL stock $100,000.
Made mortgage payments of $30,000.
Repurchased Omega stock for $15,000.
Received insurance proceeds of $125,000 related to building fire.
Issued $150,000 of Omega common stock.
Requirements: Using the information above for Omega Inc
Question 1: Prepare a complete cash flow statement for the year ending December 31, 2013 using the indirect method. The statement must include all titles, headings, captions, sections, totals, subtotals and disclosures one would normally expect on the face of the cash flow statement.
Question 2: Prepare the operating section of the cash flow statement for the year ending December 31, 2013 using the direct method.
Question 3: The cash flow statements should be prepared in proper form and format including all relevant headings, sections, captions, titles, totals and subtotals.
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