AutoSave OW Workshop 5 Problems Students (version 1) - Auta Recovered e Search Cardelis Jackson File Home Insert Draw Page Layout Formulas Data Review Vio Help X Calibri 12 - Ts - A A a. A General Paste 2 Wrap Text Merge & Center - LEX BIU $ - % Insert Delete Format Conditional Format as Cell Formatting Table Styles Styles Clipboard Font Alignment Number Cells J12 fo K L M A B D E F G I 1 1 5.6 Financial Statement Preparation Points: items @ 2 points = 36 points 2 3 Directions: Complete the financial statements below based on the information provided below. 4 5 Background Information: 6 a) Donald Duck and Friends started their company when they issued 3,000 shares of $8 par value stock on January 1, 2018 7 b) The stock issued at a market price of $13 per share 8 c) During the year, Donald Duck and Friends had revenue of $43,000 9 d) Donald Duck and Friends paid cash for $18,000 in expenses 10 e) Donald Duck and Friends paid a cash Dividend of $25,000 11 12 a) Prepare an income statement for 2018 14 Donald Duck and Friends Income Statement For the Year Ended December 31, 2018 15 16 17 18 Revenue 19 Expense 20 Net Income 21 Hint: This is from transaction C Hint: This is from Transaction D S 25,000 Problem 5.1 Problem 5.2 Problem 5.3 Problem 5.4 Problem S. Problem 5.6 Ready X O Type here to search Home Insert Draw Cordelia Jackson Page Layout Formulas Data Review View Help Calibri 12 - A A 23 Wrap Text General Paste ST BIU- 3 a-A- WE Merge & Center FA $ -% -50 Insert Delete Format Clipboard Font Conditional Format as Cell Formatting Table Styles Styles Alignment Number Cells 112 > f E F G H K M N Hint: This is the sum of sale of stock (Transaction A & B) and also Transactions C-E B D 23 b) Prepare a year-end balance Sheet 24 Donald Duck and Friends 25 Balance Sheet 26 As of December 31, 2018 27 28 Assets 29 Cash 30 31 Total Assets 32 Liabilities 33 34 Total Liabilities 35 Stockholders Equity 36 Common Stock 37 Paid-in Capital in Excess of Par 38 Total Paid-Capital 39 Retained Earnings 40 Total Liabilities and Stockholders Equity 41 $ 39,000 Hint: This is from Transaction A Hint: This is from Transaction B 39,000 $ 0 $ 39,000 42 43 C) Prepare the statement of cash flows Problem 5.1 Problem 5.2 Problem 5.3 Ready Problem 5,4 Problem 5.5 Problem 5.6 Type here to search O AutoSave HD Workshop Problems Student (version 1) - AutoRecovered - Filc Home Insert Draw Page Layout Formulas Cordelia Jadsom Data Review View Help Calibri -A A Paste General B TU TE Wrap Text Mergea Center - - A- S %3 Insert Delete Format WES Clipboard Font Conditional Formatas Cell Formatting Table Styles Styles Alignment Number 112 Cat X for F F G 1 K L M Hint: This is from transaction C Hint: This is from transaction D A D 43 C) Prepare the statement of cash flows 44 45 Donald and Friends 46 Statement of Cash Flows 47 As of December 31, 2018 48 49 Cash flows from operating Activities 50 Cash Receipt from Revenue 51 Paid for Expenses 52 53 Net Cash flow from operating Activities 54 Cash flows from investing activities 55 Cash flows from financing activities 56 Proceeds from issue of stock 57 Paid for Dividends 58 Net Cash flow from financing activities 59 Net Change in Cash 60 Plus: Beginning Cash Balance 61 Ending Cash Balance 62 $ Hint: This is from transaction AB Hint: This is from transacton E S $ 63 Problem 5.1 Problem 5.2 Problem 53 Problem 5.4 Problem 5.5 Problem 5.6 + Ready O Type here to search O x File Home Insert Draw Page Layout Formulas Data Review View Help X LA Calibri 12 General 03 ' 25 Wrap Text A-A-Merge & Center - Paste $ -% 48 Insert Delete Conditional Format as Cell Formatting Table Styles Styles Clipboard Font Alignment Number Cells J12 - f G K 1 0 4 C D E F 64 d) Prepare the Statement of Changes in Stockholders Equity 65 66 Donald and Friends 67 Statement of Changes in Stockholders Equity 68 For the Year Ended December 31, 2018 69 70 Beginning Common Stock 71 Plus: Issuance of Common Stock 72 Ending Common Stock 73 Beginning Retained Earnings 74 Plus: Net Income 75 Less: Dividend 76 Ending Retained earnings 77 Total Stockholders Equity 78 S 39,000 0 $ $ 39,000 79 80 81 82 83 84 Problem 5.2 Problem 5.1 Problem 5.3 Problem 5.6 Problem 5.5 Problem 5.4 Ready IN 0 HE Type here to search