# Weller Company: Cash Flows and Debt

Presented below are the financial statements of Weller Company,

Weller Company
Comparative Balance Sheet
December 31

Assets 2007 2008
Cash \$ 35,000 \$20,000
Accounts receivable 33,000 14,000
Merchandise Inventory 27,000 20,000
Property, plant and Equip. 60,000 78,000
Accumulated Depreciation (29,000) (24,000)
Total \$126,000 \$108,000

Liabilities and Stockholders
Accounts Payable \$ 29,000 \$ 15,000
Income Taxes payable 7,000 8,000
Bonds Payable 27,000 33,000
Common Stock 18,000 14,000
Retained Earnings 45,000 38,000
Total \$126,000 \$108,000

Weller Company
Income Statement
For the year ended Dec. 31, 2007

Sales \$242,000
Cost of goods sold 175,000
Gross Profit 67,000
Selling Expenses \$18,000
Income from operations 43,000
Interest Expense 3,000
Income before taxes 40,000
Income Tax Expense 8,000
Net Income \$32,000

1) Dividends declared and paid were \$25,000
2) During the year equipment was sold for \$8,500 cash. This equipment cost \$18,000 originally and had a book value of \$8,500 at the time of sale.
3) All depreciation expense is in the selling expense category.
4) All sales and purchases are on account.

Instructions:
A) Prepare a statement of cash flows using the indirect method.
B) Complete these cash basis measure:
1) Current cash debt coverage ratio
2) Cash debt coverage ratio
3) Free Cash flow

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