Question
Consider the following Balance Sheet and Income Statement for Bees Inc. Balance Sheet 2019 2018 Change Assets Cash 117,990 20,000 97,990 Net Accounts Rec. 14,000
Consider the following Balance Sheet and Income Statement for Bees Inc.
Balance Sheet 2019 2018 Change
Assets
Cash 117,990 20,000 97,990
Net Accounts Rec. 14,000 17,000 -3,000
Inventory 40,000 32,000 8,000
Equipment 350,000 300,000 50,000
Accum. Depr. -135,000 -120,000 -15,000
Natural Resources 70,000 45,000 25,000
Accum. Depl. -15,000 -10,000 -5,000
Total Assets 441,900 284,000
Liabilities & Equity
Accounts Payable 26,000 24,200 1,800
Mortgage 80,000 136,300 -56,300
Common Stock 30,000 20,000 10,000
APIC 60,000 40,000 20,000
Retained Earnings 245,990 63,500 182,490
Total liab & equity 441,990 284,000
Income Statement 2019
Sales 520,000
COGS -240,000
Gross Profit 280,000
SG&S Exps -20,000
Depr Exp -15,000
Depl Exp -5,000
EBIT 240,000
Interest -9,000
EBT 231,000
Taxes (21%) -48,510
Net Income 182,490
Calculate Bees Inc.'s financing activity for 2019.
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