The Income Statement and a Partial Balance Sheet for Jefferson

question 112

Essay

The income statement and a partial balance sheet for Jefferson Company is presented below. Prepare the operating activities section of the statement of cash flows using the direct method.
Jefferson Company
Income Statement
For the Year Ended December 31, 2013
$$\begin{array} { | l | r | r |} \hline \text { Sales } & & \$ 500,000 \\\hline \text { Cost of goods sold } & & 390,000 \\\hline \text { Gross profit } & & \$ 110,000 \\\hline \text { Operating expenses: } & & \\\hline \text { Salaries } & \$ 70,000 & \\\hline \text { Depreciation expense } & 20,000 & \\\hline \text { Miscellaneous } & 10,000 & 100,000 \\\hline \text { Net income } & & \$ 10,000 \\\hline\end{array}$$
Jefferson Company
Partial Balance Sheet
December 31, 2013
$$\begin{array} { | l | r | r | } \hline & 2013 & { 2012 } \\\hline \text { Cash } & \$ 80,000 & \$ 65,000 \\\hline \text { Accounts receivable (net) } & 57,000 & 50,000 \\\hline \text { Inventories } & 102,000 & 86,000 \\\hline \text { Accrued liabilities } & 4,500 & 5,000 \\\hline \text { Accounts payable (inventory) } & 58,000 & 51,000 \\\hline \text { Salaries payable } & 7,500 & 6,000 \\\hline\end{array}$$

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Definitions:

Ion Channels

Channels for the passage of ions through a membrane; formed by specific membrane proteins.

Plasma Membranes

The plasma membrane is the biological membrane that separates the interior of all cells from the outside environment, controlling the movement of substances in and out of cells.

Ras Proteins

A family of proteins involved in transmitting signals within cells, playing key roles in the regulation of cell division, growth, and differentiation.

G Proteins

A family of proteins that act as molecular switches inside cells, involved in transmitting signals from stimuli outside the cell to its interior.