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Cleancarpet Vacuums sells vacuum accessories. At the end of 2 0 2 3 , the income statement and comparative balance sheet were prepared as shown
Cleancarpet Vacuums sells vacuum accessories. At the end of the income statement and comparative balance sheet were prepared as shown below.
Cleancarpet Vacuums
Balance Sheet
As at March
Assets
Current Assets
Cash $ $
Accounts Receivable $ $
Merchandise Inventory $ $
Prepaid Expenses $ $
Total Current Assets $ $
Noncurrent Assets
Land $ $
Equipment $ $
Less: Accumulated Depreciation $ $
Total Noncurrent Assets $ $
Total Assets $ $
Liabilities
Current Liabilities
Accounts Payable $ $
Notes Payable, Current Portion $ $
Total Current Liabilities $ $
Notes Payable, LongTerm Portion $ $
Total Liabilities $ $
Stockholders' Equity
Common Stock $ $
Retained Earnings $ $
Total Stockholders' Equity $ $
Total Liabilities and Equity $ $
Additional Information:
During land was sold for a gain of $ There was no purchase of equipment throughout the year.
Cleancarpet Vacuums
Income Statement
For the Year Ended March
Sales $
Cost of Goods Sold $
Gross Profit $
Operating Expenses
Depreciation Expense $
Other Operating Expenses $
Total Operating Expenses $
Income from Operations $
Other Income and Expenses
Gain on Sale of Land $
Income before Income Tax $
Income Tax $
Net Income $
Create the cash flow statement using the indirect method.
Do not enter dollar signs or commas in the input boxes.
Use the negative sign for a decrease in cash.
Cleancarpet Vacuums
Cash Flow Statement
For the Year Ended March
Cash Flow from Operating Activities
Net Income Answer
Adjustments to Reconcile Net Income to Cash
Depreciation Expense Answer
Gain on Sale of Land Answer
Changes in Operating Assets and Liabilities
Decrease in Accounts Receivable Answer
Increase in Merchandise Inventory Answer
Increase in Accounts Payable Answer
Net Cash Provided Used by Operating Activities Answer
Cash Flow from Investing Activities
Sale of Land Answer
Net Cash Provided Used by Investing Activities Answer
Cash Flow from Financing Activities
Payment of Notes Payable Answer
Payment of Cash Dividend Answer
Net Cash Provided Used by Financing Activities Answer
Net increase decrease in cash Answer
Cash at the Beginning of the Year Answer
Cash at the End of the Year Answer
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