The 2017 comparative balance sheet and income statement of 4 Seasons Supply Corp. follow. 4 Seasons had
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Requirements
1. Prepare the 2017 statement of cash flows using the direct method.
2. How will what you learned in this problem help you evaluate an investment?
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4 Seasons Supply Corp Comparative Balance Sheet As at December 31, 2017 and 2016 2 December 31 Increase 2017 2016 (Decrease) 4Current assets: 5 Cash and cash equivalents S 17,600S 5,30012,300 Accounts receivable 27,200 83,600 2,500 27,600 87,200 1,900 (400) (3,600) 600 Prepaid expenses plant, and equip 9 Pro 10 Land 60,000 49,400 273,400 231,400 89,000 53,500 29,000 4,100 42,000 uipment, net 12 Total assets 13 Current liabilities: 14 Accounts payable 15 Salary payable 16 Other accrued liabilities 17 Long-term liabilities: 18 Notes payable 19 Shareholders' equity: 20 Common shares 21 Retained earnings 22 Total liabilities and shareholders' equity 23 S 35,800 33,7002,100 (3,500) (1,100) 3,100 6,600 23,700 22,600 75,000 88,300 100,000 (25,000) 64,700 2,700 $ 273,400 $ 231,400 23,600 45,900 42,000 48,600 4 Seasons Supply Corp Income Statement For the Year Ended December 31, 2017 2 Revenues Sales revenue 228,700 4 Expenses: 5 Cost of goods sold Salary expense Depreciation expense Other operating expense Interest expense Income tax expense Total expenses Net income $70,600 27,800 4,000 10,500 11,600 29,100 7 10 153,600 $ 75,100 12 13
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Related Book For
Financial Accounting
ISBN: 978-0134564142
6th Canadian edition
Authors: Walter Jr. Harrison, Charles T. Horngren, C. William Thomas, Greg Berberich, Catherine Seguin
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