Course Content / Student Orientation Resources / Practice Set
Other expenses (including income taxes) 5,100
Effect of exchange rate changes on cash (100)
Prepare balance sheet, income statement, and statement of cash flows for the year.
Note: Do not use a negative sign (-) with expense items in the income statement.
ELECTRA AUTO, INC.
Income Statement
For the Year Ended December 31
($ millions)
Sales revenue 21,500?
Cost of goods sold 17,400?
Gross profit 4,100
Other expenses (including income taxes) 5,100?
Net loss (1,000)
ELECTRA AUTO, INC.
Balance Sheet
December 31
($ millions)
Cash asset 4,300?
Noncash assets 25,500?
Total assets $ 29,800
Total liabilities 23,400?
Stockholders' equity 6,400?
Total liabilities and stockholders' equity $ 29,800
ELECTRA AUTO, INC.
Statement of Cash Flows
For the Year Ended December 31
($ millions)
Cash flow from operating activities 2,100?
Cash flow from investing activities (2,300)?
Cash flow from financing activities 600?
Effect of exchange rate changes on cash (100)?
Change in cash 300
Cash balance (beginning of year) 5,000 x
Cash balance (end of year) $ 5,300
