Answered step by step
Verified Expert Solution
Question
1 Approved Answer
ook at the following financial statements and take note of the changes in the given time period (between 2017 and 2018). Nutty Peanut Butter 2017
ook at the following financial statements and take note of the changes in the given time period (between 2017 and 2018). Nutty Peanut Butter 2017 and 2018 Balance Sheet (R in thousands) 2017 (R) 2018 (R) Change (R) Assets Cash 84 146 + 62 Accounts receivable 165 188 + 23 Inventory 393 422 + 29 Total 642 756 +114 Fixed assets Net plant and equipment 2 731 2 880 +149 Total assets 3373 3 636 +263 Liabilities and Owners' Equity Current liabilities Accounts payable 312 344 + 32 Notes payable 231 196 -35 Total 543 540 -3 Long-term debt 531 457 -74 Owners' equity Common stock and paid in surplus 500 550 + 50 Retained earnings 1 799 2 089 +290 Total 2 299 2 639 +340 Total liabilities and owner's equity 3 373 3 636 +263 Fill in the summary of sources and uses of cash by using the letter I for an increase, D for a decrease. Balance sheet item Increase/decrease (answers) Accounts payable Answer 1 Question 1 Accounts receivable Answer 2 Question 1 Inventory Answer 3 Question 1 Common stock Answer 4 Question 1 Notes payable Answer 5 Question 1 Long term debt Answer 6 Question 1
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