Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Please prepare cash flow for every year based on the information provided: Alison the Architect Income statement for the years ended December 31 20X1 20X2
Please prepare cash flow for every year based on the information provided:
Alison the Architect | ||||||||||
Income statement | ||||||||||
for the years ended December 31 | 20X1 | 20X2 | 20x3 | |||||||
Sales | $127,970 | $152,280 | $201,000 | |||||||
Salary expenses | 37,440 | 40,440 | 44,520 | |||||||
Rent expenses | 14,400 | 15,600 | 17,160 | |||||||
Phone expenses | 4,560 | 4,920 | 5,400 | |||||||
Office supplies expenses | 4,670 | 5,400 | 8,040 | |||||||
Utilities expenses | 186,000 | 20,040 | 22,080 | |||||||
Insurance expenses | 9,300 | 10,151 | 11,590 | |||||||
Kitchen supplies expenses | 8,490 | 7,480 | 7,670 | |||||||
Professional service expenses | 1,300 | 1,840 | 1,730 | |||||||
Depreciation expenses | 7,812 | 9,565 | 10,879 | |||||||
Pretax income | 21,398 | 36,844 | 71,931 | |||||||
Tax expenses | 8,559 | 14,738 | 28,772 | |||||||
Net income | $12,839 | $22,106 | $43,159 | |||||||
Earning per share | $0.19 | $0.32 | $0.64 | |||||||
Alison the Architect | ||||||||||
Statement of Owner's Equity | Common | Additional | Retained Earnings | Total | ||||||
for the years ended December 31 | Stock | paid in capital | ||||||||
January 1 20X0 | $ | $ | $ | $ | ||||||
Issuance of stock during 20X1 | 67,000 | 234,500 | 301,500 | |||||||
Net income for 20x1 | 12,839 | 12,839 | ||||||||
Dividends declared in 20X1 | -5,360 | -5,360 | ||||||||
December 31, 20X1 | 67,000 | 234,500 | 7,479 | 308,979 | ||||||
Issuance of stock during 20x2 | ||||||||||
Net income for 20x2 | 22,106 | 22,106 | ||||||||
Dividends declared 20x2 | -4,020 | -4,020 | ||||||||
December 31,20x2 | 67,000 | 234,500 | 25,565 | 327,065 | ||||||
Issuance of stock during 20x3 | ||||||||||
Net income for 20x3 | 43,159 | 43,159 | ||||||||
Dividend declared 20x3 | -12,060 | -12,060 | ||||||||
December 31,20x3 | $67,000 | $234,500 | $56,664 | $358,164 |
Alison the Artitect Balance sheet | |||||||
As of December 31 | |||||||
Current Assets | 20X1 | ||||||
Cash | $266,370 | ||||||
Accounts receivable | 16720 | ||||||
Office supplies | 1,170 | ||||||
Kitchen supplies | 260 | ||||||
Prepaid insurance | 2280 | ||||||
Total current assests | 286800 | ||||||
Fixed assests | |||||||
Automobile | 34500 | ||||||
Accumulated depn | -6900 | ||||||
Net book value | 27600 | ||||||
Computers | 1320 | ||||||
Accumulated depn | -330 | ||||||
Net book value | 990 | ||||||
Copiers | 2910 | ||||||
Accumulated depn | -582 | ||||||
Net book value | 2328 | ||||||
Total fixed assests | 30918 | ||||||
Total assests | $317,718 | ||||||
Current liabilities | |||||||
Accounts payable | 780 | ||||||
Taxes payable | 5319 | ||||||
Professional service payable | 1300 | ||||||
Dividend payable | 1340 | ||||||
Total current liabilities | 8739 | ||||||
Owner's equity | |||||||
Common stock | $67,000 | ||||||
Additional paid in capital | $234,500 | ||||||
Retained earnings | $7,479 | ||||||
Total owner's equity | $308,979 | ||||||
Total liabilities and equity | $317,718 | ||||||
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