The 2016 comparative balance sheet and income statement of Bone Appetit Pet Supply, Inc., are: Bone Appetit
Question:
The 2016 comparative balance sheet and income statement of Bone Appetit Pet Supply, Inc., are:
Bone Appetit Pet Supply, Inc., had no noncash investing and financing transactions during 2016. During the year, Bone Appetit Pet Supply, Inc., made no sales of land or equipment, no issuance of notes payable, no retirement of stock, and no treasury stock transactions.
Requirements
1. Prepare the 2016 statement of cash flows, formatting operating activities by the indirect method.
2. How will what you learned in this problem help you evaluate an investment in Bone Appetit Pet Supply, Inc.?
Transcribed Image Text:
Bone Appetit Pet Supply, Inc. Comparative Balance Sheet December 31, 2016 and 2015 INCREASE (DECREASE) 2016 2016 Current Assets: $ 6,600 25,200 91,900 $ 5,500 $ 1100 (1,400) 2,100 Cash and Cash Equivalents 26,600 Accounts Receivable Inventory 89,800 Fixed Assets: 89,900 53,200 Land 60,700 29,200 Equipment, Net Total Assets 49,600 3,600 $232,200 $ 34,600 $266,800 Current Liabilities: $ 30,900 30,600 $ 35,700| $ (4,800) 2,100 Accounts Payable Accrued Liabilities 28,500 Long-Term Liabilities: Notes Payable Stockholders' Equity: 74,000 101,000 (27,000) 88,900 42,400 $266,800 Common Stock 64,400 24,500 Retained Earnings Total Liabilities and Stockholders' Equity 2,600 39,800 $232,200 $ 34,600 Bone Appetit Pet Supply, Inc. Income Statement Year Ended December 31, 2016 Revenues: Sales Revenue $211,000 8,500 Interest Revenue Total Revenues $219,500 Expenses: Cost of Goods Sold $ 70,500 27,300 4,600 Salaries Expense Depreciation Expense Other Operating Expenses Interest Expense Income Tax Expense Total Expenses 10,800 11,800 29,800 154,800 Net Income $ 64,700
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