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vidual Homework Assignment # 2 Summer 2019 Page 2 of Ninatori Fashion Designs Corp. Income Statement For the Year ended December 31, 2019 Net Sales Revenue $7,929,000 Cost of Goods Sold 3,840,300 Gross Profit 4,088,700 Operating Expenses: Selling 870,650 General and Administrative 1,145,230 Total Operating Expenses 2,015,880 Operating Profit 2,072,820 Nonoperating Items: (75,450) Interest Expense 85,000 Gain on Sale of Land (19,500) Loss on Sale of Used Equipment 2,062,870 Earnings before Taxes 436,520 Income Tax Expense $1,626,350 Net Earnings Per Share of Common: $6.26 Earnings per Share $2.50 Cash Dividends per Share BUS 202 Managerial Accounting Joseph M. D'Adamo University of Rhode Island Page 3 of 9 Individual Homework Assignment # 2 Summer 2019 Ninatori Fashion Designs Corp. Statement of Equity For the year ended December 31, 2019 Accumulated Other Comprehensive Income Common Stock Additional Paid-in Capital $5.00 par Retained Total E Shares Earnings Amount $5,952,600 $1,950,000 $2,752,600 $450,000 160,000 $800,000 Balance, December 31, 2018 1,626,350 1,626,350 Add: Net Earnings Add: Other Comprehensive Income, net 15,000 15,000 500,000 1,750,000 Add: Issuance of Stock 100,000 2,250,000 Deduct: Dividends Declared (650,000) (650,000) $1,300,000 $3,700,000 Balance, December 31, 2019 260,000 $3,728,950 $465,000 $9,193,950 Joseph M. D'Adamo University of Rhode Island Individual Homework Assignment #2 BUS 202 Managerial Accounting Page 4 of 9 Summer 2019 Ninatori Fashion Designs Corp. Statement of Financial Position December 31, 2019 and 2018 ASSETS 2018 2019 Current Assets: $108,700 $87,240 Cash and Cash Equivalents Accounts Receivable, net 835,450 923,440 752,150 Inventories 784,360 28,460 Prepaid Expenses 31,770 Total Current Assets 1,724,760 1,826,810 Long-Term Investments 541,200 556,200 Plant, Property and Equipment, net 10,799,520 13,579,370 2,615,970 Intangible Assets 4,297,300 $15,681,450 Total Assets $20,259,680 LIABILITIES AND STOCKHOLDERS' EQUITY 2018 2019 Current Liabilities: $425,000 $812,000 Current Portion of Long-Term Debt 547,600 491,720 Accounts Payable 98,750 118,790 Income Taxes Payable 11,930 14,720 Interest Payable 28,660 31,410 Other Accrued Expenses 1,501,730 1,078,850 Total Current Liabilities Long-Term Liabilities: 8,650,000 9,564,000 Long-Term Debt, excluding current portion 11,065,730 9,728,850 Total Liabilities Stockholders' Equity: 800,000 1,300,000 Common Stock, $5 par value 1,950,000 3,700,000 Additional Paid-in Capital 2,752,600 3,728,950 Retained Earnings 450,000 465,000 Accumulated Other Comprehensive Income 5,952,600 9,193,950 Total Stockholders' Equity $15,681,450 $20,259,680 Total Liabilities and Stockholders' Equity Individual Homework Assignment # 2 Summer 2019 Page 5 of 9 Other information from the accounting records of Ninatori Fashion Designs Corp.: Depreciation recognized in net earnings during the year $847,600 Amortization recognized in net earnings during the year $214,900 $301,000 Sold land which originally cost $86,800 Sold equipment with carrying value $4,750,000 Received proceeds of a new long-term loan Individual Homework Assignment #2 Summer 2019 Page 6 of 9 Problem #2: Operating Cash Flows (16 points) Required: Prepare the Cash Flows from Operating Activities section of the statement of cash flows of Ninatori Fashion Designs Corp. for the year ended December 31, 2019. You must neatly prepare the section in proper form including appropriate headings and descriptions. Ninatori Fashion Designs Corp. Statement of Cash Flows: Cash Flows from Operating Activities For the year ended December 31, 2019 Individual Homework Assignment # 2 Summer 2019 Page 7 of 9 Problem #3: Investing and Financing Cash Flows (44 points) Required: Throughout this problem, you must provide supporting calculations for all items labelled with an asterisk. Failure to provide supporting calculations for an item will result in zero credit for that item. a) Compute the following amounts presented in the statement of cash flows for the year ended December 31, 2019. Your Answers Cash Flows from Investing Activities Proceeds from sale of plant assets (6 points) Purchase of plant assets (6 points) (4 points) Purchase of intangible assets Net Cash Inflow (Outflow) from Investing Activities (2 points) Supporting Calculations Required: Individual Homework Assignment # 2 Summer 2019 Page 8 of 9 b) Compute the following amounts presented in the statement of cash flows for the year ended December 31, 2019. Cash Flows from Financing Activities Your Answers Proceeds from new borrowing (2 points) Repayment of long-term debt (6 points) Proceeds from issuance of stock (6 points) Cash dividends paid points) Net Cash Inflow (Outflow) from Financing Activities (2 points) Supporting Calculations Required: Individual Homework Assignment #2 Summer 2019 Page 9 of 9 Compute the following amounts presented in the statement of cash flows for the year ended December 31, 2019. c) Your Answers Net Cash Inflow (Outflow) from Operating Activities (1 point) Net Cash Inflow (Outflow) from Investing Activities (1 point) Net Cash Inflow (Outflow) from Financing Activities (1 point) Net Increase (Decrease) in Cash and Cash Equivalents (3 points) Cash and Cash Equivalents, Beginning (1 point) Cash and Cash Equivalents, Ending (1 point)