From the following information for Declan's Doodads, prepare a Statement of Cash Flows for the year...
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From the following information for Declan's Doodads, prepare a Statement of Cash Flows for the year ended December 31, 20X2. Balance Balance 12/31/X2 12/31/X1 Cash 95,900 38,900 Accounts Receivable 77,000 45,000 Inventory 70,000 90,000 Prepaid Insurance 4,600 2,600 Equipment 320,000 280,000 Accumulated Depreciation 80,000 20,000 Land Security Deposits 32,000 20,000 39,000 30,000 2,000 10,000 Accounts Payable Wages Payable Rent Payable Interest Payable 12,000 4,000 6,500 7,500 Taxes Payable 10,000 5,000 Note Payable 130,000 150,000 Common Stock ($1 each) 310,000 160,000 Retained Earnings 140,000 90,000 Sales 1,200,000 Cost of Goods Sold 700,000 Wage Expense 220,000 Rent Expense 48,000 Office Expenses 46,000 Depreciation Expense 60,000 Utilities Expense 15,000 6,000 Insurance Expense Interest Expense Income Tax Expense 14,000 27,000 The land was acquired on March 31, 20X2 for cash. The additional common was sold on March 31, 20X2 for $1 per share. The company did not sell any equipment during the year. All equipment purchased during the year was purchased for cash. The retained earnings balance for both years is after all closing entries have been made. The Note Payable requires payments of $20,000 principal plus interest at 10% on June 30th of each year. 130,000 From the following information for Declan's Doodads, prepare a Statement of Cash Flows for the year ended December 31, 20X2. Balance Balance 12/31/X2 12/31/X1 Cash 95,900 38,900 Accounts Receivable 77,000 45,000 Inventory 70,000 90,000 Prepaid Insurance 4,600 2,600 Equipment 320,000 280,000 Accumulated Depreciation 80,000 20,000 Land Security Deposits 32,000 20,000 39,000 30,000 2,000 10,000 Accounts Payable Wages Payable Rent Payable Interest Payable 12,000 4,000 6,500 7,500 Taxes Payable 10,000 5,000 Note Payable 130,000 150,000 Common Stock ($1 each) 310,000 160,000 Retained Earnings 140,000 90,000 Sales 1,200,000 Cost of Goods Sold 700,000 Wage Expense 220,000 Rent Expense 48,000 Office Expenses 46,000 Depreciation Expense 60,000 Utilities Expense 15,000 6,000 Insurance Expense Interest Expense Income Tax Expense 14,000 27,000 The land was acquired on March 31, 20X2 for cash. The additional common was sold on March 31, 20X2 for $1 per share. The company did not sell any equipment during the year. All equipment purchased during the year was purchased for cash. The retained earnings balance for both years is after all closing entries have been made. The Note Payable requires payments of $20,000 principal plus interest at 10% on June 30th of each year. 130,000
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Related Book For
Foundations of Financial Management
ISBN: 978-1259024979
10th Canadian edition
Authors: Stanley Block, Geoffrey Hirt, Bartley Danielsen, Doug Short, Michael Perretta
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