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Make full cash flow statement and answer fast Callaho Inc.'s balance sheet and income statement are as follows: Callaho Inc Callaho Inc Comparative Balance Sheet
Make full cash flow statement and answer fast
Callaho Inc.'s balance sheet and income statement are as follows: Callaho Inc Callaho Inc Comparative Balance Sheet Information Income Statement December 31 For the Year Ended December 31, 2015 Assets 2015 2014 Sales $1,376,000 Cash $118,000 $78,000 Cost of goods sold 809,000 Accounts receivable 60,000 50,000 Gross profit 567,000 Merchandise inventory 395,000 350,000 Operating expenses Equipment 225,000 199,000 Depreciation expenso 30,000 Accumulated depreciation (96,000) (66,000) Other expenses 334,000 Total assets $702,000 $611,000 Total operating expenses 364,000 Liabilities and Equity Income from operations 203,000 Accounts payable $37,000 $60,000 Income taxes 30,000 Income taxes payable 21,000 20,000 Net income $173,000 Share capital 522,500 490,000 Retained earnings 121,500 41,000 Total liabilities and equity $702,000 $611,000 Additional information regarding Callaho Inc.'s activities during 2015: a. Equipment is purchased for $26,000 cash. b. 13,000 common shares are issued for cash at $2.50 per share Prepare a statement of cash flows for 2015. Use the indirect method to report cash inflows and outflows for the operating activities section, Callaho Inc. Statement of Cash Flows For the Year Ended December 31, 2015 + X X X X Step by Step Solution
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