Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please help Heads Up Company was started several years ago by two hockey instructors. The company's comparative balance sheets and income statement follow, along with

please help
image text in transcribed
image text in transcribed
Heads Up Company was started several years ago by two hockey instructors. The company's comparative balance sheets and income statement follow, along with additional information Current Year Previous Year $ 6,200 850 4,950 (1.400) $ 10,600 $ 550 550 1,700 4,500 3300 $ 10,600 $ 3,800 1,650 4,500 (1.200) $ 8,750 $1,000 Balance Sheet at December 31 Cash Accounts Receivable Equipment Accumulated Depreciation-Equipment Total Assets Accounts Payable Salaries and Wages Payable Notes Payable (long-term) Common Stock Retained Earnings Total Liabilities and Stockholders' Equity Income Statement Service Revenue Salaries and Wages Expense Depreciation Expense Income Tax Expense Net Income 750 500 4,500 2,000 $ 8,750 $ 40,500 38,000 200 1.000 $ 1,300 Additional Data: a Bought new hockey equipment for cash, $450. b. Borrowed $1,200 cash from the bank during the year c Accounts Payable includes only purchases of services made on credit for operating purposes. Because there are no liability accounts relating to income tax assume that this expense was fully paid in cash HEADS UP COMPANY Statement of Cash Flows For the Year Ended December 31 Cash Flows from Operating Activities: Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: Changes in Current Assets and Current Liabilities 0 Cash Flows from Investing Activities: Cash Flows from Financing Activities $

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

Horngrens Cost Accounting A Managerial Emphasis

Authors: Rajan Datar, Srikant M. Datar

16th Edition

9352860195, 978-9352860197

More Books

Students also viewed these Accounting questions

Question

Are summer stipends available?

Answered: 1 week ago