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Hi accountants Please assist me with these couple questions... Thanks in advance Breakwater Boats sells boating accessories. At the end of 2016, the income statement

Hi accountants

Please assist me with these couple questions...

Thanks in advance

image text in transcribed Breakwater Boats sells boating accessories. At the end of 2016, the income statement and comparative balance sheet were prepared as shown below. Breakwater Boats Balance Sheet As at October 31 2016 2015 Assets Current Assets Cash $141,6 $56,00 55 0 Accounts Receivable $99,30 $85,60 0 0 Inventory $217,0 $198,7 00 00 Prepaid Expenses $11,10 $11,10 0 0 Total Current Assets $469,0 $351,4 55 00 Non-Current Assets Property, Plant and Equipment(1) Land $39,00 0 Equipment $327,0 $327,0 00 00 Less: Accumulated Depreciation $$29,600 23,600 Total Non-Current Assets $297,4 $342,4 00 00 Total Assets $766,4 $693,8 55 00 Liabilities and Equity Liabilities Current Liabilities Accounts Payable $53,50 $46,30 0 0 Current Portion of Bank Loan $9,600 $9,600 Total Current Liabilities $63,10 $55,90 0 0 Non-Current Portion of Bank $61,40 $71,00 Loan 0 0 $124,5 $126,9 00 00 Total Liabilities Shareholders' Equity Common Shares $162,0 $162,0 00 00 Retained Earnings $479,9 $404,9 55 00 Total Shareholders' Equity $641,9 $566,9 55 00 Total Liabilities and Equity $766,4 $693,8 55 00 Additional Information: 1. Property, Plant & Equipment During 2016, land was sold for a gain of $4,100. There was no purchase of equipment throughout the year. Breakwater Boats Income Statement For the Year Ended October 31, 2016 Sales $569,0 00 Cost of Goods Sold $341,4 00 Gross Profit $227,6 00 Operating Expenses Depreciation Expense $6,000 Other Operating Expenses $61,00 0 Total Operating Expenses $67,00 0 Operating Income $160,6 00 Other Revenue Gain on Sale of Land $4,100 Operating Income before Tax $164,7 00 Income Tax $57,64 5 Net Income $107,0 55 a) Create the cash flow statement using the indirect method. Do not enter dollar signs or commas in the input boxes. Use the negative sign for a decrease in cash. Breakwater Boats Cash Flow Statement For the Year Ended October 31, 2016 Cash Flow from Operating Activities Net Income Add: Depreciation Expense Deduct: Gain on Sale of Land Answer Answer Answer Changes in Current Assets and Current Liabilities Increase in Accounts Receivable Increase in Inventory Increase in Accounts Payable Answer Answer Answer Answer Change in Cash Due to Operating Activities Cash Flow from Investing Activities Sale of Land Answer Answer Change in Cash Due to Investing Activities Cash Flow from Financing Activities Payment of Bank Loan Payment of Cash Dividend Change in Cash Due to Financing Activities Answer Answer Answer Answer Net increase (decrease) in cash Answer Cash at the Beginning of the Year Answer Cash at the End of the Year b) Create the cash flow statement using the direct method. Assume Accounts payable is only for the purchase of inventory. Breakwater Boats Cash Flow Statement For the Year Ended October 31, 2016 Cash Flow from Operating Activities Cash Receipts Answer Cash Received from Customers Cash Payments Payments for Inventory Payments for Other Operating Expenses Payments for Income Taxes Answer Answer Answer Answer Total Cash Payments Answer Change in Cash due to Operating Activities Cash Flow from Investing Activities Sale of Land Change in Cash Due to Investing Activities Cash Flow from Financing Activities Answer Answer Payment of Bank Loan Payment of Cash Dividend Change in Cash due to Financing Activities Net Increase (Decrease) in Cash Cash at the Beginning of the Year Cash at the End of the Year Answer Answer Answer Answer Answer Answer Behemoth Manufacturing makes and sells integrated circuit boards. At the end of 2016, the income statement and comparative balance sheet were prepared as shown below. Based on the information given, prepare a cash flow statement for Behemoth Manufacturing using the indirect method. Behemoth Manufacturing Balance Sheet As at June 30 2016 2015 Cash $214,99 0 $124,20 0 Accounts Receivable $246,10 0 $266,60 0 Inventory $516,20 0 $468,20 0 Prepaid Expenses $22,600 $22,600 Total Current Assets $999,89 0 $881,60 0 Assets Current Assets Non-Current Assets Property, Plant & Equipment(1) Land $18,700 Equipment $344,40 0 Less: Accumulated Depreciation $$-90,100 102,000 Total Non-Current Assets $242,40 0 Total Assets $344,40 0 $273,00 0 $1,242,2 $1,154,6 90 00 Liabilities and Equity Liabilities Current Liabilities Accounts Payable $313,60 0 $329,80 0 Current Portion of Bank Loan $32,500 $25,700 Total Current Liabilities $346,10 0 $355,50 0 $207,50 $190,80 Non-Current Liabilities Non-Current Portion of Bank Loan 0 0 $553,60 0 $546,30 0 Common Shares $283,00 0 $246,00 0 Retained Earnings $405,69 0 $362,30 0 Total Shareholders' Equity $688,69 0 $608,30 0 Total Liabilities Shareholders' Equity Total Liabilities and Equity $1,242,2 $1,154,6 90 00 Additional Information: 1. Property, Plant & Equipment During 2016, land was sold for a loss of $4,200. There was no purchase of equipment throughout the year. The company did not pay off any amount of the bank loan. Behemoth Manufacturing Income Statement For the Year Ended June 30, 2016 Sales $2,231,0 00 Cost of Goods Sold $1,338,6 00 Gross Profit $892,40 0 Operating Expenses Depreciation Expense $11,900 Other Operating Expenses $721,70 0 Total Operating Expenses $733,60 0 Operating Income $158,80 0 Other Income Loss on Sale of Land $-4,200 Operating Income before Tax $154,60 0 Income Tax $54,110 Net Income $100,49 0 a) Create the cash flow statement using the indirect method. Do not enter dollar signs or commas in the input boxes. Use the negative sign for a decrease in cash. Behemoth Manufacturing Cash Flow Statement For the Year Ended June 30, 2016 Cash Flow from Operating Activities Net Income Add: Depreciation Add Loss on Sale of Land Answer Answer Answer Change in Current Assets and Current Liabilities Decrease in Accounts Receivable Increase in Inventory Decrease in Accounts Payable Answer Answer Answer Answer Change in Cash Due to Operating Activities Cash Flow from Investing Activities Sale of Land Answer Answer Change in Cash Due to Investing Activities Cash Flow from Financing Activities Receipt of Bank Loan Payment of Cash Dividend Answer Answer Issue of Common Shares Answer Answer Change in Cash Due to Financing Activities Answer Net Increase (Decrease) in Cash Answer Cash at the Beginning of the Year Answer Cash at the End of the Year b) Create the cash flow statement using the direct method. Assume accounts payable is only for the purchase of inventory. Behemoth Manufacturing Cash Flow Statement For the Year Ended December 31, 2016 Cash Flow from Operating Activities Cash Receipts Answer Cash Received from Customers Cash Payments Payments for Inventory Payments for Other Operating Expenses Payments for Income Taxes Answer Answer Answer Answer Total Cash Payments Answer Change in Cash Due to Operating Activities Cash Flow from Investing Activities Sale of Land Change in Cash Due to Investing Answer Answer Activities Cash Flow from Financing Activities Receipt of Bank Loan Payment of Cash Dividend Issue of Common Shares Change in Cash Due to Financing Activities Net Increase (Decrease) in Cash Cash at the Beginning of the Year Cash at the End of the Year

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