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Shaggy's Surfboards Shaggy's Surfboards Shaggy's Surfboards Shaggy's Surfboards Balance Sheet ( 0 0 0 ' s ) Year 1 Year 2 Income Statement ( 0

Shaggy's Surfboards Shaggy's Surfboards Shaggy's Surfboards Shaggy's Surfboards
Balance Sheet (000's) Year 1 Year 2 Income Statement (000's) Statement of Cash Flows - Direct Statement of Cash Flows - Indirect
For Year Ending Year 2 For Year Ending Year 2 For Year Ending Year 2
Assets
Cash flow from operating activities: Cash flow from operating activities:
Cash 50,00055,000 Sales 20,000 Cash Receipts: Net Income 4,310
Accounts Receivable (Net)4,0005,500 Cost of Sales 9,690-Received From Customers 20,215 Adjustments:
Inventory 7,5006,800 Wage Expense 5,500 Cash Payments: Change in A/R 1,500
Property, Plant, and Equipment 5,0005,000 Depreciation Expense 250-Vendors 8,190 Change in Inventory (700)
Accumulated Depreciation (1,500)(1,750) Interest Expense 200-Employees 5,075 Noncash Event Adjustment 250
Total Assets 65,00070,550 Tax Expense 50-Interest 200 Change in A/P 1,500
Net Income 4,310-Taxes 50 Change in Wages Payable (75)
Accounts Payable 8,50010,000 Net Cash Provided by Operating Activities 6,700 Change in Interest Payable (10)
Wages Payable 500425 Change in Taxes Payable (75)
Interest Payable 210200 Cash Flow From Financing Activities Net Cash From Operating Activities 6,700
Taxes Payable 12550-Notes Payable 100
Notes Payable 300200 Cash Flow From Financing Activities
Common Stock 25,00025,000 Total Cash Flow 6,800-Notes Payable 100
Retained Earnings 30,36534,675
Total Liabilities and Equity 65,00070,550 Total Cash Flow 6,800

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