Question: Make a cash flow statement using the information provided as well as the additional data for 2016: Balance sheet: December 31 2015 Cash..........................................................$52,000 Accounts receivable
Make a cash flow statement using the information provided as well as the additional data for 2016:
Balance sheet:
December 31 2015
Cash..........................................................$52,000
Accounts receivable (net)............................64,000
Inventory...................................................178,000
Land..........................................................78,800
Equipment..................................................504,000
TOTAL............................................$876,800
Accumulated depreciation..........................$94,000
Accounts payable.......................................50,400
Notes payable - short-term.........................67,200
Notes payable - long-term..........................178,000
Common stock...........................................420,000
Retained earnings.......................................67,200
TOTAL............................................$876,800
Trial balance
December 31, 2016
.................................................................DRCR
Cash..........................................................$60,000
Accounts receivable ................................75,000
Allowance for doubtful accounts................................. ..4,500
Inventory...................................................148,000
Land..........................................................58,600
Equipment..................................................620,000
Accumulated depreciation...........................40,000
Accounts payable.......................................48,300
Notes payable - short-term.........................24,200
Notes payable - long-term..........................154,000
Common stock...........................................420,000
Retained earnings.......................................67,200
Sales revenue.............................................630,500
Cost of goods sold.................................285,000
Salary expense.......................................95,000
Advertising expense.................................14,600
Depreciation expense..............................10,000
Bad debt expense....................................2,500
Other expense..........................................20,000
Additional data for 2016:
1.Land was sold at its original cost.
2.Equipment was purchased
3.Notes were repaid
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