CALCULATOR MESSAGE MY INSTRUCTOR FULL PRINTER VERSTON BACK Continuing Cookie Chronicle 12 Natalie has prepared the balance sheet and income statement of Cookie & Coffee Creations Inc. for the first year of operations, but does not understand how to prepare the cash flow statement. The income statement and balance sheet appear below. Recall that the company started operations on November 1, 2018, so all of the opening balances are zero Additional information: 1. The company bought kitchen equipment (a commercial oven) for $29,000 on November 1, 2018, and signed a $12,000 note payable to help pay for it. The terms provide for semiannual fixed principal payments of $2,000 on May 1 and November 1 of each year, plus interest of 5%. All other furniture, fixture, and equipment were purchased during year for cash. 2. Recall from Chapter 11 that The company originally issued 25,930 common shares for $25,930, of which 750 shares were repurchased from the lawyer for $500. COOKIE & COFFEE CREATIONS INC. Sales revenue Income Statement Year Ended October 31, 2019 Cost of goods sold Gross profit $462,500 231,250 231.250 Operating expenses Salaries and wages expense $92,500 Depreciation expense 3.900 Other operating expenses 35,987 132.387 Income from operations: 98,863 Other expenses Interest expense 413 Income before income tax 98,450