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x & fx D B Homework 2 - ACC 300 Statement of Cash Flows Creekside Company Comparative Balance Sheet December 31, 2023 and 2022 2023 2022 ASSETS Current assets Cash and cash equivalents $ 22,000 $ 42.000 Accounts receivable 90,000 73,000 Merchandise inventory 143,000 145,000 Long-term Assets Property, buildings & equipment 507,000 252,000 Less: Accumulated depreciation (47,000) (42,000) Total assets $ 715,000 $ 470,000 $ 90,000 $ 5,000 50,0 10,000 Liabilities and Stockholders' Equity Liabilities Current liabilities Accounts payable Accrued liabilities Long-term Liabilities Notes payable Total liabilities Stockholders' equity Common stock Retained earnings Treasury stock Total Stockholders' Equity Total Liabilities & Stockholders' Equity 160,000 255,000 80,000 140,000 370,000 250,000 110,000 80,000 (20,000) 460,000 330,000 $ 715,000 $ 470,000 2 3 4 Additional Information: Purchased $310,000 in plant assets by paying cash. Sold plant assets with a cost of $55,000 and accumulated depreciation of $15.C . DO Ho Save ACC 300 HW2 (1) Protected View e Search (Altea) Home Insert Draw Page Layout Formulas Data Review View Help PROTECTED VIEW Be careful--files from the Internet can contain viruses. Unless you need to edit it's safer to stay in Protected Vie B D E Stockholders' equity F Common stock 370.000 250,000 Retained earnings 110,000 80,000 Treasury stock (20,000) Total Stockholders' Equity 460,000 330,000 Total Liabilities & Stockholders' Equity $ 715,000 $470,000 Additional Information: Purchased $310,000 in plant assets by paying cash. Sold plant assets with a cost of $55,000 and accumulated depreciation of $15,000, yielding a Gain on disposal of Plant Assets of $10,000. Received $90,000 cash from issuance of notes payable Paid $10,000 cash to retire a note payable Received $120,000 cash from issuing shares of common stock Paid $20.000 cash for purchase of Treasury Stock. Hint Treasury Stock goes under financing activities Requirements: Prepare, in good form, a Statement of Cash Flows using the indirect method Use the second tab to complete the assignment, filling in the yellow highlighted cells only Formatting: Do NOT use cents (.00) in any records Financial Statements do NOT contain cents but amounts DO contain commas. The "rules for dollar signs are: First number in a new column includes a dollar sign Use a double underline and a dollar sign for totals on all financial statements Refer to the text for proper headings and format of financial statements Submission Information: Submit the assignment in Excel. Include your Name, Date, ACC Course, and HW #2 in the upper left corner Submit your assignment through the upload feature within Moodle. Assignments should not be emailed to the instructor. PLEASE BE SURE YOUR ASSIGNMENT IS ACTUALLY SUBMITTED AND NOT IN "DRAFT" STATUE There is a requirement to click a box to acknowledge the submission is your original work to complete the submission process Instructions Statement of Cash Flows dy O IT Type here to search edit it's safer to stay in Protected View. Enable Editing F G H $ 286,000 (156,000) 130,000 Creekside Company Income Statement For the Year Ended December 31, 2023 Net sales Cost of goods sold Gross profit Operating expenses Salaries and wages expense $ 56,000 Depreciation expense 20,000 Other operating expenses 16,000 Total operating expenses Income from operations Other revenues and gains Interest revenue 12,000 Dividend revenue 9.000 Gain on disposal of plant assets 10,000 Other expenses and losses Interest expense Income before income taxes Income tax expense Net Income 92,000 38,000 31,000 (15,000) 54,000 (14,000) 40.000 Save Off ACC 300 HW2 (1) Protected View Home Insert Draw Page Layout Formulas Data Review View ROTECTED VIEW Be careful-files from the Internet can contain viruses. Unless you need to edit it's safe X fx Name: A B C D me: te: CC 300 22 V#2 Creekside Company Statement of Cash Flows For the Year Ended December 31, 2023 Cash flows from operating activities Net Income Adjustments to reconcile net income to net cash provided by operating activities: Depreciation expense Gain on sale of disposal of plant asset Decrease in merchandise inventory Increase in accounts payable Net cash provided by operating activities Cash flows from investing activities Cash payment for acquisition of plant assets Net cash used by investing activities Cash flows from financing activities Cash receipt from issuance of common stock Cash payment for purchase of treasury stock Cash payment of dividends Net cash provided by financing activities Net increase (decrease) in cash Cash at beginning of year Cash at end of year