Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Prepare a Statement of Cash Flows. Provide Explanations. Balance Sheet As of December 31, Year 1 and Year 2 December 31, Year 1 Year 2
Prepare a Statement of Cash Flows. Provide Explanations.
Balance Sheet As of December 31, Year 1 and Year 2 December 31, Year 1 Year 2 Assets Income Statement For the Period Ending December 31, Year 2 Sales 299000.00 Cost of Goods Sold -200000.00 Gross Profit 99000.00 Expenses: Salaries 50,000 Rent 15,000 Depreciation 10,000 Utilities 5.000 Total Expenses 80000.00 Profit Before Tax 19000.00 Income Tax -4000.00 Cash Accounts receivable Inventories $ 10,000 20,000 15.000 45,000 $30,000 13,000 20.000 63,000 Total current assets 10,000 100,000 11,000 121,000 Land Building and equipment Accumulated depreciation Total Assets Net Income 15000.00 (10.000) _(20.000) $145.000. $175.000 Liabilities Accounts payable Total current liabilities $ 20.000 20,000 $ 32.000 32,000 50,000 20.000 38,000 30.000 Bonds payable Notes payable Total noncurrent liabilities 70,000 68,000 20,000 35.000 30,000 45.000 Shareholders' equity Common stock Retained earnings Total shareholders' equity Total Liabilities and Shareholders' Equity 55.000 75.000 $145.000 $175.000 There were no dispositions of property during the yearStep 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