Put your answers only in the section below the Bold Red sentence at the end of the
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Question:
Put your answers only in the section below the Bold Red sentence at the end of the Required section below. | |||||
The following information relates to Bob's Bat Store for the year ended December 31, 2023. | |||||
2023 | 2022 | ||||
Cash | 200,000 | 170,000 | |||
Accounts Receivable | 335,000 | 300,000 | |||
Inventory | 200,000 | 100,000 | |||
Total Current Assets | 735,000 | 570,000 | |||
Land | 100,000 | - | |||
Building and Fixtures | 300,000 | 200,000 | |||
Less Accumulated Depreciation | (47,000) | (24,000) | |||
Total Assets | 1,088,000 | 746,000 | |||
Accounts Payable | 200,000 | 160,000 | |||
Taxes Payable | 92,000 | 60,000 | |||
Total Current Liabilities | 292,000 | 220,000 | |||
Common Stock | 100,000 | 70,000 | |||
Capital in Excess of Par | 500,000 | 316,000 | |||
Retained Earnings | 196,000 | 140,000 | |||
Total Stockholders' Equity | 796,000 | 526,000 | |||
Total Liabilities and Stockholders' Equity | 1,088,000 | 746,000 | |||
2023 | |||||
Sales Revenue | 2,100,000 | ||||
Cost of Goods Sold | 1,560,000 | ||||
Gross Profit | 540,000 | ||||
Depreciation Expense | 23,000 | ||||
Summary of Other Expenses | 347,000 | ||||
Earnings Before Taxes | 170,000 | ||||
Income Tax Expense | 36,000 | ||||
Net Income | 134,000 | ||||
Other information: | |||||
a. The company purchased a building and fixtures with cash during the year, but none were sold. | |||||
b. Dividends of $78,000 were declared and paid during the year. | |||||
c. Cash proceeds from the sale of common stock during the year totaled $214,000. | |||||
d. Land was purchased for $100,000 cash during the year. | |||||
Required: | |||||
Prepare the statement of cash flows for Bob's Bat Store for the year ended December 31, 2023 using the indirect method from operating activities for the statement of cash flows using the indirect method. | |||||
Your answers to this open-ended assignment should be placed in the space below this line. | |||||
Bob's Bat Store | |||||
Statement of Cash Flows | |||||
Year Ended Dec. 31, 2023 | |||||
Net Income | |||||
Depreciation Expense | |||||
Increase in Accounts Receivable | |||||
Increase in Inventory | |||||
Increase in Accounts Payable | |||||
Increase in Taxes Payable | |||||
Cash Generated by Operating Activities | |||||
Purchase of Building and Fixtures | |||||
Purchase of Land | |||||
Cash Outflows form Investing Activities | |||||
Issued Common Stock | |||||
Payment of Dividends | |||||
Cash Generated by Financing Activities | |||||
Increase (decrease) in Cash for the Year | |||||
Cash Balance at the Beginning of the year | |||||
Cash Balance at the End of the Year | |||||
Related Book For
Advanced Accounting
ISBN: 978-0538480284
11th edition
Authors: Paul M. Fischer, William J. Tayler, Rita H. Cheng
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