The financial statements for Toobin Company follow. Required Using the statements of Toobin Company, construct a statement
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Using the statements of Toobin Company, construct a statement of cash flows using the direct method for the year ended December 31,2013.
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...
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Toobin Company Income Statement For Year Ended December 31, 2013 Revenue from Sales: Net Sales $630,000 Cost of Goods Sold: Merchandise Inventory, January 1.2013 Delivered Cost of Purchase Cost of Goods Avašable for Sale Less Merchandise inventory December 31.2013 Cost of Goods Sold $110,000 360,000 $470,000 135,000 835,000 295,000 Gress Protit Operating Expenses. Salary Expense Rent Expense Advertsing Expense Repairs Expense Depreciation Expense, Equipment Utilities Expense Insurance Expense Miscelanoous Expense $110,000 20000 14,000 790 12,000 1.870 2,600 510 Total Operating Expenses 161,770 $133,230 Net Income Toobin Company Statement of Owner's Equity For Year Ended December 31, 2013 J. Toobin, Capital, January 1, 2013 Investments during the Year Net Income Subtotal Less Withdrawals Increase in Capital J. Toobin, Capital, December 31, 2013 $218,000 133230 $133.230 20,000 113,230 $331,230 Toobin Company Comparative Balance Sheet December 31, 2013 and December 31, 2012 Incroaso on (Dacroaso) 2013 2012 Assets Cash Accounts Recevable (net Merchandise inventory Prepaid Insurance $129.450 44,340 85,110 20,000 110,000 15,000 25,000 (20) 35,000 135,000 2,540 2.560 132,000 132,000 (45,000)(33.000) $388,90 $275.900 Less Accumulated Depreciation Total Assets (33,000)(1200o) $113,090 Liabilities Accounts Payable Salaries Payable Total Liabiliies S 54,660 55,000 (340) s 57760 57900 $ (140 331,230 218,000 13,230 3,100 2.900 Owner's Equity J. Toobin, Capital Total Liabilites and Owner's Equity $388,990 $275,900 $113.090
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Related Book For
College Accounting
ISBN: 978-1111528126
11th edition
Authors: Tracie Nobles, Cathy Scott, Douglas McQuaig, Patricia Bille
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