BUS132	Project 3-Cash Flow Statement				Name____________
Budgeting & Planning
The income statement and comparative balance sheets for O'Neill & Carter Company are as follows:
O'Neill & Carter Co., Inc.
Income Statement
Year Ended Dec 31, 2021
Sales		$602,000
Expenses:
Cost of Goods Sold	$322,000
Depreciation Exp.	15,000
Amortization Exp.	13,000
Salaries Expense	78,400
Rent Expense	21,000
Interest Expense	5,200
Income Tax Expense	56,000
Total Expenses		510,600
Net Income		91,400
O'Neill & Carter Co., Inc.
Balance Sheet
Dec 31, 2021 and Dec 31, 2020
	2021		2020
Assets
Cash	$19,900		$16,000
Accts Rec	36,300		27,900
Inventory	148,200		123,900
Prepaid Rent	2,000		1,800
Land	32,000		22,000
Other Fixed Assets	130,000		118,000
Accum Depr	(46,000)		(39,000)
Patent	41,000		54,000
Total Assets	363,400		324,600
Liabilities
Accounts Payable	27,700		21,100
Salaries Payable	6,200		5,700
Interest Payable	1,600		400
Taxes Payable	6,800		7,600
Bonds Payable	46,000		36,000
Total Liabilities	88,300		70,800
Stockholders Equity
Common Stock	35,000		32,000
Paid-in-Capital in Excess of Par	140,000		100,000
Retained Earnings	100,100		121,800
Total Stockholders Equity	275,100		253,800
Total Liabilities & Stockholders Equity	363,400		324,600
No Land was sold in 2021Cash was received through an issuance of Bonds Payable, 10,000.
This cash was used later in 2021 to purchase Land.
A Fixed Asset was sold for $4,100.
Fixed Assets worth $12,200 were damaged in an accident in 2021. Insurance claims have been
filed , but not paid as of 12/31/21
Total Cash Purchases of Fixed Assets $28,300
Cash Dividends Paid were $108,900 in 2021
Required:
Prepare a Statement of Cash Flows for December 31, 2021 using the Direct Method and Indirect Method

O'Neill \& Carter, Inc. Statement of Cash Flows-Indirect Year Ended 12/31/21 Cash Flows from Operating Activities: Net Income $91,400 Adjustments to Net Income Depreciation \& Amortization Increase in Receivables Increase in Inventory Increase in Prepaid Expenses Increase in Accounts Payable Increase in Salaries Payable Increase in Interest Payable Decrease in Taxes Payable Total Adjustments Net Cash Flows Provided by Operating Activities O'Neill \& Carter, Inc. Statement of Cash Flows-Direct Year Ended 12/31/21 Cash Collections from Customers Cash Payments Total Cash Payments Net Cash Provided by Operating Activities Investing Activities Cash Flows form Investing Activities Financing Activities Cash Flows from Financing Activities Net Increase in Cash Cash, Beginning Cash, Ending $16,000