Use the Bone Appetit Pet Supply, Inc., data from P11-33A. The cash amounts for Interest Revenue, Salaries
Question:
Use the Bone Appetit Pet Supply, Inc., data from P11-33A. The cash amounts for Interest Revenue, Salaries Expense, Interest Expense, and Income Tax Expense are the same as the accrual amounts for these items.
Requirements
1. Prepare the 2016 statement of cash flows by the direct method.
2. How will what you learned in this problem help you evaluate an investment in Bone Appetit Pet Supply, Inc.?
Transcribed Image Text:
Bone Appetit Pet Supply, Ino. Comparative Balance Sheet December 31, 2016 and 2015 INCREASE (DECREASE) 2016 2016 Current Assets: $ 6,600 25,200 91,900 $ 5,500 $ 1,100 (1,400) 2,100 Cash and Cash Equivalents Accounts Receivable 26,600 89,800 Inventory Fixed Assets: Land 60,700 49,600 $266,800 $232,200 $ 34,600 89,900 29,200 Equipment, Net Total Assets 53,200 3,600 Current Liabilities: Accounts Payable $ 30,900 $ 35,700 $ (4,800) 30,600 Accrued Liabilities 28,500 2,100 Long-Term Liabilities: Notes Payable Stockholders' Equity: Common Stock Retained Earnings Total Liabilities and Stockholders' Equity 74,000 101,000 (27,000) 64,400 24,500 88,900 42,400 $266,800 39,800 2,600 $232,200 $ 34,600 Bone Appetit Pet Supply, Inc. Income Statement Year Ended December 31, 2016 Revenues: Sales Revenue $211,000 8,500 Interest Revenue Total Revenues $219,500 Expenses: Cost of Goods Sold S 70,500 Salaries Expense Depreciation Expense Other Operating Expenses Interest Expense Income Tax Expense Total Expenses 27,300 4,600 10,800 11,800 29,800 154,800 Net Income $ 64,700
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