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I have already made the adjusting journal entries and have updated all the other revised financial statements using the quantitative information from the original financial
I have already made the adjusting journal entries and have updated all the other revised financial statements using the quantitative information from the original financial statements. Now, I need help updating the Revised Statement of Cash flows for Year ended December 31, 2017 that is located at the very bottom using all the quantitative information from all the revised financial statements prior to the Revised Statement of Cash Flows for Year ended December 31, 2017.
A B C D E F G H j K 17 18 ITEMS TO COMPLETE FOR THIS MILESTONE (Blue Tabs): 19 20 GENERAL 21 You just began a position as a financial accountant at Peyton Approved. In this role, your first task is to prepare the company's financials for the year- end audit. Additionally, the company is interested in expanding its business within the next year. They would like your support in assessing their 22 ability to meet their goals. 23 TRIAL BALANCE 2017 TAB 24 25 26 27 Using the Peyton Approved financial data (see bottom of page): Create the necessary adjusting journal entries. Use the REF column to reference the entry to each event Complete the adjusted trial balance 28 29 30 REVISED FINANCIAL STATEMENTS 31 32 33 34 Using the preliminary financial statements (yellow tabs) and the Trial Balance 2017, prepare the following statements: Balance Sheet (BS 2017 Revised tab) Income Statement (IS 2017 Revised tab) Retained Earnings Statement (RE 2017 Revised tab) Statement of Cash Flows (CF 2017 Revised tab) 35 36 49 50 51 52 PEYTON APPROVED FINANCIAL DATA 53 Preliminary Financial Statements have already been prepared (2017 statements in the Final Project Workbook). Final adjusting entries have not yet been made. See table for possible adjustments that indicate what will be recorded at 12/31/17 (fiscal year end). Use the following to complete year-to-year documentation and notes for managing depreciation, inventory, and long-term debt. 54 55 1. A supplier shipped $3,000 of ingredients on 12/29/17. Peyton receives an invoice for $3,175 for the goods and freight of $175, all dated 12/29/17. Goods were shipped FOB supplier's warehouse. 56 57 58 2. At 12/31/17, Peyton has $200 worth of merchandise on consignment at Bruno's House of Bacon. 59 60 3. On 12/23/17, Peyton received a $1,000 deposit from Pet Globe for product to be shipped by Peyton in the second week of January. 61 4. On 12/03/2017, a mixer with cost of $2,000, accumulated depreciation $1,200, was destroyed by a forklift. As of 12/23/17, insurance company has agreed to pay $700 in January, 2018, for accidental destruction. 62 63 ACC-308-Final-Project-Scenario 1 1 Overview:-You-just-began-a-position as a financial-accountant-at-Peyton-Approved. In this role,-your-first-task-is-to. prepare the company's financials-for-the-year-end-audit. Additionally, the company-is-interested-in-expanding.its. business-within-the-next-year. They-would-like-your-support-in-assessing their ability-to-meet-their-goals. 1 Refer-to-the-data-below-and-use-the-Final-Project-Workbook-that-includes the income-statement, balance sheet, retained earnings.statement-and-cash-flow.statement to complete-the-final-project-and-associated-milestones. 1 1 Peyton.Approved-Financial-Data:-Preliminary-Financial Statements have already been prepared (2017-statements-in-the- Final-Project-Workbook).--Final-adjusting.entries have not yet been made.-See-table-for-possible adjustments-that- indicate-what-will-be-recorded-at-12/31/17-(fiscal-year-end).Use the following-to-complete.year-to-year-documentation. and-notes-for-managing.depreciation, inventory, and long-term-debt.- 1 1 1.+ A-supplier-shipped-$3,000-of-ingredients-on-12/29/17.-Peyton-receives-an-invoice-for-$3,175-for-the. goods and freight of $175, all-dated-12/29/17.-Goods-wereshipped-FOB-supplier's warehouse. 2. At-12/31/17,-Peyton-has-$200-worth-of-merchandise-on-consignment-at-Bruno's-House-of-Bacon.. 3.+On-12/23/17,-Peyton-received $1,000.deposit-from-Pet-Globe-for-product-to-be-shipped-by-Peyton.in. the second week of January. 4.+On-12/03/2017, a-mixer-with-a-cost-of-$2,000, accumulated-depreciation $1,200,-was.destroyed by a forklift..As.of:12/23/17, insurance company has agreed to pay $700-in January, 2018, for accidental. destruction. The company is planning to open another location-in-2018. Using the Preliminary Statements-as-a-base, prepare-pro- forma (budgeted)-financials-for-2018-for-the-new.location using the following information: 1 . Cost-of-leasing.commercial-space: $1,500 per month.. g Cost-of-new.equipment:-$15,000, purchased-with-a-long-term-note. Use straight-line depreciation assuming.a. seven-year-life, no-residual-value.:Use-full-year's.depreciation-for-the-first-year.--Equipment purchase-was. financed-with-a-long-term.note. Cost-of-hiring and training.new.employees: three-at-$25,000-each-for-the-first-year. Except as-noted-in-1, 2, 3, and 5, assets, current-liabilities, sales, costs, and-expenses are expected-to-be-80%-of- the existing store (from preliminary statements).except-no-stock.-Retained-earnings--net-income. Cash: $7,000.-Accounts receivable amount-to-4.0-turns-(accounts-receivable-turnover-will-be-4.0);-inventory amount-to-show-3.0-turns-(inventory-turnover-will-be-3.0)..No-stock-will-be-issued.-Retained-earnings-are-to- equal-net-income. Additional financing of $5,000-will-be-long-term. Add-remaining-amount-needed-to-balance. into accounts payable.. g For-notes-to-the-financial-statements and Management Analysis-Memo, consider the following: 1 Peyton-Approved-uses-the-following accounting practices: 1 1 + Inventory::Periodic,-LIFO-for-both-baking and merchandise Equipment:-Straight-line-method-used-for-equipment 1 Business-Financing Information: Use this information-to-calculate interest-rates-and-insurance-information, and-to- assess-their-impact-on-the-company's financial-obligations: 1 1 6%-interest.note.payable-was-made-on-Jan-31, 2017, and is due.Feb 1, 2019.4 +5-year-loan-was-made-on-June-1, 2016. Terms-are-7.5% annual-rate, interest-only-until-due date. Insurance::Annual-policy.covers 12 months, purchased-in-February, covering-March-2017-to-February 2018.-No. monthly adjustments have been made. 1. Prepare the adjusted trial balance in the following manner: 1. Prepare the adjusted trial balance in the following manner: Unadjusted Trial Balance Dr. Cr. $67,520.04 568,519.91 Adjustments Dr. Cr. $1.000.00 $700.00 $3,000.00 $15,506.70 $1,238.07 $200.000 $200.00 $2.114.55 $2.114.55 $170.49 $14,000.00 $2.000.000 $1,606.44 $1,200.00 Account Title Cash Accounts Receivable Other Receivable - Insurance Baking Supplies Merchandise Inventory Consignment Inventory Prepaid Rent Prepaid Insurance Misc. Supplies Baking Equipment Accumulated Depreciation Customer Deposit Accounts Payable Wages Payable Interest Payable Notes Payable Common Stock Beginning Retained earnings Dividends Bakery Sales Merchandise Sales Cost of Goods Sold - Baked Cost of Goods Sold - Merchandise Rent Expense Wages Expense Miscellaneous Supplies Expense $1.000.00 $3,175.00 Adjusted Trial Balance Dr. Cr. $68,520.04 $68,519.91 $700.00 $18,506.70 $1.038.07 S200,00 S2.114.55 $2.114.55 $170.49 S12,000.00 $406.441 $1.000.00 $23.437.11 $3,383.28 $211.46 $5.000.000 $20,000.00 $50,144.84 S105,000.00 $327,322.551 $1.205.64 $105,834.29 $859.77 $24.549.19 S10,670.72 $3.000.46 $20.262.11 $3,383.28 $211.46 $5.000.000 $20,000.00 $50,144.841 S105,000.00 $327,322.551 $1,205.64 S105.834.29 $859.77 $24.549.19 $10,670.72 $3,000.46 Depreciation Expense Insurance Expense Advertising Expense Interest Expense Telephone Expense Gain/Loss on disposal of equipment TOTAL $677.86 $1.091.08 $1.549.74 $818.31 $490.98 S677.86 $1.091.08 $1.549.74 $818.31 $490.98 $100.00 $432,111.32 $432,111.32 $100.00 S6,375.00 S429,136.32 $429,136.32 $6,375.00 2. Prepare the revised income statement for 2017, in the following manner: Amount $327,322.55 $1,205.64 $328,528.19 $105,834.29 $859.77 ($106,694.06) $221,834.13 Description Sales Bakery Merchandise Less: Expenses Cost of goods sold Bakery Merchandise Gross profit Less: Other expenses Rent Expense Wages Expense Miscellaneous Supplies Expense Business License Expense Misc. Expense Depreciation Expense Insurance Expense Advertising Expense Interest Expense Telephone Expense Gain Loss on disposal of equipment Net income $24,549.19 $10,670.72 $3,000.46 $2,045.77 $1,538.84 $677.86 $1,091.08 $1,549.74 $818.31 $490.98 $100.00 ($46.532.95), $175,301.18 3. Prepare the revised balance sheet and statement of retained earnings, for 2017, in the following manner: Amount Assets Current Assets Cash Accounts receivables Other receivables - insurance Baking supplies Merchandise inventory Consignment inventory Prepaid Rent Prepaid Insurance Misc. Supplies $23,437.11 $3,383.28 S211.46 $1,000.00 $28,031.85 Liabilities and Owners' Amount Equity Current Liabilities $68,520.04 Accounts Payable S68,519.91 Wages Payable $700.00 Interest Payable $18,506.70 Customer Deposit $1,038.07 $200.00 $2,114.55 Long Term Liabilities $2,114.55 Notes payable $170.49 $161,884.31 Equity Common Stock Retained Earnings $12,000.00 (5406.44) S11,593.56 $5,000.00 $5,000.00 $20,000.00 $120.446.02 $140,446,02 Baking Equipment Accumulated Depreciation TOTAL $173,477.87 TOTAL S173,477.87 3-a. Prepare the statement of retained earnings, for 2017, in the following manner: Description Beginning Balance Add: Net income Less: Dividends Ending balance Amount $50,144.84 $175,301.18 ($105,000.00 $120,446.02 4. Prepare the closing journal entries for 2017, in the following manner: Post Debit Ref. ($) $153,227.01 Credit (S) Date Account Title and Explanation Income summary Cost of goods sold Rent Expense Wages Expense Miscellaneous Supplies Expense Business License Expense Misc. Expense Depreciation Expense Insurance Expense Advertising Expense Interest Expense Telephone Expense Gain Loss on disposal of equipment $106,694.06 $24,549.19 $10,670.72 $3,000.46 $2,045.77 $1,538.84 $677.86 $1,091.08 $1,549.74 $818.31 $490.98 $100.00 Sales-Bakery Sales- Merchandise Income summary $327,322.55 $1,205.64 $328,528.19 Income summary Retained earnings $175,301.18 $175,301.18 Retained earnings Dividends payable $105,000.00 $105,000.00 A D E F G . B Preliminary 1 2 3 Peyton Approved Statement of cash Flow For Year Ended 12/31/2017 4 5 6 Net Income Depreciation Expense $ 175,576.18 677.86 7 8 176,254.04 9 10 11 12 Increase in Accounts Receivable Increase in Baking Supplies Increase in Merchandise inventory Increase in Prepaid Rent Increase in Prepaid Insurance Increase in Misc. Supplies (25,886.91) (8,187.84) (443.10) (449.55) (1,004.55) (114.99) 13 14 15 16 17 Increase in Accounts Payable Increase in Wages Payable Increase in Interest Payable 3,292.11 1,850.48 44.96 18 19 20 Operating Cash Flow 145,354.65 21 22 Cash Flow from Investments Equipment Purchases 23 (6,000.00) 24 25 Cash Flow from Investments (6,000.00) 26 27 28 Cash Flow from Financing Repayment of Note Payable Dividends Paid (10,000.00) (105,000.00) 29 30 31 Cash Flow from Financing (115,000.00) 32 33 Net Cash Flow 24,354.65 34 35 Beginning Cash 43,165.39 36 37 Ending Cash 67,520.04 38 1 N 3 Peyton Approved Statement of cash Flow For Year Ended 12/31/2017 Instructions Milestone 1 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22
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