Question
Consider the following balance sheets and income statement for Cruyff Enterprises. Cruyff paid $25,000 for rent in 2020. Compute the cash that Cruyff paid for
Consider the following balance sheets and income statement for Cruyff Enterprises. Cruyff paid $25,000 for rent in 2020. Compute the cash that Cruyff paid for dividends.
Cruyff Enterprises Balance Sheets As of December 31, 2020 and 2019 |
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2020 |
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2019 |
Assets: |
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Cash | $18,650 |
| $ 14,900 |
Accounts Receivable | 42,000 |
| 36,000 |
Inventory | 60,500 |
| 50,000 |
Prepaid Rent | 3,000 |
| 1,400 |
Property, Plant and Equipment | 230,000 |
| 205,600 |
Less: Accumulated Depreciation | (75,000) |
| (65,000) |
Total Assets | $279,150 |
| $242,900 |
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Liabilities and Stockholders Equity: |
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Accounts Payable | $26,500 |
| $21,000 |
Interest Payable | 650 |
| 400 |
Unearned Revenue | 7,000 |
| 10,000 |
Bonds Payable | 37,000 |
| 37,000 |
Common Stock | 20,000 |
| 15,000 |
Additional Paid-In Capital | 48,000 |
| 40,000 |
Retained Earnings | 140,000 |
| 119,500 |
Total Liabilities and Stockholders Equity: | $279,150 |
| $242,900 |
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Cruyff Enterprises Income Statement For the year ended December 31, 2020. |
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Sales Revenue | $ 470,000 |
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Cost of Goods Sold | 315,000 |
Wage Expense | 71,000 |
Rent Expense | xx,xxx |
Depreciation Expense | 15,000 |
Interest Expense | 19,000 |
Net Income | yy,yyy |
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