Question
4. Sources and Uses Statement Use the information below to prepare a statement of sources and uses for Little Feat. Little Feat Comparative Balance Sheets
4. Sources and Uses Statement
Use the information below to prepare a statement of sources and uses for Little Feat.
Little Feat Comparative Balance Sheets (in thousands) | |||
| 2016 | 2015 | Change |
Cash | 76 | 46 | 30 |
Accounts receivable | 138 | 86 | 52 |
Inventory | 206 | 166 | 40 |
Prepaid expenses | 12 | 15 | (3) |
Building & equipment | 272 | 246 | 26 |
Accumulated Depreciation | (76) | (54) | (22) |
Total assets | 628 | 505 | 123 |
Accounts payable | 90 | 68 | 22 |
Income tax payable | 16 | 18 | (2) |
Bonds payable | 118 | 115 | 3 |
Common stock | 200 | 180 | 20 |
PIC in excess | 100 | 46 | 54 |
Retained earnings | 104 | 78 | 26 |
Total liabilities & equity | 628 | 505 | 123 |
Little Feat Income Statement For the year ending 12/31/2016 (in thousands) | ||
Sales |
| 416 |
Cost of goods sold | 266 |
|
Depreciation expense | 22 |
|
Other expenses | 50 |
|
Interest expense | 6 |
|
Income tax expense | 18 |
|
| 362 | 362 |
Net Income |
| 54 |
Other Items: Dividends paid |
| 28 |
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