Creating Financial Statements.

Create a statement of cash flows and a statement of equity...

Statement of Income For years ended 2019 2020 717,864 345,622 372,242 $ $ $ $ $ 678,212 | 301,571 376,641 Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses: Wages Expense Depreciation Expense Amortization Expense Insurance Expense Marketing Expense Administrative Expense Miscellaneous Expense Operating Income Other Revenues/(Expenses) Interest Expense Dividend Revenue Equity Method Investment Income Gain/(Loss) on Sale of Equipment Gain/(Loss) on Sale of Investments Income Before Income Taxes Income Tax Expense Net Income Unrealized Holding Gain/(Loss) Foreign Currency Holding Gain/Iloss) Foreign Currency Comprehensive Income $ $ $ $ $ $ $ $ 125,464 $ 46,712 $ 3,200 $ 16,781 $ 42,645 $ 77,056 $ 10,657 $ 49,727 $ 124,056 48,124 3,200 15,840 51,571 80,789 9,456 43,605 $ $ $ $ $ $ $ $ $ $ (21,010) $ 812 $ 2,405 $ (608) $ (1,024) $ 30,302 $ 9,885 $ 20,417 $ 87 $ 20,504 $ (23,421) 678 4,872 2,427 (989) 27,172 10,295 16,877 (124) 16,753 Earnings Per Share $ 0.20 $ 0.17 Balance Sheet For years ended Assets Cash Accounts Receivable Allowances for Doubtful Accounts Supplies Prepaid Insurance Current Assets 2020 2019 $ 58,901 $ 31,864 $ 69,700 $ 67,081 $ (4,560) $ (3,867) $ 8,708 $ 9,102 $ 5,105 $ 4,502 $ 137,854 $ 108,682 Liabilities Accounts Payable Interest Payable Wages Payable Short-term Notes Payable Capital Lease Liability Current Liabilities $ $ $ $ $ $ 2020 65,202 $ 1,207 $ 25,325 $ 16,171 $ 12,452 $ 120,357 $ 2019 54,849 1,419 21,078 17,191 11,381 105,918 Capital Lease Liability Bonds Payable Deferred Tax Liability Total Liabilities $ 36,319 $ 48,771 $ 212,022 $ 267,802 $ 24,897 $ 21,081 $ 393,595 $ 443,572 Equity Investment-FV Method, net Equity Investment- Equity Method Leased Asset Equipment Building Accumulated Depreciation Patent Total Assets $ 55,513 $ 51,591 $ 112,628 $ 112,048 $ 88,702 $ 88,702 $ 384,697 $ 404,891 $ 870,987 $ 870,987 $ (431,268) $ (405,640) $ 8,850 $ 12,050 $1,227,963 $1,243,311 Stockholders' Equity Common Stock-$1 par value Paid in Capital- in excess of Par: Common Retained Earnings Accumulated Other Comprehensive Income Treasury Stock Paid in Capital- in excess of Par: Treasury Total Liabilities and Equity $ 105,000 $ 100,000 $ 591,147 $ 561,178 $ 152,265 $ 148,052 $ 691 $ 604 $ (15,440) $ (10,500) $ 705 $ 405 $1,227,963 $1,243,311 Additional Information Obtained from Financial Records - Equity Investments classified using FV method were purchased for $7,929 during 2020 - Equipment with an original cost of $58,054 was sold during 2020 - Of the equipment purchased in 2020, $12,000 relates to a purchase in December that has been received but still not paid for at the end of 2020 - No additional resources were contributed towards its Equity Method Investment - Company deferred tax liabilities relate to depreciation differences between financial records and tax records - No new bonds were issued in 2020 - Payments on short-term debt totaled $15,042 for 2020 - 5,000 new shares of company common stock were issued during 2020 - Treasury stock listed on the Balance sheet as of 12/31/2019 consisted of 500 shares that were purchased for $21 per share - During 2020, 100 shares of treasury stock that were on hand as of 12/31/2019 were sold for $24 per share $87 of the increase in accounts receivable was due to a positive change in a foreign currency receivable (Hint: this is a non-cash item so think about how you are handling the change in A/R) Statement of Income For years ended 2019 2020 717,864 345,622 372,242 $ $ $ $ $ 678,212 | 301,571 376,641 Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses: Wages Expense Depreciation Expense Amortization Expense Insurance Expense Marketing Expense Administrative Expense Miscellaneous Expense Operating Income Other Revenues/(Expenses) Interest Expense Dividend Revenue Equity Method Investment Income Gain/(Loss) on Sale of Equipment Gain/(Loss) on Sale of Investments Income Before Income Taxes Income Tax Expense Net Income Unrealized Holding Gain/(Loss) Foreign Currency Holding Gain/Iloss) Foreign Currency Comprehensive Income $ $ $ $ $ $ $ $ 125,464 $ 46,712 $ 3,200 $ 16,781 $ 42,645 $ 77,056 $ 10,657 $ 49,727 $ 124,056 48,124 3,200 15,840 51,571 80,789 9,456 43,605 $ $ $ $ $ $ $ $ $ $ (21,010) $ 812 $ 2,405 $ (608) $ (1,024) $ 30,302 $ 9,885 $ 20,417 $ 87 $ 20,504 $ (23,421) 678 4,872 2,427 (989) 27,172 10,295 16,877 (124) 16,753 Earnings Per Share $ 0.20 $ 0.17 Balance Sheet For years ended Assets Cash Accounts Receivable Allowances for Doubtful Accounts Supplies Prepaid Insurance Current Assets 2020 2019 $ 58,901 $ 31,864 $ 69,700 $ 67,081 $ (4,560) $ (3,867) $ 8,708 $ 9,102 $ 5,105 $ 4,502 $ 137,854 $ 108,682 Liabilities Accounts Payable Interest Payable Wages Payable Short-term Notes Payable Capital Lease Liability Current Liabilities $ $ $ $ $ $ 2020 65,202 $ 1,207 $ 25,325 $ 16,171 $ 12,452 $ 120,357 $ 2019 54,849 1,419 21,078 17,191 11,381 105,918 Capital Lease Liability Bonds Payable Deferred Tax Liability Total Liabilities $ 36,319 $ 48,771 $ 212,022 $ 267,802 $ 24,897 $ 21,081 $ 393,595 $ 443,572 Equity Investment-FV Method, net Equity Investment- Equity Method Leased Asset Equipment Building Accumulated Depreciation Patent Total Assets $ 55,513 $ 51,591 $ 112,628 $ 112,048 $ 88,702 $ 88,702 $ 384,697 $ 404,891 $ 870,987 $ 870,987 $ (431,268) $ (405,640) $ 8,850 $ 12,050 $1,227,963 $1,243,311 Stockholders' Equity Common Stock-$1 par value Paid in Capital- in excess of Par: Common Retained Earnings Accumulated Other Comprehensive Income Treasury Stock Paid in Capital- in excess of Par: Treasury Total Liabilities and Equity $ 105,000 $ 100,000 $ 591,147 $ 561,178 $ 152,265 $ 148,052 $ 691 $ 604 $ (15,440) $ (10,500) $ 705 $ 405 $1,227,963 $1,243,311 Additional Information Obtained from Financial Records - Equity Investments classified using FV method were purchased for $7,929 during 2020 - Equipment with an original cost of $58,054 was sold during 2020 - Of the equipment purchased in 2020, $12,000 relates to a purchase in December that has been received but still not paid for at the end of 2020 - No additional resources were contributed towards its Equity Method Investment - Company deferred tax liabilities relate to depreciation differences between financial records and tax records - No new bonds were issued in 2020 - Payments on short-term debt totaled $15,042 for 2020 - 5,000 new shares of company common stock were issued during 2020 - Treasury stock listed on the Balance sheet as of 12/31/2019 consisted of 500 shares that were purchased for $21 per share - During 2020, 100 shares of treasury stock that were on hand as of 12/31/2019 were sold for $24 per share $87 of the increase in accounts receivable was due to a positive change in a foreign currency receivable (Hint: this is a non-cash item so think about how you are handling the change in A/R)