Paste A v E Clipboard Font Alignment Q16 A B E F G Brendan's Bottled Water Lid Income Statement Year 2 Sales $500 Less: Cost of Goods Sold 125 Gross Profit 375 Rent Expense 20 10 11 Total Operating Expense 20 12 13 Profit or (Loss) 355 Brendan's Bottled Water Lid Statement of Owners Equity Year 2 Common Stock (paid-in capital) 580 21 22 Retained Earnings - beg of year 23 75 add: Net Income 355 24 Less: Dividends 25 Retained Earnings - end of year 450 26 27 Owner's Equity @ 12/31/15 28Brendan's Bottled Water Led Comparative Balance Sheet Year 2 Tear 1 Difference Assets Dash $460 $130 Inventory Total Current Assets 460 155 CA - Cooler 250 Total Long Term Assets 250 Total Assets Liabilities Current Liabilities Long Term Liabilities (Loan from Dad] 200 Total Liabilities 200 Equity Common Stock Retained Earnings 430 do not use Total Equity 510 55 Total Liabilities and Stockholder's Equity 710 15550 59 Brendan's Bottled Water Led 61 Statement of Cash Flows 62 Year 2 63 Cash Flows from Operating Activities 65 Net Income 66 add: Depreciation 67 less Gain or Loss on Sale of Capital Assets 68 Change in Accounts Receivable 69 Change in Inventory TO Change in Accounts Payable 71 Change in Wages Payable 72 Net Cash Flows from Operating Activities 74 Cash Flows from Investing Activities 75 "Cash used to purchase cooler 76 Net Dash Flows from Investing Activities 77 78 Cash Flows from Financing Activites Cash flows from Long Term Borrowing 80 Cash flows from Sale of Stock 81 Cash flows from Payment of Dividends Net Cash Flows from Financing Activites 83 64 85 Change in Cash Position Cash at beginning of period Cash at end of period" 89 31 Year 1 FS Year 2 F5 Year Ready Type here to search O