b. Cumberland Industries' partial balance sheets are shown below. Cumberland issued $10,000,000 of new common stock in the most recent year. Using this information and the results from part a, fill in the missing values for common stock, retained earnings, total common equity, and total liabilities and equity. Dollar value of common stock issued (in thousands of dollars) Cumberland Industries December 31 Balance Sheets (in thousands of dollars) 2010 Assets Cash and cash equivalents Short-term investments Accounts Receivable Inventories $91,450 11,400 108,470 38,450 2009 $74,625 15,100 85,527 34,982 $10,000
Total current assets Net fixed assets Total assets Liabilities and equity Accounts payable Accruals Notes payable Total current liabilities Long-term debt Total liabilities Common stock Retained earnings Total common equity Total liabilities and equity Check for balancing (this should be zero): c. Construct the statement of cash flows for the most recent year. Statement of Cash Flows (in thousands of dollars) Operating Activities Net Income Adjustments: Noncash adjustment: Depreciation Due to changes in working capital: Due to change in accounts receivable Due to change in inventories Due to change in accounts payable Due to change in accruals Net cash provided (used) by operating activities Investing Activities Cash used to acquire gross fixed assets Due to change in short-term investments Net cash provided (used) by investing activities Financing Activities Due to change in notes payable Due to change in long-term debt Due to change in common stock Payment of common dividends Net cash provided (used) by financing activities Net increase/decrease in cash Add: Cash balance at the beginning of the year Cash balance at the end of the year
$30,761 30,405 12,717 $73,883 80,263 $154,146 $100,000 62,624 $162,624 $316,770
$23,109 22,656 14,217 $59,982 63,914 $123,896 $90,000 38,774 $128,774 $252,670
$31,800
4/11/2010
depreciation) were equal to assets; interest expenses 25% of its net income out in te total dividends and the