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How do I prepare properly a formatted Statement of Cash Flow using that data? Dew Drop Inn, Inc. Balance Sheets September 30, 2020 8!. 2019
How do I prepare properly a formatted Statement of Cash Flow using that data?
Dew Drop Inn, Inc. Balance Sheets September 30, 2020 8!. 2019 2020 2019 Assets Cash 5 35,445 S 23,215 Accounts Receivable 17,000 14,000 Inventory 25,450 20,000 Prepaid Expenses 4,000 4,450 Total Current Assets 81,895 61,665 Equipment 85,450 78,000 Accumulated Depreciation {28,000} (24,000] Net Fixed Asses 57,450 54,000 Total Assets 5 139,345 5 115,665 Liabilities 8: Stockholders' Equity Accounts Payable 5 14,000 5 23,665 Salaries Payable 10,000 8,000 Total Current Liabilities 24,000 31,665 Mortgage Payable 47,000 34,000 Total Liabilities 71,000 65,665 Common Stock 26,000 12,000 Retained Earnings 42,345 38,000 Total Stockholders' Equity 68,345 50,000 Total Liabilities & Equity $ 139,345 5 115,665 Other Information: 1. Net Income for the FYE September 30, 2020 was $24,500 2. During the FYE September 30, 2020 equipment was sold for $5,250 cash. The equipment originally cost $16,000 and had a book value (EV) of $6,300 at the time of sale. 3. The Company took out an additional $100,000 of long-term debt during the year ending in 2020, and then also made principal payments of $87,000 as well during 2020Step by Step Solution
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