Answered step by step
Verified Expert Solution
Question
1 Approved Answer
file.docx Sales 2,256,000 A1 COGS 1,393,000 Deprec Exp 104,517 D3 Sal Exp J2 350,000 13 22,200 B 2,256,000 2,256,000 EB 1,393,000 1,393,000 372,200 372,200 104,517
file.docx Sales 2,256,000 A1 COGS 1,393,000 Deprec Exp 104,517 D3 Sal Exp J2 350,000 13 22,200 B 2,256,000 2,256,000 EB 1,393,000 1,393,000 372,200 372,200 104,517 104,517 EB EB EB Impair Loss Loss on LCM Insur Exp 20,300 16,500 Maint Exp 9,000 H1 G H3 36,800 36,800 9,000 9,000 EB EB EB EB Loss /Gain on SB2 Inter Exp 9,000 2,660 Interest Income 12,000 F2 BDE 8,400 E ci K 12 11,660 11,660 12.000 12,000 EB 8,400 8,400 EB EB EB Danover Fiber Composites Expanded Accounting Equation Analysis Liabilities Accounts Salaries Interest payable Payable Payable Payable $ 87,500 $ 17,000 $ $ 2.800 Dividends Allowance for DA (10.300) Interest Receivable 4,000 Assets Prepaid Inventory Insurance $ 110,000 $ 20,300 AFS SEBASS $ 398 000 Gross PP&E $ 1,670,000 L-T Note Payable $450,000 Accumulated Total Depreciation Assets S (864,000) $1.519,000 2.256,000 Total Labilities $ 557.100 Cash 62,000 160,500 2,052,000 $ Transaction Balance 630/2018 Al A2 BI B2 B3 Gross AR $ 129,000 2,095,500 (2.052,000) (7,500) 2,000 (2.000) 7,500 (2.000) 2,000 (8.400) (1.411,200) 1,400,000 (1,393,000) (8,400 1.400,000 (1.411,200) (1.393,000) (9,000) 1,400,000 (1.411,200) 1.400.000 (1.411.2009 (9,000) 4,000 8,000 (57,000) (4.000) 4,000 48.000 12,000 (9,000) (20,300) (39,600) (20.300) 39.600 (16.500) (114,000) DI D2 D3 E F1 F2 G HI H2 H3 11 12 3 j1 J2 13 L M NI N2 Balance 6/30/2019 (16,500) 266,000 380,000 266,000 2.660 265.000 2,660 (104,517) (104,517) (17,000) (350,000) (17,000) (17,000) (350,000) (17,000) 22,200 22 200 110,000 (330,000) 220.000 8.000 8,000 (16,400) (16,400) 1293,700) $ 90,600 $ 165,000 $(13200) $ 293,000 (293,700 1.900 $ 716,000 4 000 $ 117.000 (293,700 S (748,517) $1.811,983 $1.811.983 $ 23,100 $ 406,000 S 1,768,000 76,300 $ 22,200 $ 2.660 S 293.000 1293.700 $ 19,060 819,060 Income Statement Common Stock $375,000 Shareholder's Equity Retained Treasury Total Earnings AOCI Stock Equity 691,900 $ (2.000) ${108,000) $ 961,900 2.256,000 2,256,000 Revenue Expense Total Liab & Equity $ 1,519,000 2,256,000 Description 2,256,000 Sales (8,400) (8.400) 8,400 Bad debt expense (8,400) 1,400,000 (1,411,200) (1,393,000) (9,000) (1.393,000) (9,000) (1,393,000) (9.000) 1,393,000 COGS 9,000 Interest expense 12,000 12,000 (9,000) (20,300) 12,000 (9,000) (20,300) 12,000 (9,000) (20,300) 9,000 20,300 interest income Maintenance expense (painting) Insurance expense (16,500) (16,500) 266,000 16,500 Insurance expense (2,660) (104,517) (16,500) (2,660) (104,517) (350,000) (22,200) (104,517) (17,000) (350,000) (350,000) (22,200) 2,660 Interest expense 104,517 Depreciation expense 350,000 Salary expense 22,200 Salary expense Loss/gain on sale of SB 2 8,000 (16,400) 8,000 (16,400) (293,000) 8,000 (16,400) (293,000) $375,000 731,323 $ 6,000 $119,400) S 992,923 (332,423) $ 992,923 (293,700) $ 1,811,983 1,811,983 $ 2.268,000 1,935,577 $ 332,423 Net Income A1 Cash AR Sales 160,500 2,095,500 48,000 9,000 57,000 A2 2,052,000 20,300 Cash AR 20,300 Allow for UA B1 7,500 39.600 Journal Entries PP&E - Adm Bldg Mainten expense 2,256,000 Cash HI Insur exp 2,052,000 Prepaid Insurance H2 Prepaid Insurance 7,500 Cash H3 Insur exp 2,000 Prepaid Insurance ($39,600 /12 x 5 = $16,500) n PP&E - SB 4 2,000 Cash Notes payable 8,400 22 Inter exp 39,600 2,000 16,500 B2 AR Allow for UA B3 Cash 16,500 2,000 380,000 8,400 114,000 266,000 2,660 $ Inter pay 2,660 13,200 4,800 8,400 $ 104,517 1,400,000 104,517 1,400,000 17,000 1,411,200 17,000 1,411,200 350,000 1,393,000 350,000 1,393,000 22,200 AR ci BDE Allow for UA $165.000 x 8% = Unadusted balanace Required adjustment D1 Inventory Accts Pay D2 Accts Pay Cash D3 COGS Inventory Invent B4 COGS & WID = Inventory EB COGS E Interest expense Cash ($450,000 x 2.0% = $12,500) F1 Cash Interest receivable F2 Cash Interest receivable Interest income ($400,000 x 3% = $12,000) 22,200 $ 1,510,000 (117,000) $1,393,000 110,000 220,000 9,000 ($266,000 x 3.0% /12 x 4 = $2,660) 13 Deprec exp A/C Depreciation ji Salaries payable Cash J2 Salary expense Cash J3 Salary expense Salaries payable K Cash Accumulated depreciation Loss /Gain on sale of SB2 PP&E (SB 2) L SeBASS invest (AFS) Unreal Hold G/L - OCI ($106.000 - $398,000 = 8,000 gn) M Treasury stock Cash NI Retained eamings Dividend payable N2 Dividend payable Cash ($2,600-$42,000-$1,900) 330.000 9,000 8,000 8,000 4,000 4,000 16,400 8,000 4,000 16,400 293.000 12,000 293,000 293,700 293,700 10,507,977 10,507,977 file.docx T - ACCOUNTS Allow UA T-ACCOUNTS Interest receivable 4,000 4,000 F1 BB BB 10,300 BB BB A1 AZ Accb Rec 129,000 2,052,000 A2 2,095,500 7,500 31 2,000 2,000 3 Inventory 110,000 1,400,000 1,393.000 D A1 B1 7,500 FZ B2 B3 2.000 BZ 8,400 CI 10,400 13,200 EL F1 2,061,500 7,500 4.000 4,000 1,393,000 T-ACCOUNTS Cash 62,000 160,500 2,052,000 1,411,200 DZ 2,000 9,000 E 4,000 57,000 G 8.000 39.600 HZ 110,000 114,000 11 17,000 1 350,000 J2 16,400 M 293,700 M 2,336,500 2.307.900 90,600 2,097,500 165,000 1,400,000 117,000 FZ EB EB EB PPSE 1,670,000 48.000 380.000 AC Dp 864,000 BB 220.000 104,517 B SeBASS-AFS 398,000 8,000 330.000 K L PRP Insur 20,300 20,300 HD 39,600 16,500 H3 39,600 38.BOD 23,100 HZ 11 EB 330,000 220.000 429,000 1,768,000 104,517 748,517 ER 8,000 406,000 EB Inter Pay Accts Pay 87,500 BB 1,411,200 1.400.000 DI Sal Pay 17,000 BB 17,000 22,200 13 Div Pay 2,600 BB 293.000 NG 293,700 L-T Note Pay 450,000 BB 266,000 a DZ J1 2,660 R N2 1.411,200 17,000 293.700 1,400,000 76,300 EB 22,200 22,200 EB 2,660 2,660 EB 293.000 1,900 EB 266,000 716,000 EB Com Stock 375,000 BB AOCI 2,000 Ret Eamings 691,900 BB 293.000 332 423 NI BB M Treasury Stock 103,000 16,400 N1 8,000 L 293,000 332,423 731,323 EB 8,000 6,000 EB 16,400 119,400 375.000 EB . O Using the direct method, prepare Danover Fiber Composites Statement of Cash Flows for the year ended May 31, 2020. Prepare all required supplemental schedules. Ignore income taxes Your work is to be done using Microsoft Office's EXCEL or an EXCEL compatible program. Use the Case 2_Student Support EXCEL Worksheet to assist you. Submit tot . . CHECK FIGURES Net cash flows provided (used) by: Operating Activities = $390,700 Investing Activities = $(52,000) . 2020 2019 Change $ $ Danover Fiber Composites Balance Sheet May 31, Assets Cash Accounts receivable Allowance for doubtful accounts Interest receivable Inventories Prepaid insurance Total Current Assets 28,600 36,000 (2,900) 90,600 165,000 (13,200) 4,000 117,000 23,100 386,500 62,000 129,000 (10,300) 4,000 110,000 20,300 315,000 7,000 2,800 Investment in SeBASS Bonds (AFS) Property, Plant and Equipment, gross Accumulated depreciation Total Assets 406,000 1,768,000 (748,517) $ 1,811,983 398,000 1,670,000 (864,000) $ 1,519,000 8,000 98,000 115,483 292,983 $ 87,500 17,000 Liabilities Accounts payable Salaries payable Interest payable Dividends payable Total Current Liabilities $ 76,300 22,200 2,660 1,900 103,060 (11,200) 5,200 2,660 (700) 2,600 107,100 266,000 Long-term note payable Total Liabilities 716,000 819,060 450,000 557,100 Shareholders' Equity Common stock, no par Retained Earnings Accumulated Other Comprehensive Income Treasury stock Total Shareholder's Equity Total Liabilities and Shareholders' Equity 375,000 731,323 6,000 (119,400) 992,923 $ 1,811,983 375,000 691,900 (2,000) (103,000) 961,900 $ 1,519,000 39,423 8,000 (16,400) 292,983 Danover Fiber Composites Statement of Cash Flows Year Ended May 31, 2020 Cash Flows from Operating Activities: 2020 2019 Change A1 A2 33 $ Danover Fiber Composites Balance Sheet May 31, Assets Cash Accounts receivable Allowance for doubtful accounts Interest receivable Inventories Prepaid Insurance Total Current Assets 28,600 36.000 (2,900) 90.600 $ 165.000 (13,200) 4,000 117.000 23,100 386,500 62,000 129,000 (10,300 4,000 110,000 20,300 315,000 F1 F2 K $ Cash T Account (Case 1) 62.000 180.500 2,052,000 1411,200 D2 2.000 9,000 4,000 57,000 G 8.000 39,600 H2 110,000.0 114,000 11 17,000 J1 350,000 J2 16,400 M 293,700 N 7,000 2,800 Cash paid to (for) Investment in SeBASS Bonds (AFS) Property, Plant and Equipment, gross Accumulated depreciation Total Assets 2,307,900 406.000 1,768,000 (748,517) $ 1,811,983 $ 398,000 1,870,000 (864,000) 1,519,000 8.000 99,000 115,483 292,983 2.336,500 90.600 Total Net Cash F1 Cash T- Account from Case 1 Solution Cash Flows from Investing Activities: $ 87,500 17,000 Liabilities Accounts payable Salaries payable Interest payable Dividends payable Total Current Liabilities 76,300 $ 22 200 2.660 1,900 103,060 (11.200) 5,200 2,660 (700) Net Cash F1 2,600 107,100 Long-term note payable Total Liabilities 716.000 819,060 450,000 567,100 266,000 Cash Flows from Financing Activities: Net Cash Fi Shareholders' Equity Common stock, no par Retained Earnings Accumulated Other Comprehensive Income Treasury stock Total Shareholder's Equity Total Liabilities and Shareholders' Equity 375,000 375,000 731,323 891,900 8.000 (2,000) (119,400) 992.923 961,900 $ 1.811.983 $ 1,519,000 39,423 8.000 (16.400) Increase in Cash at May 82,000 Cash at May 31, 2020 (103,000) 292.983 Reconciliation of net Income to Cash Flows from Operating Activities Year Ended May 31, 2020 Cash Flows from Operating Activities: $ $ 2.256,000 1.393,000 863,000 Danover Fiber Composites Income Statement For the Year Ended May 31, 2020 Sales Cost of goods sold Gross profit Operating expenses Salary expense Depreciation expense Bad debt expense Insurance expense Maintenance expense Operating income Other (income) expense: Investment & interest income Loss (gain) on sale of Sales Building 2 Interest expense Net Income (loss) $ 372,200 104,517 8.400 36.800 9.000 530,917 332,083 Net change: $ NCF Operating Activities Noncash investing and financing activities: (12,000) 11.660 (340) 332,423 $ file.docx Sales 2,256,000 A1 COGS 1,393,000 Deprec Exp 104,517 D3 Sal Exp J2 350,000 13 22,200 B 2,256,000 2,256,000 EB 1,393,000 1,393,000 372,200 372,200 104,517 104,517 EB EB EB Impair Loss Loss on LCM Insur Exp 20,300 16,500 Maint Exp 9,000 H1 G H3 36,800 36,800 9,000 9,000 EB EB EB EB Loss /Gain on SB2 Inter Exp 9,000 2,660 Interest Income 12,000 F2 BDE 8,400 E ci K 12 11,660 11,660 12.000 12,000 EB 8,400 8,400 EB EB EB Danover Fiber Composites Expanded Accounting Equation Analysis Liabilities Accounts Salaries Interest payable Payable Payable Payable $ 87,500 $ 17,000 $ $ 2.800 Dividends Allowance for DA (10.300) Interest Receivable 4,000 Assets Prepaid Inventory Insurance $ 110,000 $ 20,300 AFS SEBASS $ 398 000 Gross PP&E $ 1,670,000 L-T Note Payable $450,000 Accumulated Total Depreciation Assets S (864,000) $1.519,000 2.256,000 Total Labilities $ 557.100 Cash 62,000 160,500 2,052,000 $ Transaction Balance 630/2018 Al A2 BI B2 B3 Gross AR $ 129,000 2,095,500 (2.052,000) (7,500) 2,000 (2.000) 7,500 (2.000) 2,000 (8.400) (1.411,200) 1,400,000 (1,393,000) (8,400 1.400,000 (1.411,200) (1.393,000) (9,000) 1,400,000 (1.411,200) 1.400.000 (1.411.2009 (9,000) 4,000 8,000 (57,000) (4.000) 4,000 48.000 12,000 (9,000) (20,300) (39,600) (20.300) 39.600 (16.500) (114,000) DI D2 D3 E F1 F2 G HI H2 H3 11 12 3 j1 J2 13 L M NI N2 Balance 6/30/2019 (16,500) 266,000 380,000 266,000 2.660 265.000 2,660 (104,517) (104,517) (17,000) (350,000) (17,000) (17,000) (350,000) (17,000) 22,200 22 200 110,000 (330,000) 220.000 8.000 8,000 (16,400) (16,400) 1293,700) $ 90,600 $ 165,000 $(13200) $ 293,000 (293,700 1.900 $ 716,000 4 000 $ 117.000 (293,700 S (748,517) $1.811,983 $1.811.983 $ 23,100 $ 406,000 S 1,768,000 76,300 $ 22,200 $ 2.660 S 293.000 1293.700 $ 19,060 819,060 Income Statement Common Stock $375,000 Shareholder's Equity Retained Treasury Total Earnings AOCI Stock Equity 691,900 $ (2.000) ${108,000) $ 961,900 2.256,000 2,256,000 Revenue Expense Total Liab & Equity $ 1,519,000 2,256,000 Description 2,256,000 Sales (8,400) (8.400) 8,400 Bad debt expense (8,400) 1,400,000 (1,411,200) (1,393,000) (9,000) (1.393,000) (9,000) (1,393,000) (9.000) 1,393,000 COGS 9,000 Interest expense 12,000 12,000 (9,000) (20,300) 12,000 (9,000) (20,300) 12,000 (9,000) (20,300) 9,000 20,300 interest income Maintenance expense (painting) Insurance expense (16,500) (16,500) 266,000 16,500 Insurance expense (2,660) (104,517) (16,500) (2,660) (104,517) (350,000) (22,200) (104,517) (17,000) (350,000) (350,000) (22,200) 2,660 Interest expense 104,517 Depreciation expense 350,000 Salary expense 22,200 Salary expense Loss/gain on sale of SB 2 8,000 (16,400) 8,000 (16,400) (293,000) 8,000 (16,400) (293,000) $375,000 731,323 $ 6,000 $119,400) S 992,923 (332,423) $ 992,923 (293,700) $ 1,811,983 1,811,983 $ 2.268,000 1,935,577 $ 332,423 Net Income A1 Cash AR Sales 160,500 2,095,500 48,000 9,000 57,000 A2 2,052,000 20,300 Cash AR 20,300 Allow for UA B1 7,500 39.600 Journal Entries PP&E - Adm Bldg Mainten expense 2,256,000 Cash HI Insur exp 2,052,000 Prepaid Insurance H2 Prepaid Insurance 7,500 Cash H3 Insur exp 2,000 Prepaid Insurance ($39,600 /12 x 5 = $16,500) n PP&E - SB 4 2,000 Cash Notes payable 8,400 22 Inter exp 39,600 2,000 16,500 B2 AR Allow for UA B3 Cash 16,500 2,000 380,000 8,400 114,000 266,000 2,660 $ Inter pay 2,660 13,200 4,800 8,400 $ 104,517 1,400,000 104,517 1,400,000 17,000 1,411,200 17,000 1,411,200 350,000 1,393,000 350,000 1,393,000 22,200 AR ci BDE Allow for UA $165.000 x 8% = Unadusted balanace Required adjustment D1 Inventory Accts Pay D2 Accts Pay Cash D3 COGS Inventory Invent B4 COGS & WID = Inventory EB COGS E Interest expense Cash ($450,000 x 2.0% = $12,500) F1 Cash Interest receivable F2 Cash Interest receivable Interest income ($400,000 x 3% = $12,000) 22,200 $ 1,510,000 (117,000) $1,393,000 110,000 220,000 9,000 ($266,000 x 3.0% /12 x 4 = $2,660) 13 Deprec exp A/C Depreciation ji Salaries payable Cash J2 Salary expense Cash J3 Salary expense Salaries payable K Cash Accumulated depreciation Loss /Gain on sale of SB2 PP&E (SB 2) L SeBASS invest (AFS) Unreal Hold G/L - OCI ($106.000 - $398,000 = 8,000 gn) M Treasury stock Cash NI Retained eamings Dividend payable N2 Dividend payable Cash ($2,600-$42,000-$1,900) 330.000 9,000 8,000 8,000 4,000 4,000 16,400 8,000 4,000 16,400 293.000 12,000 293,000 293,700 293,700 10,507,977 10,507,977 file.docx T - ACCOUNTS Allow UA T-ACCOUNTS Interest receivable 4,000 4,000 F1 BB BB 10,300 BB BB A1 AZ Accb Rec 129,000 2,052,000 A2 2,095,500 7,500 31 2,000 2,000 3 Inventory 110,000 1,400,000 1,393.000 D A1 B1 7,500 FZ B2 B3 2.000 BZ 8,400 CI 10,400 13,200 EL F1 2,061,500 7,500 4.000 4,000 1,393,000 T-ACCOUNTS Cash 62,000 160,500 2,052,000 1,411,200 DZ 2,000 9,000 E 4,000 57,000 G 8.000 39.600 HZ 110,000 114,000 11 17,000 1 350,000 J2 16,400 M 293,700 M 2,336,500 2.307.900 90,600 2,097,500 165,000 1,400,000 117,000 FZ EB EB EB PPSE 1,670,000 48.000 380.000 AC Dp 864,000 BB 220.000 104,517 B SeBASS-AFS 398,000 8,000 330.000 K L PRP Insur 20,300 20,300 HD 39,600 16,500 H3 39,600 38.BOD 23,100 HZ 11 EB 330,000 220.000 429,000 1,768,000 104,517 748,517 ER 8,000 406,000 EB Inter Pay Accts Pay 87,500 BB 1,411,200 1.400.000 DI Sal Pay 17,000 BB 17,000 22,200 13 Div Pay 2,600 BB 293.000 NG 293,700 L-T Note Pay 450,000 BB 266,000 a DZ J1 2,660 R N2 1.411,200 17,000 293.700 1,400,000 76,300 EB 22,200 22,200 EB 2,660 2,660 EB 293.000 1,900 EB 266,000 716,000 EB Com Stock 375,000 BB AOCI 2,000 Ret Eamings 691,900 BB 293.000 332 423 NI BB M Treasury Stock 103,000 16,400 N1 8,000 L 293,000 332,423 731,323 EB 8,000 6,000 EB 16,400 119,400 375.000 EB . O Using the direct method, prepare Danover Fiber Composites Statement of Cash Flows for the year ended May 31, 2020. Prepare all required supplemental schedules. Ignore income taxes Your work is to be done using Microsoft Office's EXCEL or an EXCEL compatible program. Use the Case 2_Student Support EXCEL Worksheet to assist you. Submit tot . . CHECK FIGURES Net cash flows provided (used) by: Operating Activities = $390,700 Investing Activities = $(52,000) . 2020 2019 Change $ $ Danover Fiber Composites Balance Sheet May 31, Assets Cash Accounts receivable Allowance for doubtful accounts Interest receivable Inventories Prepaid insurance Total Current Assets 28,600 36,000 (2,900) 90,600 165,000 (13,200) 4,000 117,000 23,100 386,500 62,000 129,000 (10,300) 4,000 110,000 20,300 315,000 7,000 2,800 Investment in SeBASS Bonds (AFS) Property, Plant and Equipment, gross Accumulated depreciation Total Assets 406,000 1,768,000 (748,517) $ 1,811,983 398,000 1,670,000 (864,000) $ 1,519,000 8,000 98,000 115,483 292,983 $ 87,500 17,000 Liabilities Accounts payable Salaries payable Interest payable Dividends payable Total Current Liabilities $ 76,300 22,200 2,660 1,900 103,060 (11,200) 5,200 2,660 (700) 2,600 107,100 266,000 Long-term note payable Total Liabilities 716,000 819,060 450,000 557,100 Shareholders' Equity Common stock, no par Retained Earnings Accumulated Other Comprehensive Income Treasury stock Total Shareholder's Equity Total Liabilities and Shareholders' Equity 375,000 731,323 6,000 (119,400) 992,923 $ 1,811,983 375,000 691,900 (2,000) (103,000) 961,900 $ 1,519,000 39,423 8,000 (16,400) 292,983 Danover Fiber Composites Statement of Cash Flows Year Ended May 31, 2020 Cash Flows from Operating Activities: 2020 2019 Change A1 A2 33 $ Danover Fiber Composites Balance Sheet May 31, Assets Cash Accounts receivable Allowance for doubtful accounts Interest receivable Inventories Prepaid Insurance Total Current Assets 28,600 36.000 (2,900) 90.600 $ 165.000 (13,200) 4,000 117.000 23,100 386,500 62,000 129,000 (10,300 4,000 110,000 20,300 315,000 F1 F2 K $ Cash T Account (Case 1) 62.000 180.500 2,052,000 1411,200 D2 2.000 9,000 4,000 57,000 G 8.000 39,600 H2 110,000.0 114,000 11 17,000 J1 350,000 J2 16,400 M 293,700 N 7,000 2,800 Cash paid to (for) Investment in SeBASS Bonds (AFS) Property, Plant and Equipment, gross Accumulated depreciation Total Assets 2,307,900 406.000 1,768,000 (748,517) $ 1,811,983 $ 398,000 1,870,000 (864,000) 1,519,000 8.000 99,000 115,483 292,983 2.336,500 90.600 Total Net Cash F1 Cash T- Account from Case 1 Solution Cash Flows from Investing Activities: $ 87,500 17,000 Liabilities Accounts payable Salaries payable Interest payable Dividends payable Total Current Liabilities 76,300 $ 22 200 2.660 1,900 103,060 (11.200) 5,200 2,660 (700) Net Cash F1 2,600 107,100 Long-term note payable Total Liabilities 716.000 819,060 450,000 567,100 266,000 Cash Flows from Financing Activities: Net Cash Fi Shareholders' Equity Common stock, no par Retained Earnings Accumulated Other Comprehensive Income Treasury stock Total Shareholder's Equity Total Liabilities and Shareholders' Equity 375,000 375,000 731,323 891,900 8.000 (2,000) (119,400) 992.923 961,900 $ 1.811.983 $ 1,519,000 39,423 8.000 (16.400) Increase in Cash at May 82,000 Cash at May 31, 2020 (103,000) 292.983 Reconciliation of net Income to Cash Flows from Operating Activities Year Ended May 31, 2020 Cash Flows from Operating Activities: $ $ 2.256,000 1.393,000 863,000 Danover Fiber Composites Income Statement For the Year Ended May 31, 2020 Sales Cost of goods sold Gross profit Operating expenses Salary expense Depreciation expense Bad debt expense Insurance expense Maintenance expense Operating income Other (income) expense: Investment & interest income Loss (gain) on sale of Sales Building 2 Interest expense Net Income (loss) $ 372,200 104,517 8.400 36.800 9.000 530,917 332,083 Net change: $ NCF Operating Activities Noncash investing and financing activities: (12,000) 11.660 (340) 332,423 $
Step 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