Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please use excel sheet Income statement, Balance sheet and cash flow statement For the sake of the cash flow statement --- assume there is no

Please use excel sheet Income statement, Balance sheet and cash flow statement

For the sake of the cash flow statement --- assume there is no prior cash in the company

March

1

Started business by investing $20,000

2

Borrowed $25,000 from the Hazzard County Mafia to be paid back with vigorish (which is interest on the loan)

3

Bought the General Lee ( a 69 Charger) for $5,000 from Bo Duke

4

Bought gas and new tires for the car $1000

5

Hire Crazy Cooter Davenport to tune the General Lee $2,000

6

Invested in sour mash and all the fixins to make moonshine. $5000 (will make 500 servings)

6

Bought 500 mason jars with lids for $500

7

Bought an old still and fixed it up $10,000 will pay Uncle Jessie in a few weeks

8

Pay Luke and Daisy $1000 each to help mix up the first batch.

9

Testing out the General Lee and Sheriff Roscoe P Coltrane gives me a speeding ticket - $250

10

Sell my first batch of Kentucky Lightning -- 300 jars for $30 each

10

Deputy Enos Straight witnesses the sale so I pay him a bribe of $200

11

The Hazzard Mafia wants their first payment. They give me a choice: break my legs or give them $2,000 towards the $10,000 owed plus $2,000 vig. I pay them the $4000

12

Word has gotten around about how good Chriss Kentucky Moonshine is so Boss Hogg buys all of my remaining stock of 200 jars for $40 each. He pays me half in cash and the rest he will pay in a few days

13

I buy another batch of fixins for $5000 and 500 jars for $500

14

Flash eats up $100 of fixins and barfs on 20 jars which I throw away

15

Pay Bo $1000 to drive the General Lee, and give 30 jars of shine to Daisy to help mix up the batch

16

Pay Enos another bribe of $250

17

Sell 400 jars to the Balladeer Waylon Jennings for $50 each.

18

Pay the KY Mafia another $5000. $3000 on the loan and $2,000 vigorish

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

Connect For Financial Accounting Fundamentals

Authors: Author

8th Edition

126411169X, 9781264111695

More Books

Students also viewed these Accounting questions

Question

What is a cost object? Give some examples. LO5

Answered: 1 week ago