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Prepare a Statement of Cash Flows for the Year ended 12/31/2014 using indirect method Income Statement for the Year ended 12/31/14 Revenues Cost of Goods
Prepare a Statement of Cash Flows for the Year ended 12/31/2014 using indirect method
Income Statement for the Year ended 12/31/14 Revenues Cost of Goods Sold Gross Profit 375,000 90,000 285,000 Insurance Expense Salary Expense Rental Expense - Van Rental Expense - Building Supplies Expense Advertising Expense Total operating income Interest Expense Income before taxes Incomne Tax Expense Net Income 4,200 180,000 2,750 12,000 3,500 3,000 79,550 1,000 78,550 27,493 51,058 Balance Sheet 12/31/14 12/31/13 Assets Current Assets Cash Accounts Receivable Inventory Prepaid Insurance Prepaid Rent - Building Office Supplies Total Current Assets 183,050 73,000 162,000 114,800 0 252,000 4,200 6,000 1,500 419,550 377,000 Noncurrent Assets Land Total Assets 45,000 464,550 377,000 Liabilities and Shareholders' Equity Current Liabilities Accounts Payable Dividends Payable Taxes Payable Unearned Revenue Rent Payable Salaries Payable Total Current Liabilities 252,000 0 234,000 20,423 27,493 10,000 6,000 15,000 312,916 45,000 0 297,000 Notes Payable Interest Payable Total Liabilities 40,000 1,000 353,916 297,000 Common Stock Additional Paid-In Capital Retained Earnings Total Shareholders' Equity Total Liabilities and Shareholders' Equity 16,000 64,000 30,635 110,635 464,550 16,000 64,000 80,000 377,000
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