Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Monkey C Inc. provides the following financial statements for the year ending on Dec 31, 2018. Monkey C Inc. Income Statement For the Year Ended
Monkey C Inc. provides the following financial statements for the year ending on Dec 31, 2018. Monkey C Inc. Income Statement For the Year Ended December 31, 2018 Sales Cost of Goods Sold Gross Profit Depreciation Other Operating Expenses Operating Income (Earnings before Interest and Taxes) Interest Expense Earnings Before Taxes Income Taxes Net Income $882,600 721,600 161,000 30,600 6,000 124,400 4,000 120,400 4,000 116,400 2017 $32,700 88,000 180,200 4,000 304,900 200,000 (12,600) 187,400 18,500 205,900 $510,800 Monkey C Inc. Comparative Balance Sheet as at December 31, 2018 2018 $11,800 84,200 197,000 5,000 298,000 245,000 (43,200) 201,800 81,000 282,800 $580,800 2018 $21,600 17,600 14,400 36,000 15,000 104,600 85,000 85,000 189,600 2018 283,000 108,200 391,200 $580,800 Assets Cash Accounts Receivable Inventory Prepaid Expenses Total Current Assets Equipment Accumulated Depreciation Net Equipment Land Total Fixed Assets Total Assets Liabilities Accounts Payable interest Payable Salaries Payable Other Accrued Liabilities Income Tax Payable Total Current Liabilities Bonds payable Total Long Term Debt Total Liabilities Stockholder's Equity Common Stock Retained Earnings Total Stockholder's equity Total Liabilites and SH Equity 2017 $35,600 13,000 3,000 38,000 8,000 97,600 130,000 130,000 227,600 2017 244,000 39,400 283,200 $510,800 Using the information above complete the Statement of Cash Flow Below; Enter your answers on the answer section using the following format (round to the closest dollar): Letter Description Value example: a. Depreciation $30,600 Monkey C Inc. Cash Flow Statement For the Year Ended December 31, 2018 Cash Flow From Operations Net Income 116,400 a. .5pt Change in Current Assets and Liabilities Accounts Receivable 3,800 b. .5pt Prepaid Expenses (1,000) Accounts Payable (14,000) Interest Payable 4,600 C. .5pt Other Accrued Liabilities (2,0000 d. .5pt Change in cash due to operations e. .5pt Cash Flow from Investment Purchase of equipment (45,000) f. .5pt Change in cash due to investment g. .5pt Cash Flow from Financing Notes Payable (45,000) h. .5pt (47,400) Dividends Change in Cash due to financing i. .5pt Total Change in Cash (20,900) 32,700 Cash Beginning of Year Cash End of Year j. .5pt
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started