Use the Bone Appetit Pet Supply, Inc., data from P11-33A. The cash amounts for Interest Revenue, Salaries
Question:
Use the Bone Appetit Pet Supply, Inc., data from P11-33A. The cash amounts for Interest Revenue, Salaries Expense, Interest Expense, and Income Tax Expense are the same as the accrual amounts for these items.
Requirements
1. Prepare the 2018 statement of cash flows using the direct 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, 2018 and 2017 INCREASE (DECREASE) 2017 2018 Current Assets: $ 6,600 $ 5,500 $ 1,100 (1,400) 2,100 Cash and Cash Equivalents Accounts Receivable 25,200 91,900 26,600 89,800 Inventory Fixed Assets: Land 60,700 49,600 $266,800 $232,200 $ 34,600 89,900 29,200 3,600 53,200 Equipment, Net Total Assets Current Liabilities: $ 30,900 $ 35,700 $ (4,800) Accounts Payable Accrued Liabilities 30,600 28,500 2,100 Long-Term Liabilities: Notes Payable Stockholders' Equity: 74,000 (27,000) 101,000 Common Stock 88,900 42,400 64,400 24,500 Retained Earnings Total Liabilities and Stockholders' Equity 2,600 39,800 $232,200 $ 34,600 $266,800 Bone Appetit Pet Supply, Inc. Income Statement Year Ended December 31, 2018 Revenues: Sales Revenue $211,000 Interest Revenue 8,500 Total Revenues $219,500 Expenses: Cost of Goods Sold $ 70,500 Salaries Expense Depreciation Expense Other Operating Expenses Interest Expense Income Tax Expense 27,300 4,600 10,800 11,800 29,800 Total Expenses 154,800 Net Income $ 64,700
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