Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Below are the accounts and balances drawn from the records of Cowboy Ice Cream Company at the end of Year 4 (December 31 year ends:

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Below are the accounts and balances drawn from the records of Cowboy Ice Cream Company at the end of Year 4 (December 31 year ends: Supplies Cash flow from inventing act. Prepaid insurance Service revenue Other operating expenses Supplies expense Insurance expense Beginning common stock Cash flow from operating act. Coron stock enged 5 710 Beginning retained earnings (7.000) Cash flow from financing act. 2,600 Rent expense 81,000 Dividenda 46,000 Cash 220 Accounts receivable 1.100 Prepaid rent 1.100 nearned rovence 7.400 Land 5.300 Accounts payable $18,000 (5.00) 2,700 5,000 10,500 18,000 5,100 7.000 30,000 15,530 Required Use the accounts and balances from Cowboy Ice Cream Company to construct their financial statements. You will need to create the following: 1. Income Statement 2. Statement of Changes in Stockholders' Equity 4. Statement of Cash Flows (show only totais for each activity on the statement of cash flows). 3. Balance Sheet Complete this question by entering your answers in the tabs below. Income Stmt of Statement of Statement Change Balance Sheet Cash flows Use the accounts and balances from Cowboy To Cream Company to construct an income statement, COWBOY ICE CREAM COMPANY Income Statement To the Year Ended December 31, Year 4 Rece COWBOY ICE CREAM COMPANY Income Statement For the Year Ended December 31, Year 4 Revenue Total revenue $ 0 Expenses + Total expenses 0 $ 0 COWBOY ICE CREAM COMPANY Statement of Changes in Stockholders' Equity For the Year Ended December 31, Year 4 Beginning common stock $ 0 Ending common stock Beginning retained earnings 0 Ending retained earnings Total stockholders' equity $ 0 COWBOY ICE CREAM COMPANY Balance Sheet As of December 31, Year 4 Assets Total assets $ 0 Liabilities $ 0 Total liabilities Stockholders' Equity Total stockholders' equity Total liabilities and stockholders' equity $ COWBOY ICE CREAM COMPANY Statement of Cash Flows For the Year Ended December 31, Year 4 Cash flow from operating activities Cash flow from investing activities Cash flow from financing activities Net change in cash 0 Ending cash balance $ 0

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Funding And Financing Transport Infrastructure

Authors: Athena Roumboutsos, Hans Voordijk, Aristeidis Pantelias

1st Edition

0367735792, 9780367735791

More Books

Students also viewed these Accounting questions