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Complete a Statement of Cash Flows ABC Corporation Balance Sheet For the Year Ended December 31, 2014 Assets Current Assets: Cash 1,270,676 Accounts Receivable 190,300
Complete a Statement of Cash Flows ABC Corporation | ||||
Balance Sheet | ||||
For the Year Ended December 31, 2014 | ||||
Assets | ||||
Current Assets: | ||||
Cash | 1,270,676 | |||
Accounts Receivable | 190,300 | |||
Less: Allowance for Doubtfull Accounts | (25,000) | 165,300 | ||
Interest Receivable | 16,000 | |||
Prepaid Insurance | 17,400 | |||
Short-term Investments | 167,000 | |||
Total Current Assets | 1,636,376 | |||
Long-term Investments: | ||||
Investment in Bonds of Intuit Corp | 200,000 | |||
Less: Investment in Bonds of Intuit Corp: Discount | $ (18,615) | 181,385 | ||
LT (Debt) Investments (HTM) | 177,824 | |||
Total Long-term Investment | 359,209 | |||
Property, Plant, and Equipment: | ||||
Building | 150,000 | |||
Less: Accumulated Depreciation: Building | (5,400) | 144,600 | ||
Equipment | 50,000 | |||
Less: Accumulated Depreciation: Equipment | (29,359) | 20,641 | ||
Land | 75,000 | |||
Lease Equipment | 43,796 | |||
Total Property, Plant, and Equipment | 284,037 | |||
Patent | 37,500 | |||
Pension-related Asset | 10,000 | |||
Total Assets | 2,327,122 | |||
Liabilities and Stockholder's Equity | ||||
Current Liabilities: | ||||
Accounts Payable | 65,340 | |||
Income Taxes Payable | 63,800 | |||
Unearned Rent Revenue | 24,000 | |||
Wages Payable | $ 12,750 | |||
Total Current Liabilities | 165,890 | |||
Long-term Liabilities: | ||||
Bonds Payable | 1,600,000 | |||
Add: Premium on Bonds Payable | 118,630 | 1,718,630 | ||
Lease Liability | 33,293 | |||
Notes Payable | $ 236,175 | |||
Total Long-term Liabilities | 1,988,098 | |||
Stockholder's Equity: | ||||
Common Stock | 101,000 | |||
PIC in Excess of Par - Common Stock | 33,000 | |||
Additional Paid in Capital - Treasury Stock | $ 21,000 | |||
Retained Earnings | $ (6,866) | |||
Accumulated Other Comprehensive Income | 15,000 | |||
Employee Stock Option Outstanding Account | 10,000 | |||
Total Stockholder's Equity | 173,134 | |||
Total Liabilities and Stockholder's Equity | 2,327,122 |
ABC Corporation | |||
Income Statement | |||
For the Year Ended December 31, 2014 | |||
Sales Revenue | 792,845 | ||
Less: Operating Expenses | |||
Wages Expense | 80,350 | ||
Office Expense | 21,700 | ||
Utilities Expense | 31,000 | ||
Advertising Expense | $ 8,400 | ||
Insurance Expense | 82,000 | ||
Employee Compensation Expense | 10,000 | ||
Bad Debt Expense | 25,000 | ||
Pension Expense | 40,000 | ||
Depreciation Expense | 33,759 | ||
Total Operating Expenses | 332,209 | ||
Income from Operations | 460,636 | ||
Other Revenue/Expenses | |||
Rent Revenue | 12,000 | ||
Interest Income | 19,561 | ||
Interest Expense | (1,175) | 30,386 | |
Income before Taxes | 491,021 | ||
Income Tax Expense | (63,800) | ||
Net Income | 427,221 |
ABC Corporation | ||
Statement of Retained Earnings | ||
For the Year Ended December 31, 2014 | ||
Beginning Balance | ||
Add: Net Income | $ 427,221 | |
Less: Dividends | 41,000 | |
Ending Balance | $ 386,221 |
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