ACCT 2220 - Fall 2025 EXTRA CREDIT Test # 2 - Cash Flows
Name___________________________________
1)
Below are selected financial statement information and additional data for Jeong Enterprises. Changes in
account balances can be attributed to cash transactions. Prepare a statement of cash flows for the year ending
December 31, 2028.
Jeong Enterprises
Balance Sheet and Income Statement Data
Current Assets:
Cash
Accounts Receivable
Inventory
Total Current Assets
Property, Plant, and Equipment
Less: Accumulated Depreciation
Total Assets
Current Liabilities:
Accounts Payable
Notes Payable
Income Taxes Payable
Total Current Liabilities
Bonds Payable
Total Liabilities
Stockholders' Equity:
Common Stock
Retained Earnings
Total Stockholders' Equity
Total Liabilities & Stockholders' Equity
Sales Revenue
Less: Cost of Goods Sold
Gross Profit
Expenses:
Depreciation Expense
Salaries and Wages Expense
Interest Expense
Income Before Taxes
Less: Income Tax Expense
Net Income
December 31, 2028
December 31, 2027
$ 153,000
238,000
391,000
782,000
$ 119,000
306,000
340,000
765,000
1,241,000
(476,000)
$1,547,000
1,122,000
(442,000)
$1,445,000
$
$
187,000
51,000
85,000
323,000
340,000
663,000
102,000
68,000
76,500
246,500
391,000
637,500
510,000
374,000
884,000
$1,547,000
467,500
340,000
807,500
$1,445,000
$1,615,000
751,000
864,000
$1,513,000
731,000
782,000
153,000
391,000
34,000
286,000
110,000
$ 176,000
136,000
357,000
34,000
255,000
102,000
$ 153,000
Additional Information:
During the year, Jeong sold equipment for $34,000 that had a cost of $153,000 and accumulated depreciation of
$119,000, and purchased new equipment for $272,000.