Simply Charming Inc. had the following financial information for 2013. Prepare the operating section ONLY of...
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Simply Charming Inc. had the following financial information for 2013. Prepare the operating section ONLY of the statement of cash flows using the indirect method. Simply Charming Inc. Income Statement For Year Ended December 31, 2013 Revenue: Sales Revenue 173,000 Expenses: Depreciation Expense 14,225 Salaries Expense 45,000 Rent Expense 16,000 Utilities Expense 4,300 Loss on Sale of Furniture 2,200 Total Expenses 81,725 Net Income 91,275 Simply Charming Inc. Balance Sheet December 31, 2013 Assets: 2013 2012 Liabilities & Equity: 2013 2012 Cash 604,300 528,600 Accounts Payable 60,500 77,000 Accounts 80,000 95,000 Taxes Payable 4,550 3,600 Receivable Supplies 2,500 1,000 Total Current Liabilities 65,050 80,600 Inventory 180,000 210,000 Total Current 866,800 834,600 Common Stock 340,000 340,000 Assets Paid in capital in excess of par value, common stock 410,000 410,000 Furniture 50,000 72,000 Total Paid in Capital 750,000 750,000 Less: Accum. (23,000) (20,000) Depreciation Total Plant Assets 27,000 52,000 Retained Earnings 78,750 56,000 TO TAL LIABILITIES AND TO TAL ASSETS 893,800 886,600 893,800 886,600 EQUITY Cash Flows from Operating Activities: Adjustments to reconcile net income to net cash Total Adjustment Simply Charming Inc. had the following financial information for 2013. Prepare the operating section ONLY of the statement of cash flows using the indirect method. Simply Charming Inc. Income Statement For Year Ended December 31, 2013 Revenue: Sales Revenue 173,000 Expenses: Depreciation Expense 14,225 Salaries Expense 45,000 Rent Expense 16,000 Utilities Expense 4,300 Loss on Sale of Furniture 2,200 Total Expenses 81,725 Net Income 91,275 Simply Charming Inc. Balance Sheet December 31, 2013 Assets: 2013 2012 Liabilities & Equity: 2013 2012 Cash 604,300 528,600 Accounts Payable 60,500 77,000 Accounts 80,000 95,000 Taxes Payable 4,550 3,600 Receivable Supplies 2,500 1,000 Total Current Liabilities 65,050 80,600 Inventory 180,000 210,000 Total Current 866,800 834,600 Common Stock 340,000 340,000 Assets Paid in capital in excess of par value, common stock 410,000 410,000 Furniture 50,000 72,000 Total Paid in Capital 750,000 750,000 Less: Accum. (23,000) (20,000) Depreciation Total Plant Assets 27,000 52,000 Retained Earnings 78,750 56,000 TO TAL LIABILITIES AND TO TAL ASSETS 893,800 886,600 893,800 886,600 EQUITY Cash Flows from Operating Activities: Adjustments to reconcile net income to net cash Total Adjustment Simply Charming Inc. had the following financial information for 2013. Prepare the operating section ONLY of the statement of cash flows using the indirect method. Simply Charming Inc. Income Statement For Year Ended December 31, 2013 Revenue: Sales Revenue 173,000 Expenses: Depreciation Expense 14,225 Salaries Expense 45,000 Rent Expense 16,000 Utilities Expense 4,300 Loss on Sale of Furniture 2,200 Total Expenses 81,725 Net Income 91,275 Simply Charming Inc. Balance Sheet December 31, 2013 Assets: 2013 2012 Liabilities & Equity: 2013 2012 Cash 604,300 528,600 Accounts Payable 60,500 77,000 Accounts 80,000 95,000 Taxes Payable 4,550 3,600 Receivable Supplies 2,500 1,000 Total Current Liabilities 65,050 80,600 Inventory 180,000 210,000 Total Current 866,800 834,600 Common Stock 340,000 340,000 Assets Paid in capital in excess of par value, common stock 410,000 410,000 Furniture 50,000 72,000 Total Paid in Capital 750,000 750,000 Less: Accum. (23,000) (20,000) Depreciation Total Plant Assets 27,000 52,000 Retained Earnings 78,750 56,000 TO TAL LIABILITIES AND TO TAL ASSETS 893,800 886,600 893,800 886,600 EQUITY Cash Flows from Operating Activities: Adjustments to reconcile net income to net cash Total Adjustment Simply Charming Inc. had the following financial information for 2013. Prepare the operating section ONLY of the statement of cash flows using the indirect method. Simply Charming Inc. Income Statement For Year Ended December 31, 2013 Revenue: Sales Revenue 173,000 Expenses: Depreciation Expense 14,225 Salaries Expense 45,000 Rent Expense 16,000 Utilities Expense 4,300 Loss on Sale of Furniture 2,200 Total Expenses 81,725 Net Income 91,275 Simply Charming Inc. Balance Sheet December 31, 2013 Assets: 2013 2012 Liabilities & Equity: 2013 2012 Cash 604,300 528,600 Accounts Payable 60,500 77,000 Accounts 80,000 95,000 Taxes Payable 4,550 3,600 Receivable Supplies 2,500 1,000 Total Current Liabilities 65,050 80,600 Inventory 180,000 210,000 Total Current 866,800 834,600 Common Stock 340,000 340,000 Assets Paid in capital in excess of par value, common stock 410,000 410,000 Furniture 50,000 72,000 Total Paid in Capital 750,000 750,000 Less: Accum. (23,000) (20,000) Depreciation Total Plant Assets 27,000 52,000 Retained Earnings 78,750 56,000 TO TAL LIABILITIES AND TO TAL ASSETS 893,800 886,600 893,800 886,600 EQUITY Cash Flows from Operating Activities: Adjustments to reconcile net income to net cash Total Adjustment Simply Charming Inc. had the following financial information for 2013. Prepare the operating section ONLY of the statement of cash flows using the indirect method. Simply Charming Inc. Income Statement For Year Ended December 31, 2013 Revenue: Sales Revenue 173,000 Expenses: Depreciation Expense 14,225 Salaries Expense 45,000 Rent Expense 16,000 Utilities Expense 4,300 Loss on Sale of Furniture 2,200 Total Expenses 81,725 Net Income 91,275 Simply Charming Inc. Balance Sheet December 31, 2013 Assets: 2013 2012 Liabilities & Equity: 2013 2012 Cash 604,300 528,600 Accounts Payable 60,500 77,000 Accounts 80,000 95,000 Taxes Payable 4,550 3,600 Receivable Supplies 2,500 1,000 Total Current Liabilities 65,050 80,600 Inventory 180,000 210,000 Total Current 866,800 834,600 Common Stock 340,000 340,000 Assets Paid in capital in excess of par value, common stock 410,000 410,000 Furniture 50,000 72,000 Total Paid in Capital 750,000 750,000 Less: Accum. (23,000) (20,000) Depreciation Total Plant Assets 27,000 52,000 Retained Earnings 78,750 56,000 TO TAL LIABILITIES AND TO TAL ASSETS 893,800 886,600 893,800 886,600 EQUITY Cash Flows from Operating Activities: Adjustments to reconcile net income to net cash Total Adjustment Simply Charming Inc. had the following financial information for 2013. Prepare the operating section ONLY of the statement of cash flows using the indirect method. Simply Charming Inc. Income Statement For Year Ended December 31, 2013 Revenue: Sales Revenue 173,000 Expenses: Depreciation Expense 14,225 Salaries Expense 45,000 Rent Expense 16,000 Utilities Expense 4,300 Loss on Sale of Furniture 2,200 Total Expenses 81,725 Net Income 91,275 Simply Charming Inc. Balance Sheet December 31, 2013 Assets: 2013 2012 Liabilities & Equity: 2013 2012 Cash 604,300 528,600 Accounts Payable 60,500 77,000 Accounts 80,000 95,000 Taxes Payable 4,550 3,600 Receivable Supplies 2,500 1,000 Total Current Liabilities 65,050 80,600 Inventory 180,000 210,000 Total Current 866,800 834,600 Common Stock 340,000 340,000 Assets Paid in capital in excess of par value, common stock 410,000 410,000 Furniture 50,000 72,000 Total Paid in Capital 750,000 750,000 Less: Accum. (23,000) (20,000) Depreciation Total Plant Assets 27,000 52,000 Retained Earnings 78,750 56,000 TO TAL LIABILITIES AND TO TAL ASSETS 893,800 886,600 893,800 886,600 EQUITY Cash Flows from Operating Activities: Adjustments to reconcile net income to net cash Total Adjustment
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