The following financial statements were drawn from the records of Matrix Shoes. Assets Cash Accounts receivable...
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The following financial statements were drawn from the records of Matrix Shoes. Assets Cash Accounts receivable Merchandise inventory. Notes receivable Equipment Accumulated depreciation-equipment Land Total assets Liabilities Accounts payable Salaries payable Utilities payable Interest payable Balance Sheets As of December 31 Notes payable (long-term) Common stock Retained earnings Total liabilities and stockholders' equity Sales revenue Cost of goods sold Gross margin Year 2 $ 117,369 60,187 128,520 Operating expenses Salaries expense Depreciation expense Utilities expense Operating income. Nonoperating items Interest expense Loss on the sale of equipment Net income 150,200 (70,822) 81,000 $ 466,454 0 $ 43,115 27,763 Income Statement For the Year Ended December 31, Year 2 $ 581,060 (288,525) 292,535 737 0 0 300,900 93,939 $ 466,454 (189,020) (17,992) (12,200) 73,323 (3,208) (1,370) $ 68,745 Year 11 $ 29,560 69,690 116,280 28,700 256,500 (135,730) 50,000 $415,000 $ 49,890 22,210 1,474 2,270 59,000 242,200 37,956 $ 415,000 Additional Information 1. Sold equipment costing $106,300 with accumulated depreciation of $82,900 for $22,030 cash. 2. Paid a $12,762 cash dividend to owners. Required Analyze the data and prepare a statement of cash flows using the direct method. Note: Amounts to be deducted should be indicated with a minus sign. Cash flows from operating activities: Cash receipts from customers Cash Payments for: Total cash outflows MATRIX SHOES Statement of Cash Flows For the Year Ended December 31, Year 2 Cash Flows from Investing Activities: Cash Flows from Financing Activities: Ending cash balance The following financial statements were drawn from the records of Matrix Shoes. Assets Cash Accounts receivable Merchandise inventory. Notes receivable Equipment Accumulated depreciation-equipment Land Total assets Liabilities Accounts payable Salaries payable Utilities payable Interest payable Balance Sheets As of December 31 Notes payable (long-term) Common stock Retained earnings Total liabilities and stockholders' equity Sales revenue Cost of goods sold Gross margin Year 2 $ 117,369 60,187 128,520 Operating expenses Salaries expense Depreciation expense Utilities expense Operating income. Nonoperating items Interest expense Loss on the sale of equipment Net income 150,200 (70,822) 81,000 $ 466,454 0 $ 43,115 27,763 Income Statement For the Year Ended December 31, Year 2 $ 581,060 (288,525) 292,535 737 0 0 300,900 93,939 $ 466,454 (189,020) (17,992) (12,200) 73,323 (3,208) (1,370) $ 68,745 Year 11 $ 29,560 69,690 116,280 28,700 256,500 (135,730) 50,000 $415,000 $ 49,890 22,210 1,474 2,270 59,000 242,200 37,956 $ 415,000 Additional Information 1. Sold equipment costing $106,300 with accumulated depreciation of $82,900 for $22,030 cash. 2. Paid a $12,762 cash dividend to owners. Required Analyze the data and prepare a statement of cash flows using the direct method. Note: Amounts to be deducted should be indicated with a minus sign. Cash flows from operating activities: Cash receipts from customers Cash Payments for: Total cash outflows MATRIX SHOES Statement of Cash Flows For the Year Ended December 31, Year 2 Cash Flows from Investing Activities: Cash Flows from Financing Activities: Ending cash balance
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Related Book For
Fundamental financial accounting concepts
ISBN: 978-0078025365
8th edition
Authors: Thomas P. Edmonds, Frances M. Mcnair, Philip R. Olds, Edward
Posted Date:
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