Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Create a cash flow statement The following are financial statements for Fantastic Floss, Inc. for the current year. Also included is a balance sheet for
Create a cash flow statement
The following are financial statements for Fantastic Floss, Inc. for the current year. Also included is a balance sheet for the prior year. Fantastic Floss Income Statement Current Year Revenue (sales) $ 120,000 Cost of Goods Sold 70,000 Gross Profit 50,000 Rent Expense 5,000 Wages Expense 20,000 Depreciation Expense 15,000 Net income $ 10,000 Fantastic Floss Retained earnings Statement $ Beginning Retained Earnings Add Net Income Less Dividends Paid Ending Retained Earnings Current Year 65,000 10,000 (3,000) 72,000 $ Fantastic Floss Balance Sheet Current Year Prior Year Assets Cash Accounts Receivable Inventory Factory Machines Less Accumulated Depreciation Computers Less Accumulated Depreciation Land Total Assets $ $ $ $ $ $ $ $ $ 12,300 $ 8,900 29,400 $ 25,300 35,600 $ 30,100 50,500 $ 45,500 (25,000) $ (15,000) 20,000 $ 17,900 (11,800) $ (6,800) 45,000 $ 45,000 156,000 $ 150,900 Liabilities Accounts Payable Taxes Payable Long-Term Bonds Payable Total Liabilities $ $ $ $ 11,200 $ 800 $ 42,000 $ 54,000 $ 13,700 2,200 50,000 65,900 Stockholder's Equity Common Stock Retained Earnings Total Stockholder's Equity Total Liabilities and Stockholder's Equity $ $ $ $ 30,000 $ 20,000 72,000 $ 65,000 102,000 $ 85,000 156,000 $ 150,900Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started