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When assisting me with this question, could you please keep it in the same format so I have an easier understanding of how this should
When assisting me with this question, could you please keep it in the same format so I have an easier understanding of how this should be handled and wrote out
Brendan's Bottled Water Ltd Income Statement Year 5 $200 Less: Sales Cost of Goods Sold Gross Profit 50 150 30 20 Wage Expense Rent Expense Depreciation Expense Total Operating Expense 50 add: 25 Cooler was sold for $175 Gain on Sale of Capital Asset Profit or (Loss) 125 Brendan's Bottled Water Ltd Statement of Owners Equity Year 5 Common Stock (paid-in capital) $80 add: Less: Retained Earnings - beg of year Net Income Dividends Retained Earnings - end of year 1,130 125 (500) 755 Owner's Equity @ 12/31/15 $835 Brendan's Bottled Water Ltd Comparative Balance Sheet Year 5 Year 4 Difference Assets $835 $1,240 Cash Accounts Receivable Inventory Total Current Assets 25 860 50 1,290 Cooler was sold for $175 CA - Cooler AD - Cooler - Total Long Term Assets 250 (100) do not use 150 1,440 Total Assets 860 25 200 Liabilities Accounts Payable Wages Payable Current Liabilities 30 25 230 Long Term Liabilities (Loan from Dad) Total Liabilities 25 230 80 Equity Common Stock Retained Earnings Total Equity 80 1,130 1,210 755 835 do not use Total Liabilities and Stockholder's Equity 860 1,440 Brendan's Bottled Water Ltd Statement of Cash Flows Year 5 less: Cash Flows from Operating Activities Net Income add: Depreciation Gain or Loss on Sale of Capital Assets Change in Accounts Receivable Change in Inventory Change in Accounts Payable Change in Wages Payable Net Cash Flows from Operating Activities Cash Flows from Investing Activities Cash received from sale of cooler Net Cash Flows from Investing Activities Cash Flows from Financing Activites Cash flows from Long Term Borrowing Cash flows from Sale of Stock Cash flows from Payment of Dividends Net Cash Flows from Financing Activites Change in Cash Position Cash at beginning of period Cash at end of periodStep by Step Solution
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