Homework 10 - Statement of Cash Flows (2 points) Overview of assignment (on multiple sheets) 11 Fill in the Table on the worksheet labled "Indirect Table" 2) Complete the 2019 Statement of Cash Flows for TP Express Inc on the worksheet labled "SCF 2019" use the financial statement on the financial statements" worksheet and the other information on the other Information worksheet 3) Complete the 2020 Statement of Cash Flows for TP Express Inc on the worksheet labled "SCF 2020" use the financial statement on the "financial statements" worksheet and the other Information on the other Information" worksheet Homework 10 - Statement of Cash Flows Indirect Table Fill in the following table indicating whether the change in each account would be added or subtracted from Net Income when calculating Operating Cash Flow using the Indirect Method Account Increased or Decreased year over year Add or Subtract Inventory Increased Accounts Payable Decreased Income Taxes Payable Increased Prepaid Expenses Decreased Wages Payable Increased Accounts Recevable Increased Interest Payable Decreased Accrued Revenue Increased Accrued Expenses Decreased 2018 No Cash spends Changes in Current Amets and liabilities Cash provided used in operating activities Gash provided used in Investing Activities Cash provided used in Financing Acties Net Increme decrease in Gash Beginning Cash Balance Ending Cash Balance Express 2000 State of Cash Non Cash expenses Changes in Current Assets and Liabilities Cash provided used in operating activities Cash provided used in Investing Activities Cash provided used in Financing Activities Net increase decrease in Cash Beginning Cash Balance Ending Cash Balance Express TP Inc Statement of Net Income for the Twelve Months Ending December 31, 2020 Revenue Cost of Good Sold Gross Profit 2020 2,000,000 850,000 1,150,000 2019 1.800,000 800,000 1,000,000 2018 2,200,000 950,000 1,250,000 Prepaid Expenses Salarles Rent Interest Expense Depreciation Amortization Loss /(Gain) on Sale of Equipment Total Operating Expenses 250,000 100,000 80,000 65,000 22,000 15,000 532,000 230,000 100,000 25,000 55,000 22,000 (20,000) 412,000 300,000 100,000 50,000 75,000 22,000 5,000 552,000 Net Income 618,000 588,000 698,000 Falco Inc. Balance Sheet as of November 30, 2018 Cash Accounts Receivable, net of bad debt allowance Inventory Pre-paid expenses Total Current Assets 2020 3,652,200 1,020,000 800,000 250,000 5,722,200 2019 1,433,200 880,000 850,000 240,000 3,403,200 2018 690,200 1,300,000 900,000 260,000 3,150,200 Property, Plant and Equipment, net of depreciation Intangible assets, net of amortization Total Non-current assets 2,332,000 106,000 2,438,000 2,405,000 128,000 2,533,000 2,330,000 150,000 2,480,000 Total Assets 8,160,200 5,936,200 5,630,200 Current Liabilities Accounts Payable Interest Payable Income Taxes Payable Total Current Liabilities 500,000 200,000 123,600 823,600 450,000 50,000 117,500 617,500 610,000 100,000 139,600 849,600 Non Current Liabilites Bonds Payable Total Non Current Liabilities Total abilities 2,000,000 2,000,000 2,823,600 500,000 500,000 1,117,500 1,000,000 1,000,000 1,849,600 Shareholder's Equity Common Stock, $1 par value Additional Paid in Capital Retained Earnings Total Shareholders Equity 500,000 950,000 3,886,600 5,336,600 500,000 950,000 3,368,600 4,818,600 300,000 650,000 2,830.500 3,780,600 Total Liabilities and Shareholders' Equity 8,160,200 5,936,200 5,630,200 Other Transactions: 2019 1) Sold a piece of equipment with an original cost of $120,000. Equipment had accumulated depreciation of $100,000 and was sold for $40,000 cash. 2) Purchased a piece of equipment for $150,000 cash. 3) Retired bonds for $500,000 cash 4) Issued 200,000 shares of $1 par value common stock for $500,000 cash. 5) Paid a cash dividend of $50,000 2020 1) Sold equipment for $25,000 cash 2) Purchased a vehicle for $32,000 cash. 3) Issued bonds payable in exchange for $1,500,000 cash 4) Pald a cash dividend of $100,000 Homework 10 - Statement of Cash Flows (2 points) Overview of assignment (on multiple sheets) 1) Fill in the Table on the worksheet labled "Indirect Table" 2) Complete the 2019 Statement of Cash Flows for TP Express Inc on the worksheet labled "SCF 2019" use the financial statement on the "financial statements" worksheet and the other information on the other information" worksheet 3) Complete the 2020 Statement of Cash Flows for TP Express Inc on the worksheet labled "SCF 2020" use the financial statement on the "financial statements" worksheet and the other information on the other information worksheet Homework 10-Statement of Cash Flows Indirect Table Fill in the following table indicating whether the change in each account would be added or subtracted from Net Income when calculating Operating Cash Flow using the Indirect Method Account Increased or Decreased year over year Add or Subtract Inventory Increased Accounts Payable Decreased Income Taxes Payable Increased Prepaid Expenses Decreased Wages Payable Increased Accounts Receivable Increased Interest Payable Decreased Accrued Revenue Increased Accrued Expenses Decreased Statement of Cash Dober 11, 2019 Mon Cash expenses Changes in Current Assets and Liabilities Cash provided (wed) in operating activities Cash provided wed) un investing Activities Cash provided used in Financing Activities Net increased in Cash Beginning Cash Band Ending Cash Express TP Inc. Statement Cash Flows for the Twelve Month perle Dec 11.2020 Non Cash expenses Changes in Current Assets and Liabilities Cash provided (used) in operating activities Cash provided fused) in Investing Activities Cash provided (used) in Financing Activities Net intresse (decre) in Cash Beginning Cash Balance Ending Cash Balance Express TP Inc. Statement of Net Income for the Twelve Months Ending December 31, 2020 Revenue Cast of Good Sald Gross Profit 2020 2,000,000 850,000 1,150,000 2019 1,800,000 800,000 1,000,000 2018 2,200,000 950,000 1,250,000 Prepaid Expenses Salaries Rent Interest Expense Depreciation Amortization Loss /(Gain) on Sale of Equipment Total Operating Expenses 250,000 100,000 80,000 65,000 22,000 15,000 532,000 230,000 100,000 25,000 55,000 22,000 (20,000) 412,000 300,000 100,000 50,000 75,000 22,000 5,000 552,000 Net Income 618,000 588,000 698,000 Falco Inc. Balance Sheet as of November 30, 2018 Cash Accounts Receivable, net of bad debt allowance Inventory Pre-paid expenses Total Current Assets 2020 3,652,200 1,020,000 800,000 250,000 5,722,200 2019 1,433,200 880,000 850,000 240,000 3,403,200 2018 690,200 1,300,000 900,000 260,000 3,150,200 Property, Plant and Equipment, net of depreciation Intangible assets, net of amortization Total Non-current assets 2,332,000 106,000 2,438,000 2,405,000 128,000 2,533,000 2,330,000 150,000 2,480,000 8,160,200 Total Assets 5,936,200 5,630,200 Current Liabilities Accounts Payable Interest Payable Income Taxes Payable Total Current Liabilities 500,000 200,000 123,600 823,600 450,000 50,000 117,600 617,600 610,000 100,000 139,600 849,600 Non Current Liabilites Bonds Payable Total Non Current Liabilities Total abilities 2,000,000 2,000,000 2,823,600 500,000 500,000 1,117,600 1,000,000 1,000,000 1,849,600 Shareholder's Equity Common Stock, $i par value Additional Paid in Capital Retained Earning Total Shareholders Equity 500,000 950,000 3,886,600 5,336,600 S00,000 950,000 3,368,600 4,818,600 300,000 650,000 2,830,600 3,780,600 Total abilities and Shareholders' Equity 8,160,200 5,936,200 5,630,200 Other Transactions: 2019 1) Sold a piece of equipment with an original cost of $120,000. Equipment had accumulated depreciation of $100,000 and was sold for $40,000 cash. 2) Purchased a piece of equipment for $150,000 cash. 3) Retired bonds for $500,000 cash 4) Issued 200,000 shares of $1 par value common stock for $500,000 cash. 5) Paid a cash dividend of $50,000 2020 and also 1) Sold equipment for $25,000 cash 2) Purchased a vehicle for $32,000 cash. 3) Issued bonds payable in exchange for $1,500,000 cash 4) Paid a cash dividend of $100,000
