Additional Check figures provided:

Trial Balance: Adjusting Entries total debits = total credits = $6,375.00

Adjusted Trial Balance: total debits = total credits = $432,111.32

2017 Revised Balance Sheet total Assets = 173,652.87

2017 Revised Income Statement Net Income = 175,476.18

2017 Revised Retained Earnings Statement Ending Balance = 120,621.02

The dollar amount and/or balance for "Ending Cash" should be $68,520.04 at the very bottom of the Revised Statement of Cash Flow for year ended December 31, 2017. $68,520.04 is the balance that appears on the Revised Balance Sheet for year ended December 31, 2017. However, the balance associated with "Ending Cash" is $70,0520.40. What am I missing or doing wrong on the Revised Statement of Cash Flow for Year Ended December 31, 2017? Can you help me determine what should be added an/do removed in order to get a "Ending Cash" balance of $68,520.04, please?

You just began a position as a financial accountant at Peyton Approved. In this role, your first task is to prepare the company's financials for the year- end audit. Additionally, the company is interested in expanding its business within the next year. They would like your support in assessing their ability to meet their goals. TRIAL BALANCE 2017 TAB Using the Peyton Approved financial data (see bottom of page): Create the necessary adjusting journal entries. Use the REF column to reference the entry to each event Complete the adjusted trial balance REVISED FINANCIAL STATEMENTS Using the preliminary financial statements (yellow tabs) and the Trial Balance 2017, prepare the following statements: Balance Sheet (BS 2017 Revised tab) Income Statement (IS 2017 Revised tab) Retained Earnings Statement (RE 2017 Revised tab) Statement of Cash Flows (CF 2017 Revised tab) PEYTON APPROVED FINANCIAL DATA Preliminary Financial Statements have already been prepared (2017 statements in the Final Project Workbook). Final adjusting entries have not yet been made. See table for possible adjustments that indicate what will be recorded at 12/31/17 (fiscal year end). Use the following to complete year-to-year documentation and notes for managing depreciation, inventory, and long-term debt. 1. A supplier shipped $3,000 of ingredients on 12/29/17. Peyton receives an invoice for $3,175 for the goods and freight of $175, all dated 12/29/17. Goods were shipped FOB supplier's warehouse. 2. At 12/31/17, Peyton has $200 worth of merchandise on consignment at Bruno's House of Bacon. 3. On 12/23/17, Peyton received a $1,000 deposit from Pet Globe for product to be shipped by Peyton in the second week of January. 4. On 12/03/2017, a mixer with cost of $2,000, accumulated depreciation $1,200, was destroyed by a forklift. As of 12/23/17, insurance company has agreed to pay $700 in January, 2018, for accidental destruction. B D E K L M N o P 1 F G H I PEYTON APPROVED TRIAL BALANCE As of December 31, 2017 2 3 4 5 6 ref Unadjusted trial balance Dr Cr 67,520.04 68,519.91 Adjusting entries Dr Cr 1,000.00 ref 7 8 9 700.00 3,175.00 10 15,506.70 1,238.07 11 200.00 12 200.00 13 Cash Accounts Receivable Other Receivable - Insurance Baking Supplies Merchandise Inventory Consignment Inventory Prepaid Rent Prepaid Insurance Misc. Supplies Baking Equipment Accumulated Depreciation Customer Deposit Accounts Payable Wages Payable Interest Payable Notes Payable 14 Adjusted trial balance Dr Cr 68,520.04 68,519.91 700.00 18,681.70 1,038.07 200.00 2,114.55 2,114.55 170.49 12,000.00 406.44 1,000.00 23,437.11 3,383.28 211.46 5,000.00 2,114.55 2,114.55 170.49 14,000.00 15 16 2,000.00 17 1,606.44 1,200.00 18 1,000.00 3,175.00 19 20 21 20,262.11 3,383.28 211.46 5,000.00 22 23 20,000.00 50,144.84 20,000.00 50,144.84 24 25 105,000.00 26 27 28 327,322.55 1,205.64 327,322.55 1,205.64 29 30 31 32 Common Stock Beginning Retained earnings Dividends 105,000.00 Bakery Sales Merchandise Sales Cost of Goods Sold - Baked 105,834.29 Cost of Goods Sold - Merchandise 859.77 Rent Expense 24,549.19 Wages Expense 10,670.72 Misc. Supplies Expense 3,000.46 Business License Expense 2,045.77 Misc. Expense 1,363.84 Depreciation Expense 677.86 Insurance Expense 1,091.08 Advertising Expense 1,549.74 Interest Expense 818.31 Telephone Expense 490.98 Gain/Loss on disposal of equipment 429,136.32 33 34 105,834.29 859.77 24,549.19 10,670.72 3,000.46 2,045.77 1,363.84 677.86 1,091.08 1,549.74 818.31 490.98 100.00 432,111.32 35 36 37 38 39 40 41 429,136.32 100.00 6,375.00 6,375.00 432,111.32 1 2 3 Peyton Approved Income Statement For Year Ended 12/31/2017 4 5 6 7 $ 327,322.55 1,205.64 8 9 328,528.19 10 Bakery Sales Merchandise Sales Total Revenues Cost of Goods Sold - Baked Cost of Goods Sold - Merchandise Total Cost of Goods Sold Gross Profit $ 105,834.29 859.77 11 12 106,694.06 $ 221,834.13 13 14 15 16 16 17 Operating Expenses: 18 19 20 21 22 23 24 Rent Expense Wages Expense Misc. Supplies Expense Business License Expense Misc. Expense Depreciation Expense Insurance Expense Advertising Expense Interest Expense Telephone Expense Gain/Loss on disposal of equipment Total Operating Expenses: 24,549.19 10,670.72 3,000.46 2,045.77 1,363.84 677.86 1,091.08 1,549.74 818.31 490.98 100.00 25 26 27 28 29 30 46,357.95 31 32 Net Income 175,476.18 Peyton Approved Statement of Retained Earnings For Year Ended 12/31/2017 Instructions Milestone 1 4 1 2 3 4 5 6 7 8 9 10 11 12 13 Beginning Balance: plus Net Income $ 50,144.84 175,476.18 less Dividends: Ending Balance 105,000.00 $ 120,621.02 $50,144.84 + $175,476.18 - $105,000 = $120,621.02 1 2 Peyton Approved Balance Sheet As of December 31, 2017 3 4 5 6 7 8 Liabilities and Owners' Equity Current Liabilities: Accounts Payable 23.437.11 Wages Payable 3,383.28 Interest Payable 211.46 Customer Deposit 1,000.00 9 10 Assets Current Assets: Cash Accounts Receivable Other receivable--Insurance Baking Supplies Merchandise Inventory Consignment Inventory Prepaid Rent Prepaid Insurance Misc. Supplies 11 12 68,520.04 68,519.91 700.00 18,681.70 1,038.07 200.00 2,114.55 2,114.55 170.49 13 14 15 16 17 18 18 19 Total Current Assets 162,059.31 Total Current Liabilities 28,031.85 20 21 22 Long Term Liabilities: Notes Payable Total Long Term Liabilities: 5,000.00 Long Term/Fixed Assets: Baking Equipment Accumulated Depreciation Net Fixed assets 23 24 12,000.00 -406.44 5,000.00 25 11,593.56 Total Liabilities: 33,031.85 26 27 Common Stock Retained Earnings 20,000.00 120,621.02 28 29 30 Total Equity 140,621.02 31 Total Assets 173,652.87 Total Liabilities & Equity 173,652.87 32 33 1 2 3 4 5 Peyton Approved Statement of cash Flow For Year Ended 12/31/2017 6 Net Income Depreciation Expense Loss on disposal of plant asset $ 175,476.18 677.86 100.00 8 9 176,254.04 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Increase in Accounts Receivable Increase in Baking Supplies Increase in Other receivable -- Insurance Increase in Merchandise inventory Increase in Consignment inventory Increase in Prepaid Rent Increase in Prepaid Insurance Increase in Misc. Supplies Increase in Accounts Payable Increase in Wages Pavable (25,886.91) (11,362.84) (700.00) (243.10) (200.00) (449.55) (1,004.55) (114.99 6,467.11 1.850.48 Increase in Interest Payable Increase in Customer Deposit 44.96 1,000.00 Operating Cash Flow 145,654.65 Cash Flow from Investments Equipment Purchases Cash receipt from sale of plant asset (4,000.00) 700.00 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 Cash Flow from Investments (3,300.00) Cash Flow from Financing Repayment of Note Payable Dividends Paid (10,000.00) (105,000.00) Cash Flow from Financing (115,000.00) Net Cash Flow 27,354.65 39 40 41 Beginning Cash 43,165.39 42 Ending Cash 70,520.04 1 Preliminary 1 2. 2 3 4. Peyton Approved Statement of cash Flow For Year Ended 12/31/2017 4 5 6 6 Net Income Depreciation Expense $ 175,576.18 677.86 8 176,254.04 7 8 9 10 11 12 13 14 15 16 17 18 Increase in Accounts Receivable Increase in Baking Supplies Increase in Merchandise inventory Increase in Prepaid Rent Increase in Prepaid Insurance Increase in Misc. Supplies Increase in Accounts Payable Increase in Wages Payable Increase in Interest Payable (25,886.91) (8,187.84) (443.10) (449.55) (1,004.55 (114.99 3,292.11 1,850.48 44.96 Cash Flow from Investments Equipment Purchases (6,000.00) Cash Flow from Investments (6,000.00) 21 22 23 24 25 26 27 28 29 30 31 Cash Flow from Financing Repayment of Note Payable Dividends Paid (10,000.00) (105,000.00) Cash Flow from Financing (115,000.00) 32 Net Cash Flow 24,354.65 33 34 35 36 37 Beginning Cash 43,165.39 Ending Cash 67,520.04 1 2 Peyton Approved Balance Sheet As of December 31, 2016 3 4 5 Assets 6 Current Assets: 7 Cash 8 Accounts Receivable 9 Baking Supplies 10 Merchandise Inventory 11 Prepaid Rent 12 Prepaid Insurance 13 Misc. Supplies Liabilities and Owners' Equity Current Liabilities: Accounts Payable 16,970.00 Wages Payable 1,532.80 Interest Payable 166.50 43,165.39 42,633.00 7,318.86 794.97 1,665.00 1,110.00 55.50 14 You just began a position as a financial accountant at Peyton Approved. In this role, your first task is to prepare the company's financials for the year- end audit. Additionally, the company is interested in expanding its business within the next year. They would like your support in assessing their ability to meet their goals. TRIAL BALANCE 2017 TAB Using the Peyton Approved financial data (see bottom of page): Create the necessary adjusting journal entries. Use the REF column to reference the entry to each event Complete the adjusted trial balance REVISED FINANCIAL STATEMENTS Using the preliminary financial statements (yellow tabs) and the Trial Balance 2017, prepare the following statements: Balance Sheet (BS 2017 Revised tab) Income Statement (IS 2017 Revised tab) Retained Earnings Statement (RE 2017 Revised tab) Statement of Cash Flows (CF 2017 Revised tab) PEYTON APPROVED FINANCIAL DATA Preliminary Financial Statements have already been prepared (2017 statements in the Final Project Workbook). Final adjusting entries have not yet been made. See table for possible adjustments that indicate what will be recorded at 12/31/17 (fiscal year end). Use the following to complete year-to-year documentation and notes for managing depreciation, inventory, and long-term debt. 1. A supplier shipped $3,000 of ingredients on 12/29/17. Peyton receives an invoice for $3,175 for the goods and freight of $175, all dated 12/29/17. Goods were shipped FOB supplier's warehouse. 2. At 12/31/17, Peyton has $200 worth of merchandise on consignment at Bruno's House of Bacon. 3. On 12/23/17, Peyton received a $1,000 deposit from Pet Globe for product to be shipped by Peyton in the second week of January. 4. On 12/03/2017, a mixer with cost of $2,000, accumulated depreciation $1,200, was destroyed by a forklift. As of 12/23/17, insurance company has agreed to pay $700 in January, 2018, for accidental destruction. B D E K L M N o P 1 F G H I PEYTON APPROVED TRIAL BALANCE As of December 31, 2017 2 3 4 5 6 ref Unadjusted trial balance Dr Cr 67,520.04 68,519.91 Adjusting entries Dr Cr 1,000.00 ref 7 8 9 700.00 3,175.00 10 15,506.70 1,238.07 11 200.00 12 200.00 13 Cash Accounts Receivable Other Receivable - Insurance Baking Supplies Merchandise Inventory Consignment Inventory Prepaid Rent Prepaid Insurance Misc. Supplies Baking Equipment Accumulated Depreciation Customer Deposit Accounts Payable Wages Payable Interest Payable Notes Payable 14 Adjusted trial balance Dr Cr 68,520.04 68,519.91 700.00 18,681.70 1,038.07 200.00 2,114.55 2,114.55 170.49 12,000.00 406.44 1,000.00 23,437.11 3,383.28 211.46 5,000.00 2,114.55 2,114.55 170.49 14,000.00 15 16 2,000.00 17 1,606.44 1,200.00 18 1,000.00 3,175.00 19 20 21 20,262.11 3,383.28 211.46 5,000.00 22 23 20,000.00 50,144.84 20,000.00 50,144.84 24 25 105,000.00 26 27 28 327,322.55 1,205.64 327,322.55 1,205.64 29 30 31 32 Common Stock Beginning Retained earnings Dividends 105,000.00 Bakery Sales Merchandise Sales Cost of Goods Sold - Baked 105,834.29 Cost of Goods Sold - Merchandise 859.77 Rent Expense 24,549.19 Wages Expense 10,670.72 Misc. Supplies Expense 3,000.46 Business License Expense 2,045.77 Misc. Expense 1,363.84 Depreciation Expense 677.86 Insurance Expense 1,091.08 Advertising Expense 1,549.74 Interest Expense 818.31 Telephone Expense 490.98 Gain/Loss on disposal of equipment 429,136.32 33 34 105,834.29 859.77 24,549.19 10,670.72 3,000.46 2,045.77 1,363.84 677.86 1,091.08 1,549.74 818.31 490.98 100.00 432,111.32 35 36 37 38 39 40 41 429,136.32 100.00 6,375.00 6,375.00 432,111.32 1 2 3 Peyton Approved Income Statement For Year Ended 12/31/2017 4 5 6 7 $ 327,322.55 1,205.64 8 9 328,528.19 10 Bakery Sales Merchandise Sales Total Revenues Cost of Goods Sold - Baked Cost of Goods Sold - Merchandise Total Cost of Goods Sold Gross Profit $ 105,834.29 859.77 11 12 106,694.06 $ 221,834.13 13 14 15 16 16 17 Operating Expenses: 18 19 20 21 22 23 24 Rent Expense Wages Expense Misc. Supplies Expense Business License Expense Misc. Expense Depreciation Expense Insurance Expense Advertising Expense Interest Expense Telephone Expense Gain/Loss on disposal of equipment Total Operating Expenses: 24,549.19 10,670.72 3,000.46 2,045.77 1,363.84 677.86 1,091.08 1,549.74 818.31 490.98 100.00 25 26 27 28 29 30 46,357.95 31 32 Net Income 175,476.18 Peyton Approved Statement of Retained Earnings For Year Ended 12/31/2017 Instructions Milestone 1 4 1 2 3 4 5 6 7 8 9 10 11 12 13 Beginning Balance: plus Net Income $ 50,144.84 175,476.18 less Dividends: Ending Balance 105,000.00 $ 120,621.02 $50,144.84 + $175,476.18 - $105,000 = $120,621.02 1 2 Peyton Approved Balance Sheet As of December 31, 2017 3 4 5 6 7 8 Liabilities and Owners' Equity Current Liabilities: Accounts Payable 23.437.11 Wages Payable 3,383.28 Interest Payable 211.46 Customer Deposit 1,000.00 9 10 Assets Current Assets: Cash Accounts Receivable Other receivable--Insurance Baking Supplies Merchandise Inventory Consignment Inventory Prepaid Rent Prepaid Insurance Misc. Supplies 11 12 68,520.04 68,519.91 700.00 18,681.70 1,038.07 200.00 2,114.55 2,114.55 170.49 13 14 15 16 17 18 18 19 Total Current Assets 162,059.31 Total Current Liabilities 28,031.85 20 21 22 Long Term Liabilities: Notes Payable Total Long Term Liabilities: 5,000.00 Long Term/Fixed Assets: Baking Equipment Accumulated Depreciation Net Fixed assets 23 24 12,000.00 -406.44 5,000.00 25 11,593.56 Total Liabilities: 33,031.85 26 27 Common Stock Retained Earnings 20,000.00 120,621.02 28 29 30 Total Equity 140,621.02 31 Total Assets 173,652.87 Total Liabilities & Equity 173,652.87 32 33 1 2 3 4 5 Peyton Approved Statement of cash Flow For Year Ended 12/31/2017 6 Net Income Depreciation Expense Loss on disposal of plant asset $ 175,476.18 677.86 100.00 8 9 176,254.04 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Increase in Accounts Receivable Increase in Baking Supplies Increase in Other receivable -- Insurance Increase in Merchandise inventory Increase in Consignment inventory Increase in Prepaid Rent Increase in Prepaid Insurance Increase in Misc. Supplies Increase in Accounts Payable Increase in Wages Pavable (25,886.91) (11,362.84) (700.00) (243.10) (200.00) (449.55) (1,004.55) (114.99 6,467.11 1.850.48 Increase in Interest Payable Increase in Customer Deposit 44.96 1,000.00 Operating Cash Flow 145,654.65 Cash Flow from Investments Equipment Purchases Cash receipt from sale of plant asset (4,000.00) 700.00 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 Cash Flow from Investments (3,300.00) Cash Flow from Financing Repayment of Note Payable Dividends Paid (10,000.00) (105,000.00) Cash Flow from Financing (115,000.00) Net Cash Flow 27,354.65 39 40 41 Beginning Cash 43,165.39 42 Ending Cash 70,520.04 1 Preliminary 1 2. 2 3 4. Peyton Approved Statement of cash Flow For Year Ended 12/31/2017 4 5 6 6 Net Income Depreciation Expense $ 175,576.18 677.86 8 176,254.04 7 8 9 10 11 12 13 14 15 16 17 18 Increase in Accounts Receivable Increase in Baking Supplies Increase in Merchandise inventory Increase in Prepaid Rent Increase in Prepaid Insurance Increase in Misc. Supplies Increase in Accounts Payable Increase in Wages Payable Increase in Interest Payable (25,886.91) (8,187.84) (443.10) (449.55) (1,004.55 (114.99 3,292.11 1,850.48 44.96 Cash Flow from Investments Equipment Purchases (6,000.00) Cash Flow from Investments (6,000.00) 21 22 23 24 25 26 27 28 29 30 31 Cash Flow from Financing Repayment of Note Payable Dividends Paid (10,000.00) (105,000.00) Cash Flow from Financing (115,000.00) 32 Net Cash Flow 24,354.65 33 34 35 36 37 Beginning Cash 43,165.39 Ending Cash 67,520.04 1 2 Peyton Approved Balance Sheet As of December 31, 2016 3 4 5 Assets 6 Current Assets: 7 Cash 8 Accounts Receivable 9 Baking Supplies 10 Merchandise Inventory 11 Prepaid Rent 12 Prepaid Insurance 13 Misc. Supplies Liabilities and Owners' Equity Current Liabilities: Accounts Payable 16,970.00 Wages Payable 1,532.80 Interest Payable 166.50 43,165.39 42,633.00 7,318.86 794.97 1,665.00 1,110.00 55.50 14