Question
1. Use the income statement and balance sheet shown below to develop the statement of cash flows. YEAR T+1 Revenues $5,700.00 COGS $4,560.00 Gross Profit
1. Use the income statement and balance sheet shown below to develop the statement of cash flows.
YEAR T+1
Revenues $5,700.00
COGS $4,560.00
Gross Profit $1,140.00
Operating Expenses $500.00
Depreciation $27.00
EBIT $613.00
Interest Expense $35.00
EBT $578.00
Taxes $231.20
NI $ 346.80
Dividends $ 0.00
RE $346.80
Balance Sheet YEAR T+1 YEAR T
Cash and Equivalents $714.80 $120.00
Accounts Receivable $500.00 $500.00
Inventory $300.00 $340.00
Total Current Assets $1,514.80 $960.00
Fixed Assets $660.00 $800.00
Accumulated Depreciation $227.00 $200.00
Net Fixed Assets $433.00 $600.00
Total Assets $1,947.80 $1,560.00
Accounts Payable $320.00 $300.00
Short-Term Notes Payable $40.00 $50.00
Accruals $11.00 $10.00
Total Current Liabilities $371.00 $360.00
Long-Term Debt $780.00 $750.00
Total Liabilities $1,151.00 $1,110.00
Common Stock $120.00 $120.00
Retained Earnings $676.80 $330.00
Total Shareholders Equity $796.80 $450.00
Total Liabilities & Shareholders Equity $ 1,947.80 $1,560.00
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Audit Regulations Audit Market Structure And Financial Reporting Quality Foundations And Trends R In Accounting
Authors: Christopher Bleibtreu, Ulrike Stefani
1st Edition
1680839004, 978-1680839005
