X Chapter 5 Sm x S Case Study La x _ Untitled docu x Extra credit te x * Homework H X G BALAN r.instructure.com/courses/161956/discussion_topics/1404382 News | Citation Machine 366298494-J-Dan-... PDFescape - Free O... 2 PDF Converter - qui.. JPG to PDF - Conve Extra credit - test 1 At Von Deguzman All Sections Attached is the extra credit for test 1. It is NOT MANDATORY! If you don't want to complete it, you don't have to. For those seeking extra credit, please complete the Statement of Cash Flows for Red Hawk, Inc. Extra credit is due Tuesday, October 11th at 12:45pm. NO EXCEPTIONS! lings The total maximum points is 12. I will be posting your assign r Tuesday later today Any questions or concerns, please il me. Good luck! ices Extra credit test 1.pdf "Search entries O 48 . F ~ 6e Study X Untitled de x Extra credi X * Homework BALANCE X 01%20(1).pdf Dan-... PDFescape - Free O... at PDF Converter - qui... JPG to PDF - Conve "DE Online PDF Convert. 1 7 100% + RED HAWK, INC. BALANCE SHEETS December 31, 2021 and 2020 ASSETS 2021 2020 CURRENT ASSETS Cash and cash equivalents 457.266 460,272 Trade accounts receivable 1.066:581 1,143,659 Inventory 1.611,896 1,567,477 Purchase rebates receivable 29.239 61,300 Total current assets 3.164.982 3.232,708 PROPERTY AND EQUIPMENT. Net 263.886 186.394 OTHER ASSETS Cash value of life insurance policies 25.697 24.851 Due from affiliate 45,000 Investments in suppliers' co-op programs 42,010 42,010 Deposits 5765 3.765 1 16.472 70.626 TOTAL ASSETS 54545.340 5 3.489.728 3:30 PM 10/9/2022Case Study X Untitled dox Extra credi x * Homework x BALANCE X 620test%201%20(1).pdf 6298494-J-Dan-.. PDFescape - Free O.. PDF Converter - qui... JPG to PDF - Conve DE Online PDF Convert.. 2 100% RED HAWK, INC. BALANCE SHEETS - CONTINUED December 31, 2021 and 2020 LIABILITIES AND STOCKHOLDERS' EQUITY 2021 2020 CURRENT LIABILITIES Accounts payable 711,777 602,013 Accrued expenses . 732 61,822 Payroll and sales taxes payable 67.993 80,227 Total current liabilities 780,502 744,062 NONCURRENT LIABILITIES Loan payable 522,020 526,925 Related party loans 61 7.231 617,231 Total noncurrent liabilities 1.139.251 1.144,156 STOCKHOLDERS EQUITY Common stock (no par; 50 par: 500 shares authorized. 60 shares issued and outstanding) 8,000 8,000 Retained earnings 918.386 1,894,310 Less: Cost of treasury stock (20 shares) (300.800) (300,800) Total stockholders' equity 1.625.586 1,601,510 TOTAL LIABILITIES AND STOCKHOLDERS EQUITY 3.545.540 3.489.728 3:31 PM 10/9/ 2022PDFescape PDF Converter JPG to PL - Conve DEOnline PDF Convert... 100% RED HAWK, INC. STATEMENTS OF INCOME Years Ended December 31, 2021 and 2020 2021 2020 NET SALES (ALL CASH) 12,849,106 $ 15,601,839 COST OF GOODS SOLD 10,106,594 12,959,365 GROSS PROFIT 2,742,51 1 2,642,474 SELLING AND ADMINISTRATIVE EXPENSES 2,681,243 2,608,475 OPERATING INCOME 61.268 33.999 OTHER INCOME (EXPENSE) Dividend & interest income 957 444 Rebate income 76.750 87.000 Interest expense (29.899) (39.346) Total other income (expense) 47.808 48.098 INCOME BEFORE INCOME TAXES 109.076 82.097 PROVISION FOR INCOME TAXES NET INCOME 09 076 82.097 3:31 PM 10/9/2022Untitled do x 5 Extra credi x * Homework X G BALANCE x + 201%20(1).pdf J-Dan-.. PDFescape - Free O... a PDF Converter - qui.. JPG to PDF - Conve PDF Online PDF Convert. 4 100% + RED HAWK, INC. STATEMENTS OF RETAINED EARNINGS Years Ended December 31, 2021 and 2020 2021 2020 RETAINED EARNINGS - BEGINNING 1.894,310 S 1,939,413 NET INCOME 109.076 82.097 LESS: DIVIDENDS (85,000) (127,200) RETAINED EARNINGS - ENDING 1.918,386 $ 1,894,310 3:32 PM 48.F 10 9/2022PDFescape - Free O.. PDF Converter - qui... JPG to PDF - Conven. PDF Online PDF Convert.. 75% + O RED HAWK, INC. STATEMENTS OF CASH FLOWS Years Ended December 31, 2021 and 2020 2021 2020 CASH FLOWS FROM OPERATING ACTIVITIES Net income $ 82,097 Adjustments to reconcile net income to cash flows from operating activities: Depreciation 9,248 Decrease (Increase) in operating assets: Trade accounts receivable 237,852 Inventory (188.764) Purchase rebates receivable 56,426 Cash value of Life insurance policies Increase (Decrease) in operat Accounts payable 3.514 Accrued expenses (65.931) Payroll & sales tax pay 4.47L Cash flows provided by operating action 178.913 CASH FLOWS FROM INVESTING Loan to affiliate Equipment purchases (1 80.590) Cash flows provided (180.5901 CASH FLOWS FROM FINAN Dividends pond Principle payments on loans Cash flows used by financing notvit CASH AND CASHEQUIVALENTS . BEGINNIN CASH AND CASH EQUIVALENTS 3:33 P 10/9/20PDFescape Free O... DF Converter - qui... JPG to PDF - Conver. DE Online PDF Convert. 7 100% RED HAWK, INC. SCHEDULES OF COST OF GOODS SOLD Years Ended December 31, 2021 and 2020 2021 2020 Beginning inventory 1,567,477 1,378,713 Purchases 9,520,132 12,260,998 Direct labor 630.881 887.131 Cost of goods available for sale 11.718,490 14,526,842 Less: Ending inventory (1.611,896) (1,567,477) Total cost of goods sold 10.106.594 12.959.365 3:38 PM 10/9/2022JPG to PDF - Conver.. .DE Online PDF Convert... 80% RED HAWK, INC. SCHEDULES OF SELLING AND ADMINISTRATIVE EXPENSES Years Ended December 31, 2021 and 2020 2021 2020 Officers' compensation 520,958 401,834 Salaries - Office and salesmen 675.979 606.880 Payroll tax expense 141,817 156,921 Advertising & promotion 38,751 49,563 Auto & truck maintenance 08,224 159.949 Bad debt expense 43,916 47,000 Computer expense 3,027 3.919 Contributions 14,676 23,333 Corporate tax expense 1.560 1,872 Credit card and bank charges 57,568 69.501 Depreciation 22,916 9,248 Dues & subscriptions 1,910 20,574 Equipment leasing 18,282 17,185 Insurance 405.415 359.957 Legal and accounting fees 55,852 60.79 Licenses & registrations 7.410 8.820 Office supplies & expense 48.408 66.347 Profit sharing plan administration fees 10.511 10.441 Rents & real property taxes 300.68 360.000 Repairs & maintenance 58.708 41.325 Selling expenses 2.600 13,019 Telephone 25.512 Travel & entertainment Total selling and administrative expenses 3.608.475 3:33 PM 10/9/2022