2018 2017 Assets Cash 90,800 48,400 Accounts receivable 92,800 33,000 Inventories 112,500 102,850 Prepaid expenses 28,400 26,000 Supplies 138,000 114,000 Machine 270,000 242,500 Less: Accumulated depreciation -50,000 -52,000 Total 682,500 514,750 Liabilities and Shareholder’s equities Accounts payable 112,000 67,300 Other payable 16,500 17,000 Notes payable 110,000 150,000 Total paid-in capital 220,000 175,000 Retained earnings 224,000 105,450 Total 682,500 514,750 Income statement for the year ended 31 Dec 2018 Sales revenue 392,780 Cost of goods sold 135,460 Gross profit 257,320 Adverting expense 12,410 Depreciation expense 46,500 Income taxes expense 27,280 Interest expense 4,730 Loss on sale of machine 7,500 Net income 158,900 Please prepare cash flow statement for the year ended 31 Dec 2018, show T-Account of Retain earning at 31 Dec 2018
2018 2017 Assets Cash 90,800 48,400 Accounts receivable 92,800 33,000 Inventories 112,500 102,850 Prepaid expenses 28,400 26,000 Supplies 138,000 114,000 Machine 270,000 242,500 Less: Accumulated depreciation -50,000 -52,000 Total 682,500 514,750 Liabilities and Shareholder’s equities Accounts payable 112,000 67,300 Other payable 16,500 17,000 Notes payable 110,000 150,000 Total paid-in capital 220,000 175,000 Retained earnings 224,000 105,450 Total 682,500 514,750 Income statement for the year ended 31 Dec 2018 Sales revenue 392,780 Cost of goods sold 135,460 Gross profit 257,320 Adverting expense 12,410 Depreciation expense 46,500 Income taxes expense 27,280 Interest expense 4,730 Loss on sale of machine 7,500 Net income 158,900 Please prepare cash flow statement for the year ended 31 Dec 2018, show T-Account of Retain earning at 31 Dec 2018
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
| 2018 | 2017 | |
| Assets | ||
| Cash | 90,800 | 48,400 |
| 92,800 | 33,000 | |
| Inventories | 112,500 | 102,850 |
| Prepaid expenses | 28,400 | 26,000 |
| Supplies | 138,000 | 114,000 |
| Machine | 270,000 | 242,500 |
| Less: |
-50,000 | -52,000 |
| Total | 682,500 | 514,750 |
| Liabilities and Shareholder’s equities | ||
| Accounts payable | 112,000 | 67,300 |
| Other payable | 16,500 | 17,000 |
| Notes payable | 110,000 | 150,000 |
| Total paid-in capital | 220,000 | 175,000 |
| 224,000 | 105,450 | |
| Total | 682,500 | 514,750 |
| Income statement for the year ended 31 Dec 2018 | ||
| Sales revenue | 392,780 | |
| Cost of goods sold | 135,460 | |
| Gross profit | 257,320 | |
| Adverting expense | 12,410 | |
| Depreciation expense | 46,500 | |
| Income taxes expense | 27,280 | |
| Interest expense | 4,730 | |
| Loss on sale of machine | 7,500 | |
| Net income | 158,900 |
Please prepare
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps with 2 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education