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Cashflow Assignment - Redard Corporation Comparative Balance Sheets June 3 0 , 2 0 1 3 and June 3 0 2 0 1 4 Assets

Cashflow Assignment - Redard Corporation
Comparative Balance Sheets
June 30,2013 and June 302014
Assets 20132014
Cash 50,000164,800
Accounts Receivable 230,000195,200
Inventory 420,000320,000
Prepaid Expenses 6,0005,000
Furniture 144,000148,000
Accumulated Depr - Furniture (24,000)(42,000)
Total Assets 826,000791,000
Liabilities & Stockholders Equity
Accounts Payable 200,400143,400
Income tax payable 7,4004,400
Notes Payable (Long term)20,00040,000
Bond Payable 200,000100,000
Common Stock $10 par value 200,000240,000
Additional paid in capital 121,440181,440
Retained Earnings 76,76081,760
Total Liabilities & S/E 826,000791,000
Redard Corporation
Income Statement
June 30,2014
Sales 1,609,000
Cost of Goods Sold 1,127,800
Gross Profit 481,200
Operating Expenses 449,400
Operating Income 31,800
Gain on sale of furniture 7,000
Interest expense 23,200
Income before income taxes 15,600
Income tax expense 4,600
Net Income 11,000
Additional information:
1. Purchased furniture in the amount of $39,600
2. Sold furniture that cost $35,600 with accum. depreciation of $28,800 at a gain of $7,000
3. Recorded depreciation on the furniture for the year, $46,800
4. Repaid a note in the amount of $20,000
5. Converted bonds payable in the amount of $100,000 into 4,000 shares of common stock.
6. Paid dividends of $6,000
7. Borrowed $40,000 on a new note

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