Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Prepare an Indirect Cash Flow and Direct Cash Flow 20X1 278,570 18,550 570 540 2,120 300,350 20x2 297,005 28,860 600 152,250 730 2,040 329,235 Alison
Prepare an Indirect Cash Flow and Direct Cash Flow
20X1 278,570 18,550 570 540 2,120 300,350 20x2 297,005 28,860 600 152,250 730 2,040 329,235 Alison the Architect Company Income Statement As of December 31, 20X2 Sales Revenue Operating Expense Salary Expense 37,680 Rent Expense 13,920 Phone Expense 4,440 Office Supplies Expense 5,360 Utilities Expense 21,720 Insurance Expense 9,911 Kitchen Supplies Expense 6,980 Professional Service Expense 1,680 Depreciation Expense 6,852 Total Operating Expense Operating Income Less: Tax Expense (20%) Net Income Balance Sheet Current Assets Cash Accounts Receivable Office Supplies Kitchen Supplies Prepaid Insurance Total Current Assets Property, Plant, and Equipment Automobile Computers Copiers Less: Acc Depr - Automobile Less: Acc Depr - Computers Less: Acc Depr - Copiers Net Property, Plant, Equipment Total Assets Current Liabilities Accounts Payable Taxes Payable Professional Services Payable Dividends Payable Total Current Liabilities Common Stock Add. Paid in Capital Retained Earnings Total Shareholder's Equity Total Liabilities and Sharehdolder's Equit 37,200 3,030 1,120 (5,314) (606) (140) 35,290 335,640 37,200 6,990 5,120 (10,628) (2,004) (280) 36,398 365,633 108,543 43,707 (8,741) 34,966 1,210 1,144 1,190 3,000 6,544 60,000 258,000 11,096 329,096 335,640 1,770 2,921 1,680 6,000 12,371 60,000 258,000 35,262 353,262 365,633Step 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