1. The Cash Provided by Operating Activities is 19,860.

2. The Cash Payments for Income Taxes is $8,340.

3. Beginning Balances:

Cash	7,300
Accts Receivable	52,000
Inventory	16,000
Prepaid Rent	1,000
Furniture and Fixtures	45,000
F&F Acc Depreciation	(4,000)
Land	40,000
Security Deposit	2,000
Accts Payable	26,400
Wages Payable	2,000
Taxes Payable	8,340
Note Payable - Mike	10,000
Note Payable - F&F	20,000
Common Stock	75,000
Retained Earnings	21,160

Fluff Business Year 4 (20Y4)

You bought 11 more Fluffs for $5,000 each and sold 12 for $9,000 each, same terms as last year. Paid the money owed to suppliers (Accounts Payable) at the beginning of the year and collected all money due you at the beginning of the year (Accounts Receivable). On January 1 , you took out a loan for $20,000 at 7% interest.  After you took out the loan you purchased a truck for $30,000. You will make 4 equal payments that include interest@ 7%. You make the first payment on December 31st of this year. You estimate the truck will last about 6 years and then be worth $6,000. You paid your worker $14,000 and owed her $3,000 more at the end of the year. You paid eleven months of rent@ $1,000 per month. On December 315\ you paid the furniture & fixtures loan payment. Paid Uncle Mike his interest and also paid the principal balance owed on December 31. On April 1, the company issued 100 shares of common stock for $20,000. The tax rate is still 30% and during the year you paid last year's taxes. Taxes for this year will be paid next year. At the end of the year, you paid a dividend to shareholders of $8,000. Prepare Journal Entries, T-accounts, an Income Statement, a Statement of Owners' Equity, Balance Sheet and Cash Flow.

please format in t accounts please

Answer rating: 100% (QA)

Journal entries Taccounts Income statement cashflow Balance sheet and Statement of ... View the full answer