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#8 Cash Flow Homework Problem 18 From the following information for Declan's Doodads, prepare a Statement of Cash Flows for the year ended December 31, 20Y2. Balance Balance 12/31/Y2 12/31/Y1 Cash 95,900 38,900 Accounts Receivable 78,000 45,000 Inventory 70,000 90,000 Prepaid Insurance 3,600 2,600 Equipment 320,000 280,000 Accumulated Depreciation 80,000 20,000 Land 130,000 Security Deposits 32,000 20,000 Accounts Payable 39,000 30,000 Wages Payable 2,000 10,000 Rent Payable 12,000 4,000 Interest Payable 6,500 7,500 Taxes Payable 10,000 5,000 Note Payable 130,000 150,000 Common Stock ($1 each) 310,000 160,000 Retained Earnings 140,000 90,000 Sales 1,200,000 Cost of Goods Sold 700,000 Wage Expense 220,000 Rent Expense 48,000 Office Expenses 46 000Equipment 320,000 280,000 Accumulated Depreciation 80,000 20,000 Land 130,000 Security Deposits 32,000 20,000 Accounts Payable 39,000 30,000 Wages Payable 2,000 10,000 Rent Payable 12,000 4,000 Interest Payable 6,500 7,500 Taxes Payable 10,000 5,000 Note Payable 130,000 150,000 Common Stock ($1 each) 310,000 160,000 Retained Earnings 140,000 90,000 Sales 1,200,000 Cost of Goods Sold ?00,000 Wage Expense 220,000 Rent Expense 48,000 Ofce Expenses 46,000 Depreciation Expense 60,000 Utilities Expense 15,000 Insurance Expense 6,000 Interest Expense 14,000 Income Tax Expense 27,000 The land was acquired on March 31, 20Y2 for cash. The additional common was sold on March 31, 20Y2 for $1 per share. The company did not sell any equipment during the year. All equipment purchased during the year was purchased for cash. The retained eamings balance for both years is after all closing entries have been made. The Note Payable requires payments of $20,000 principal plus interest at 10% on June 30m of each year. Problem 29 From the following information for Brayden's Bobbles, prepare a Statement of Cash Flows for the year ended December 31, 20Y2. Balance Balance 12/31/Y2 12/31/Y1 Cash 90,000 Accounts Receivable 25,000 68,000 35,000 Inventory 70,000 Prepaid Insurance 90,000 500 Equipment 3,000 340,000 Accumulated Depreciation 270,000 80,000 Land 20,000 120,000 Security Deposits 12,000 Accounts Payable 10,000 45,000 Wages Payable 35,000 6,000 Rent Payable 10,000 Interest Payable 7,500 6,000 6,000 Taxes Payable 7,000 16,000 Note Payable 5,000 120,000 Common Stock ($1 each) 140,000 300,000 Retained Earnings 160,000 120,000 Sales 50,000 1,200,000 Cost of Goods Sold 575,000 Wage Expense 260,000 Rent Expense Office Expenses 24,000 70,000 Depreciation Expense 60,000Accounts Payable 45,000 35,000 Wages Payable 6,000 10,000 Rent Payable 7,500 6,000 Interest Payable 6,000 7,000 Taxes Payable 16,000 5,000 Note Payable 120,000 140,000 Common Stock ($1 each) 300,000 160,000 Retained Earnings 120,000 50,000 Sales 1,200,000 Cost of Goods Sold 575,000 Wage Expense 260,000 Rent Expense 24,000 Ofce Expenses 70,000 Depreciation Expense 60,000 Advertising Expense 15,000 Insurance Expense 9,000 Interest Expense 13,000 Income Tax Expense 52,000 The equipment was acquired on September 30, 20Y2 for cash. The additional common stock was sold on June 30, 20Y2 for $1 per share. The company did not sell any equipment during the year. The land purchased during the year was purchased for cash. The retained earnings balance for both years is after all closing entries have been made. The Note Payable requires payments of $20,000 principal plus interest at 10%- on June 30'"II of each year
