Question
ACC 201 Chapter 17 Open-Ended Assignment Note: Please put your answers only in the section below the Bold Red sentence at the end of the
ACC 201
Chapter 17 Open-Ended Assignment
Note: Please put your answers only in the section below the Bold Red sentence at the end of the Required section below.
The following information relates to Henry's Hat Store for the year ended December 31, 2023.
Cash
Accounts Receivable
Inventory
Total Current Assets
Land
Building and Fixtures
Less Accumulated Depreciation
Total Assets
2023
150,000
360,000
320,000
830,000
156,000
350,000
(71,000)
1,265,000
2022
140,000
340,000
155,000
635,000
-
233,000
(30,000)
838,000
Accounts Payable
Taxes Payable
Total Current Liabilities
Common Stock
Capital in Excess of Par
Retained Earnings
Total Stockholders' Equity
Total Liabilities and Stockholders' Equity
2023
230,000
101,000
331,000
110,000
589,000
235,000
934,000
1,265,000
2022
200,000
76,000
276,000
60,000
360,000
142,000
562,000
838,000
2023
Sales Revenue -3,000,000
Cost of Goods Sold -2,300,000
Gross Profit -700,000
Depreciation Expense -41,000
Summary of Other Expenses -415,000
Earnings Before Taxes -244,000
Income Tax Expense -71,000
Net Income -173,000
Other information:
- The company purchased a building and fixtures with cash during the year, but none were sold.
- Dividends of $80,000 were declared and paid during the year.
- Cash proceeds from the sale of common stock during the year totaled $279,000.
- Land was purchased for $156,000 cash during the year.
Required:
Prepare the statement of cash flows for Henry's Hat Store for the year ended December 31, 2023 using the indirect method from operating activities for the statement of cash flows using the indirect method.
Your answers to this open-ended assignment should be placed in the space below this line.
Henry's Hat Store
Statement of Cash Flows
Year Ended Dec. 31, 2023
Net Income
Depreciation Expense
Increase in Accounts Receivable
Increase in Inventory
Increase in Accounts Payable
Increase in Taxes Payable
Cash Generated by Operating Activities
Purchase of Building and Fixtures
Purchase of Land
Cash Outflows form Investing Activities
Issued Common Stock
Payment of Dividends
Cash Generated by Financing Activities
Increase (decrease) in Cash for the Year Cash Balance at the Beginning of the year
Cash Balance at the End of the Year
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Cost Accounting An Introduction To Cost Management Systems
Authors: Philip Jagolinzer
1st Edition
0324015828, 978-0324015829
