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Posted on Jul 18, 2024

HELLOOO PLEASE HELP! pLEASE PREPARE STATEMENT OF FINANCIAL POSITION AND STATEMENT OF CASH FLOW WITH SOLUTION Winter Bake Shop started operating on January 1, 2020.

HELLOOO PLEASE HELP! pLEASE PREPARE STATEMENT OF FINANCIAL POSITION AND STATEMENT OF CASH FLOW WITH SOLUTION

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Winter Bake Shop started operating on January 1, 2020. Provided below is the adjusted trial balance for two years. Winter Bake Shop Corporation Adjusted Trial Balance December 31 2021 2020 Debit Debit Credit 5,850,000.00 819,500.00 Credit 5,500,000.00 807,300.00 2,154,200.00 1,958,300.00 5% Preference share capital, P100 par Accounts payable Accounts receivable Accumulated depreciation - Building Accumulated depreciation - Cooking equipment Accumulated Depreciation - Office equipment Accumulated depreciation - Store equipment Allowance for bad debts Building 102,000.00 1,000,000.00 840,000.00 480,000.00 43,080.00 50,000.00 500,000.00 420.000.00 240,000.00 39.170.00 Cash 2,600,000.00 101,210.00 2,500,000.00 22,744,988.00 52,000.00 420,000.00 240,000.00 2,500,000.00 616,410.00 2,500,000.00 20.707,790.00 50,000.00 420,000.00 240,000.00 ? ? 3,910.00 1,374,912.00 1.253.700.00 0.00 39,170.00 1,354,320.00 1,139,800.00 0.00 Cooking equipment Cost of goods sold Depreciation expense - building Depreciation expense - office equipment Depreciation expense - store equipment Dividends payable Doubtful accounts Finished goods inventory Freight-out Income tax expense Income tax payable Insurance expense of goods sold in transit Interest expense Interest income Land Loss due to fire Notes payable, due on December 31, 2026 Office equipment Office supplies Office supplies expense 0.00 0.00 250.740.00 96,000.00 227,960.00 60,000.00 100,000.00 20,000.00 1,600,000.00 500,000.00 1,500,000.00 0.00 800,000.00 500,000.00 2,100,000.00 10.450.00 125,370.00 2,100,000.00 9,500.00 113.980.00 2021 2020 10,300,000.00 8,100,000.00 41,790.00 954,800.00 37,990.00 940,500.00 240,000.00 (3,851,150.00) 210,000.00 0.00 1,880,550.00 1,253,700.00 1,709,700.00 1,139,800.00 130,600.00 25,850,000.00 118,700.00 23,500,000.00 258,500.00 517,000.00 235,000.00 470,000.00 Ordinary share capital, P5 par Prepaid insurance Raw materials inventory Rental income Retained Earnings Salaries and wages of admin employees Salaries and wages of sales agents Salaries payable Sales Sales discounts Sales returns and allowances Share Premium - Ordinary Share Premium - Preference Store equipment Store supplies Store supplies expense Subscribed ordinary share capital Subscribed preference share capital Subscription receivable - Ordinary Subscription receivable - Preference Treasury Shares at cost, ordinary Treasury Shares at cost, preference Work in process inventory 1,545,000.00 877,500.00 1,241,700.00 825,000.00 1,200,000.00 20,900.00 250,750.00 1,200,000.00 19,000.00 227,950.00 2,060,000.00 1,170,000.00 1,620,000.00 1,100,000.00 1,648,000.00 702,000.00 226,600.00 128,700.00 1,145,760.00 1,296,000.00 660,000.00 129,600.00 60,500.00 1,128,600.00 Totals 48,356,530.00 48,356,530.00 44,791,870.00 44,791,870.00 Additional information: 1. Inventories as of January 1 Raw materials inventory Work in process inventory Finished goods inventory 2021 940,500.00 1,128,600.00 1,354,320.00 2020 450,000.00 742,180.00 1,112,280.00 2. Cost of Goods Sold related expenses Purchases Freight-in Purchase returns and allowances Direct Labor Factory Overhead (including the depreciation expense for the cooking equipment) 2021 9,548,000.00 477,400.00 190,960.00 5,892,100.00 2020 9,405,000.00 470,250.00 188,100.00 5,518,000.00 6,621,600.00 7,070,500.00 3. Preference shares are cumulative and non-participating. 800,000.00 Dividends were declared last December 25, 2020, and was distributed to shareholders last January 20, 2021. Dividends were declared last December 28, 2021, and for distribution to shareholders on February 1, 2022. 1,000,000.00 Winter Bake Shop started operating on January 1, 2020. Provided below is the adjusted trial balance for two years. Winter Bake Shop Corporation Adjusted Trial Balance December 31 2021 2020 Debit Debit Credit 5,850,000.00 819,500.00 Credit 5,500,000.00 807,300.00 2,154,200.00 1,958,300.00 5% Preference share capital, P100 par Accounts payable Accounts receivable Accumulated depreciation - Building Accumulated depreciation - Cooking equipment Accumulated Depreciation - Office equipment Accumulated depreciation - Store equipment Allowance for bad debts Building 102,000.00 1,000,000.00 840,000.00 480,000.00 43,080.00 50,000.00 500,000.00 420.000.00 240,000.00 39.170.00 Cash 2,600,000.00 101,210.00 2,500,000.00 22,744,988.00 52,000.00 420,000.00 240,000.00 2,500,000.00 616,410.00 2,500,000.00 20.707,790.00 50,000.00 420,000.00 240,000.00 ? ? 3,910.00 1,374,912.00 1.253.700.00 0.00 39,170.00 1,354,320.00 1,139,800.00 0.00 Cooking equipment Cost of goods sold Depreciation expense - building Depreciation expense - office equipment Depreciation expense - store equipment Dividends payable Doubtful accounts Finished goods inventory Freight-out Income tax expense Income tax payable Insurance expense of goods sold in transit Interest expense Interest income Land Loss due to fire Notes payable, due on December 31, 2026 Office equipment Office supplies Office supplies expense 0.00 0.00 250.740.00 96,000.00 227,960.00 60,000.00 100,000.00 20,000.00 1,600,000.00 500,000.00 1,500,000.00 0.00 800,000.00 500,000.00 2,100,000.00 10.450.00 125,370.00 2,100,000.00 9,500.00 113.980.00 2021 2020 10,300,000.00 8,100,000.00 41,790.00 954,800.00 37,990.00 940,500.00 240,000.00 (3,851,150.00) 210,000.00 0.00 1,880,550.00 1,253,700.00 1,709,700.00 1,139,800.00 130,600.00 25,850,000.00 118,700.00 23,500,000.00 258,500.00 517,000.00 235,000.00 470,000.00 Ordinary share capital, P5 par Prepaid insurance Raw materials inventory Rental income Retained Earnings Salaries and wages of admin employees Salaries and wages of sales agents Salaries payable Sales Sales discounts Sales returns and allowances Share Premium - Ordinary Share Premium - Preference Store equipment Store supplies Store supplies expense Subscribed ordinary share capital Subscribed preference share capital Subscription receivable - Ordinary Subscription receivable - Preference Treasury Shares at cost, ordinary Treasury Shares at cost, preference Work in process inventory 1,545,000.00 877,500.00 1,241,700.00 825,000.00 1,200,000.00 20,900.00 250,750.00 1,200,000.00 19,000.00 227,950.00 2,060,000.00 1,170,000.00 1,620,000.00 1,100,000.00 1,648,000.00 702,000.00 226,600.00 128,700.00 1,145,760.00 1,296,000.00 660,000.00 129,600.00 60,500.00 1,128,600.00 Totals 48,356,530.00 48,356,530.00 44,791,870.00 44,791,870.00 Additional information: 1. Inventories as of January 1 Raw materials inventory Work in process inventory Finished goods inventory 2021 940,500.00 1,128,600.00 1,354,320.00 2020 450,000.00 742,180.00 1,112,280.00 2. Cost of Goods Sold related expenses Purchases Freight-in Purchase returns and allowances Direct Labor Factory Overhead (including the depreciation expense for the cooking equipment) 2021 9,548,000.00 477,400.00 190,960.00 5,892,100.00 2020 9,405,000.00 470,250.00 188,100.00 5,518,000.00 6,621,600.00 7,070,500.00 3. Preference shares are cumulative and non-participating. 800,000.00 Dividends were declared last December 25, 2020, and was distributed to shareholders last January 20, 2021. Dividends were declared last December 28, 2021, and for distribution to shareholders on February 1, 2022. 1,000,000.00