Question
Use the following information for all questions related to Amira's French Fries. Amira's French Fries has the following income statement and balance sheet information on
Use the following information for all questions related to Amira's French Fries.
Amira's French Fries has the following income statement and balance sheet information on December 31st, Year 1:
Amira also has the following other information related to the above financial statements:
- Purchased a new piece of equipment for $34,000
- Sold investments costing $380 for $445
- Sold 10,000 shares of stock for $64,594 total
- Borrowed $4,097 from the bank
- Declared and paid $46,075 in dividends to shareholders
1) Amira is looking prepare a Year 1 statement of cash flows for her business using the direct method. Using the following outline, help Amira fill in the correct amounts for the operating section of the statement of cash flows. Use a negative number to represent a cash outflow. If there is no cash flow from a listed activity, or the activity does not belong in the operating section, put "0".
2) Amira is looking prepare a Year 1 statement of cash flows for her business using the direct method. Using the following outline, help Amira fill in the correct amounts for the investing section of the statement of cash flows. Use a negative number to represent a cash outflow. If there is no cash flow from a listed activity, or the activity does not belong in the operating section, put "0".
3) Amira is looking prepare a Year 1 statement of cash flows for her business using the direct method. Using the following outline, help Amira fill in the correct amounts for the financing section of the statement of cash flows. Use a negative number to represent a cash outflow. If there is no cash flow from a listed activity, or the activity does not belong in the operating section, put "0".
Balance Sheet 12/31/Year 1 12/31/Year o Assets Cash 65,895 78,760 Inventory 163,066 123,000 Accounts Receivable 18,684 15,234 Prepaid Insurance 10,059 4,987 Property and Equipment 41,600 27,408 Intangible Assets 26,757 29,149 Investments 3,080 3,460 Total Assets 329,141 281,998 Liabilities Accounts Payable 9,904 4,558 Salaries Payable 5,507 6,987 Notes Payable 11,755 7,658 Total Liabilities 27,166 19,203 Shareholder's Equity Common Stock, $0.0001 par value 4 3 Additional Paid-In Capital 416,506 351,913 Retained Earnings (114,535) (89,121) Total Shareholder's Equity 301,975 262,795 Income Statement Revenue 326,978 Gain on Sale of Investments 65 Cost of Goods Sold 29,461 Depreciation Expense 19,808 Amortization Expense 2,392 Salary Expense 167,725 Interest Expense 65,503 Insurance Expense Net Income (Loss) 21,493 20,661Step by Step Solution
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