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Speedofflight Cars Balance Sheet As at January 31 2018 2017 $166,705 $63.100 $89,100 $94.500 $212.000 $190,700 $12.700 $12.700 5480.505 $361,000 Current Assets Cash Accounts Receivable Merchandise Inventory Prepaid Expenses Total Current Assets Noncurrent Assets Land Equipment Less: Accumulated Depreciation Total Noncurrent Assets Total Assets 50 538.000 $330.000 $330.000 5-25 500 S-23.900 $304500 $344.100 5785,005 $705,100 Liabilities Current Liabilities Accounts Payable $52.700 $46.400 Notes Payable, Current Portion $7,000 57.000 Total Current Liabilities $59.700) $53.400 Notes Payable, Long-Term Portion $62.000 $69.000 Total Liabilities $121,700 $122.400 Stockholders' Equity Common Stock $153,000 $153,000 Retained Earnings $510,305 $429,700 Total Stockholders' Equity $663,305 $582.700 Total Liabilities and Equity $785,005 $705,100 Additional Information: During 2018, land was sold for a gain of $7.500. There was no purchase of equipment throughout the year. Speedofflight Cars Income Statement For the Year Ended January 31, 2018 Sales $566.000 Cost of Goods Sold $339.600 Gross Profit $226,400 Operating Expenses Depreciation Expense $1.600 Other Operating Expenses $60.600 Total Operating Expenses 562 200 Income from Operations $164200 Other Income and Expenses Gain on Sale of Land $7.500 Income before Income Tax $171,700 Income Tax $60.095 Net Income $111.605 Create the cash flow statement using the indirect method. Do not enter dollar signs or commas in the input boxes. Use the negative sign for a decrease in cash. Create the cash flow statement using the indirect method. Do not enter dollar signs or commas in the input boxes Use the negative sign for a decrease in cash. Speedofflight Cars Cash Flow Statement For the Year Ended January 31, 2018 Cash Flow from Operating Activities Net Income Adjustments to Reconcile Net Income to Cash Depreciation Expense Gain on Sale of Land Changes in Operating Assets and Liabilities Increase in Accounts Receivable Increase in Merchandise Inventory Increase in Accounts Payable Net Cash Provided (Used) by Operating Activities Cash Flow from Investing Activities Sale of Land Net Cash Provided (Used) by Investing Activities Cash Flow from Financing Activities Payment of Notes Payable Payment of Cash Dividend Net Cash Provided (Used) by Financing Activities Net increase (decrease) in cash Cash at the Beginning of the Year Cash at the End of the Year Leviathan Manufacturing makes and sells integrated circuit boards. At the end of 2020, the income statement and comparative balance sheet were prepared as shown below. Leviathan Manufacturing Balance Sheet As at December 31 2020 2019 Assets Current Assets Cash $208,075 $123,300 Accounts Receivable $230,600 $251,100 Merchandise Inventory $511,500 $450,600 Prepaid Expenses Total Current Assets $974 375 $849,200 Long-Term Assets Land $19.000 Equipment $335.600 $335,600 Less: Accumulated Depreciation $-100,100 5-94,100 Total Long-Term Assets $235,500 $260.500 Total Assets $1,209,875 $1,109,700 Liabilities Current Liabilities Accounts Payable Notes Payable, Current Portion Total Current Liabilities Notes Payable, Long-Term Portion Total Liabilities Shareholders' Equity $313,800 $321,200 $32.400 $22.800 $346,200 $344,000 $212.700 $196,200 $558,900 $540,200 Retained Earnings Total Shareholders' Equity Total Liabilities and Equity $285,000 $259,000 $365,975 $310.500 $650,975 $569.500 $1.209,875 $1,109,700 Additional Information: During 2020, land was sold for a loss of $5,000. There was no purchase of equipment throughout the year. The company did not pay off any amount of the notes payable. Leviathan Manufacturing Income Statement For the Year Ended December 31, 2020 $2.154,000 Cost of Goods Sold $1.292.400 Gross Profit $861,600 Operating Expenses Depreciation Expense $6,000 Other Operating Expenses $689.100 Total Operating Expenses $695,100 Income from Operations $166,500 Other Income and Expenses Loss on Sale of Land $-5000 Income before Income Tax $161,500 Income Tax $56,525 Net Income $104,975 Create the cash flow statement using the indirect method. Do not enter dollar signs or commas in the input boxes. Use the negative sign for a decrease in cash. Leviathan Manufacturing Cash Flow Statement For the Year Ended December 31, 2020 Cash Flow from Operating Activities Net Income Adjustments to Reconcile Net Income to Cash Depreciation Loss on Sale of Land Change in Operating Assets and Liabilities Decrease in Accounts Receivable Increase in Merchandise Inventory Decrease in Accounts Payable Net Cash Provided (Used) by Operating Activities Cash Flow from Investing Activities Sale of Land Net Cash Provided (Used) by Investing Activities Cash Flow from Financing Activities Proceeds from Notes Payable Payment of Cash Dividend issue of Common Shares Net Cash Provided (Used) by Financing Activities Net Increase (Decrease) in Cash Cash at the Beginning of the Year Cash at the End of the Year
