Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I need help creating a statement of cash flows from the balance sheet and income statement, for the year ending December 31,2022. If you could

image text in transcribed

I need help creating a statement of cash flows from the balance sheet and income statement, for the year ending December 31,2022.

If you could please develop a statement of cash flows using the indirect method, thank you!

Waren Sports Supply Company Comparative Balance Sheet December 31, 2022 and 2021 Assets Waren Sports Supply Company Statement of Income and Retained Earnings Year Ended December 31, 2022 Revenue Sales $ 1,589,666.00 Miscellaneous Revenue $ 825.00 Sales returns and allowances $ (62,181.00) Sales discount taken $ $ (15,405.82) Net Sales $ 1,512,904.18 Costs of goods sold $(1,024,609.94) 2022 2021 $ 110,366.83 $ 11,025.19 $ 39,465.79 $ 11,065.00 $ (3,250.81) $ 202,920.00 $ 101,681.00 Less: Less: Less: Current Assets Cash Accounts Recievable Allowance for Doubtful Accounts Inventory Prepaid Expenses Marketable Securities Interest receivable Fixed Assets Accumulated Depreciation Notes Receivable Total Assets $ 24,000.00 Gross Margin $ 488,294.24 $ 212,949.29 $ 320,665.00 $ (81,559.50) $ 589,701.91 $ 359,625.88 Operating Expenses rent expense advertising expense office supplies expense depreciation expense wages and salaries expense payroll tax expense federal income tax expense interest expense bad debt expense other operating expense Total Operating Expenses $ 57,600.00 $ 22,395.00 $ 5,892.55 $ 34,779.31 $ 140,371.63 $ 12,020.84 $ 36,600.07 $ 162.74 $ 7,560.40 S 33,225.75 $ (350,608.29) Liabilities and Stockholder's Equity Current Liabilities Accounts Payable $ 5,736.35 $ 11,279.35 Wages and Salaries Payable Federal Income Taxes Withheld $ 1,161.00 $ 878.81 State Income Taxes Withheld $ 672.20 $ 447.95 State Unemployment Taxes Payable $ 117.89 $ 281.17 Federal Unemployment Taxes Payable $ 19.93 $ 83.31 F.I.C.A Taxes Payable $ 2,280.80 $ 1,593.30 Federal Income Taxes Payable $ 36,600.07 $ 29,797.00 Dividends Payable Interest Payable $ 162.74 Notes Payable $ 90,000.00 Total Liabilities $ 136,750.98 $ 44,360.89 Net Income $ 137,685.95 $ 137,685.95 Operating Income Beginning Retained Earnings : 12-31-21 $ 225,000.00 $ 225,000.00 Stockholder's Equity common stock paid-in capital in excess of par income summary retained earnings net income Total Stockholder's Equity Total Liabilites and Stockholder's Equity $ 90,264.99 $ 90,264.99 $ 137,685.95 $ 452,950.94 $315,264.99 $ 589,701.92 $ 359,625.88 Waren Sports Supply Company Comparative Balance Sheet December 31, 2022 and 2021 Assets Waren Sports Supply Company Statement of Income and Retained Earnings Year Ended December 31, 2022 Revenue Sales $ 1,589,666.00 Miscellaneous Revenue $ 825.00 Sales returns and allowances $ (62,181.00) Sales discount taken $ $ (15,405.82) Net Sales $ 1,512,904.18 Costs of goods sold $(1,024,609.94) 2022 2021 $ 110,366.83 $ 11,025.19 $ 39,465.79 $ 11,065.00 $ (3,250.81) $ 202,920.00 $ 101,681.00 Less: Less: Less: Current Assets Cash Accounts Recievable Allowance for Doubtful Accounts Inventory Prepaid Expenses Marketable Securities Interest receivable Fixed Assets Accumulated Depreciation Notes Receivable Total Assets $ 24,000.00 Gross Margin $ 488,294.24 $ 212,949.29 $ 320,665.00 $ (81,559.50) $ 589,701.91 $ 359,625.88 Operating Expenses rent expense advertising expense office supplies expense depreciation expense wages and salaries expense payroll tax expense federal income tax expense interest expense bad debt expense other operating expense Total Operating Expenses $ 57,600.00 $ 22,395.00 $ 5,892.55 $ 34,779.31 $ 140,371.63 $ 12,020.84 $ 36,600.07 $ 162.74 $ 7,560.40 S 33,225.75 $ (350,608.29) Liabilities and Stockholder's Equity Current Liabilities Accounts Payable $ 5,736.35 $ 11,279.35 Wages and Salaries Payable Federal Income Taxes Withheld $ 1,161.00 $ 878.81 State Income Taxes Withheld $ 672.20 $ 447.95 State Unemployment Taxes Payable $ 117.89 $ 281.17 Federal Unemployment Taxes Payable $ 19.93 $ 83.31 F.I.C.A Taxes Payable $ 2,280.80 $ 1,593.30 Federal Income Taxes Payable $ 36,600.07 $ 29,797.00 Dividends Payable Interest Payable $ 162.74 Notes Payable $ 90,000.00 Total Liabilities $ 136,750.98 $ 44,360.89 Net Income $ 137,685.95 $ 137,685.95 Operating Income Beginning Retained Earnings : 12-31-21 $ 225,000.00 $ 225,000.00 Stockholder's Equity common stock paid-in capital in excess of par income summary retained earnings net income Total Stockholder's Equity Total Liabilites and Stockholder's Equity $ 90,264.99 $ 90,264.99 $ 137,685.95 $ 452,950.94 $315,264.99 $ 589,701.92 $ 359,625.88

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Intermediate accounting

Authors: J. David Spiceland, James Sepe, Mark Nelson

7th edition

978-0077614041, 9780077446475, 77614046, 007744647X, 77647092, 978-0077647094

More Books

Students also viewed these Accounting questions

Question

If you had her job, how would you prevent these?

Answered: 1 week ago

Question

This is the outer most carnival appendage?

Answered: 1 week ago

Question

Proximity of the brain tissue?

Answered: 1 week ago

Question

Human brain are.......?

Answered: 1 week ago

Question

How many lobes are in the cerebral cortex?

Answered: 1 week ago