Answered step by step
Verified Expert Solution
Question
1 Approved Answer
please do it in 30 minutes please urgently.... I'll give you up thumb definitely Question 4 22 pts Use the following Balance Sheet and Income
please do it in 30 minutes please urgently.... I'll give you up thumb definitely
Question 4 22 pts Use the following Balance Sheet and Income Statement to calculate your Cash Flow from Operations using the Indirect Method. You MUST show your steps in transforming Net Income into Cash Flow from Operations. Your first step should be showing Net Income and it should end with Cash Flow from Operations. Balance Sheet 12/31/2020 12/31/2019 Current Assets Cash $ 19,384 $ 6,268 Accounts Receivable $ 1,886 $ 1,324 Prepaid Rent $ 1,346 $ 959 Inventory $ 4,101 $ 3,552 Total Current Assets $ 26,717 $ 12,103 PPE, gross $ 17,864 $ 14,130 Accumulated Depreciation $ (5,117) (3,734) PPE, net $ 12,747 $ 10,396 Patents, net $ 313 $ 339 Total Assets $ 39,777 $ 22,838 Liabilities Accounts Payable $ 6,051 $ 3,771 Short-term Notes Payable $ 2,132 $ 1,785 Wages Payable $ 3,855 $ 3,222 Interest Payable $ 752 $ 726 Total Liabilities $ 12,790 $ 9,504 Stockholders' Equity Common Stock $ 27,260 $ 12,736 $ Retained Earnings Total Stockholders' Equity 5,399 $ 6,083 $ 32,659 $ 18,819 Total Liabilities and Stockholders' Equity $ 45,449 $ 28,323 Income Statement 12/31/2020 12/31/2019 Sales $ 31,536 $ 24,578 Cost of goods sold $ 24,906 $ 20,509 Gross Profit $ 6,630 $ 4,069 Selling, general, and administrative expenses $ 1,491 $ 1,343 Depreciation expense $ 3,145 $ 2,646 Amortization expense $ 149 $ 135 Operating Income $ 1845 $ (55) Gain from sale of patents $ 292 $ Loss from sale of PPE $ (110) $ Interest expense $ (748) $ (345) Income Before Income Tax $ 1279 $ (400) Income tax expense $ (440) $ Net income $ 839 $ (400)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