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I am able to make balance sheet and income statement but having issue with the statement of cash flow. Any help will be highly appreciated.
I am able to make balance sheet and income statement but having issue with the statement of cash flow. Any help will be highly appreciated. Thanks
Insert page Lmyout Formulas Dats Renew View Developer N Pro 1U ?lel me what you want to do Cu Goo Neutral |Calculation , AuaSum . ata Find& & Center S Fomst Paite Formating" Table Makea Ralance, incomeand Statement of Cash ows usin the indirect Methed rom the info ven. Indude the P uired plemental infarmation re ardin interest and t s, and ncludear si nifiant or (9 h transactions AB Helpful Details: 1The company paid dividends to its shareholders at the end of 2019 Statement of Cash Flows Solution: You need to calculate the amount. 2 The company sold a building (warehouse) in 2019. The building had a historical cost of $230,000 and was sold for $62,000 in cash. See Make a Balance, Income and Statement of Cash Flows using the Indirect Method from the info given. Include the required supplemental information regarding Interest and taxes, and Include any slgnlficant non-cash transactions the journal entry for this transaction below 3 he company purchased land and equipment for expansion. 4 The company sold markelable securils alued al $163,800 The company sold an asset they were holding for sale for $29,220. 6 The company obtained a new warehouse valued at $150,000 through a 15 year finance lease agreement. They made a $44,000 Alaska Boarding, Com 10 Balance Sheet December 31, 2019 and 2018 cash principal payment on the first day of the lease term. The lease is being amortized over 15 years. he company made a payment on their long term note 8 The company issued additional shares of common stock 9 Check Figures: Cash Provided by Operating Activities is $311,845. Cash Provided by Investing Activities is $241,020. 12 13 Assets 2019 2018 14 Curent Assets 15 Cash 894,865 163,280 413,900 1 Accounts Receivable 125,600 727,200 17 Merchandise Inventor 763,560 18 Prepaid Rent 19 Prepaid Insurance 3,600 790 680 Total Current Assets Alaska Boarding, Com 1,822,495 1,270,980 21 Income Statement 22 Property and tquipment For the Years Ending December 31, 2019 and 2018 23 Land 112,000 1,544,00 (270,200) 24 Buildings 25 Accumulated Depreciation Buildings 26 Equipment 1,774,000 2019 2018 (266,100) $ 2,119,803 2,018,860 Sales Revenue (1,271,882) 787,000 685,000 Cost of Goods Sold 1,211,316 27Accumulated Depreciation Equipment 489 411,000 Gross Profit 847,921 807,544 A1.Equity lournal Entries A2.Equty T-AccountsA. St at Stockhalders EquityB1. Statement of Cash Flows R Insert page Lmyout Formulas Dats Renew View Developer N Pro 1U ?lel me what you want to do & Center S Fomst Paite Makea Ralance, incomeand Statement of Cash ows usin the indirect Methed rom the info ven. Indude the P uired plemental infarmation re ardin interest and t s, and ncludear si nifiant or (9 h transactions 26 Equipment 27 Accunulated Depreciation-Equipment 787,000 685,000 Casl ol Guuds Suld 1,271,88.2 1,211,316) Gross Profit 847,921 489,700 411,000 807,544 Net Property and Equipment 1,683,100 1,781,900 Operating (Income) Expenses Salaies and Wages Expense 29 30 Right-of-Use Asset 357,851 311,090 31 ROU-Warehouse 420,000 Insurance Expense 4,740 Net Right-of-Use Assets Supplies Expense 32 420,000 ,650 Rent Expense 3,600 6,300 34 Other Assets Depreciation and Amortization Expens Gain on Sale of Building Total Operating Expenses 147,300 112,850 (66,500) 454,644 35 Investment in Marketable Securities 163,800 36 Assets Held for Sale 27,680 56,900 477,091 Total Other Assets 27,680 220,700 38 Income from Operations 393,277 330,453 3,953,275 $ 3,273,580 39 Total Assets 40 Other Income and (Fxpenses 41 Liabilities and Storkholders' Equity Dividend Incone 42 Current Liabilities Interest Expense 32,424 18,264) 133,320 121,200 43 Accounts Payable Total Other Ince and Experises 32,424 14,169 44 Salaries and Wages Payable 19,791 Income Before Income Taxes 316,284 45 Interest Payable 3,044 360,853 46 Taxes Payable 18,945 16,605 66,120) 7 Unearned Revenue 20,900 19,000 75,779 Total Current Liabilities 198,360 181,839 Net Income 285,074 249,864 50 Long-term Liabilities 51 Finance Lease Liability 52 Note Payable 406 000 456,600 Journal Entry for Sale of Building referred to in Item #2 above: 404,600 A1.Equity lournal Entries A2.Equty T-AccountsA. St at Stockhalders EquityB1. Statement of Cash Flows R Insert page Lmyout Formulas Dats Renew View Developer N Pro 1U ?lel me what you want to do Cu Goo Neutral |Calculation , AuaSum . ata Find& Clesrer Select & Center S Fomst Paite Formating" Table Makea Ralance, incomeand Statement of Cash ows usin the indirect Methed rom the info ven. Indude the P uired plemental infarmation re ardin interest and t s, and ncludear si nifiant or (9 h transactions AB Income from Operalions 38 393,277 330,453 3,953,275 3,273,580 Total Assets Other Income and (Expensesj: 40 1 Liabilities and Stockholders Equity Dividend Income 1,095 (18,261) 14,169) 32,421) 12 Current Liabilities Interest Expense 43 Accounts Payable 44 Salaries and Wages Payable 4 Interest Payable 133,320 121,200 Total Other Income and Expenses 32,424 19,791 21,990 5,404 Income Before Income Iaxes 3,044 360,853 316,284 18,945 16,605 46Taxes Payable 75,779) 47 Unearned Revenue 19,000 (66,420) 20,900 Tax Expense 48 Total Current Liabilities 198,360 181,839 49 Net Income $ 285,074249.864 50 Long term Liabilities 1Finance lease liability Note Payable Tatal Long-term liabilities 406,000 404,60n 456,600 Journal Entry for Sale of Building referred to in Item #2 above 810,600 456,600 62,000 Accumulated Depreciation Building Gain on Sale of Building To record sale of building, removing Building and related Accumulated Depreciation from the Balance Sheet and recording the Gain on the 34,500 Total Liabilities 1,008,960 638,439 230,000 66,500 57 Stockholders' Equity 58 Common Stock 740,000 690,000 59 Retained Earnings 2,204,31!5 1,945,141 Income Statement. lotal Stockholders' Lquity 60 2,944,315 2,635,141 Total Liabilities and Stockholders' Equity_S 3,953,275 $ 3,273,580 A1.Equity lournal Entries A2.Equty T-AccountsA. St at Stockhalders EquityB1. Statement of Cash Flows RStep by Step Solution
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