Question
Good Afternoon, I am working on this assignment, and I am having a hard time. Can someone please take a look at this? Thank you
Good Afternoon, I am working on this assignment, and I am having a hard time. Can someone please take a look at this? Thank you
Prepare a statement of cash flows for the year ended December 31, 2014 for Summer Peebles, Inc. using the indirect method.
Summer Peebles, Inc. Income Statement Year Ending December 31, 2014 |
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Sales | $1,000.00 |
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Cost of Goods Sold | -$650.00 |
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Depreciation Expense | -$100.00 |
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Sales and General Expense | -$100.00 |
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Interest Expense | -$50.00 |
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Income Tax Expense | -$40.00 |
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Net Income | $60.00 |
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Summer Peebles, Inc. Balance Sheets as of December 31, 2013 and 2014 | ||||
Assets | 2013 | 2014 | ||
Cash | $50.00 | $60.00 | ||
Accounts Receivable, Net | $500.00 | $520.00 | ||
Inventory | $750.00 | $770.00 | ||
Current Assets | $1,300.00 | $1,350.00 | ||
Fixed Assets, Net | $500.00 | $550.00 | ||
Total Assets | $1,800.00 | $1,900.00 | ||
Liabilities and Equity | ||||
Notes Payable to Banks | $100.00 | $75.00 | ||
Accounts Payable | $590.00 | $615.00 | ||
Interest Payable | $10.00 | $20.00 | ||
Current Liabilities | $700.00 | $710.00 | ||
Long-Term Debt | $300.00 | $350.00 | ||
Deferred Income Tax | $300.00 | $310.00 | ||
Capital Stock | $400.00 | $400.00 | ||
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