Please do not provide answer in image formate thank you.1) Prepare a statement of cash flows for Cookie \& Coffee Creations Inc. for the year ended October 31,2024 , using the indirect method. AssetsCurrent assetsCashAccounts receivableInventoryPrepaid rentProperty, plant, and equipmentEquipmentAccumulated depreciation equipmentTotal assetsLiabilities and Stockholders' EquityCurrent liabilitiesAccounts payableIncome taxes payableDividends payableSalaries and wages payableInterest payableNotes payable current portionLong-term liabilitiesNotes payable-long-term portionTotal liabilitiesStockholders' equityPaid-in capitalPreferred stock, 2,800 shares issued andoutstandingCommon stock, 25,930 shares issued, 25,180outstandingRetained earningsTotal paid-in capital and retained earningsLess: Treasury stock-common (750 shares),at costTotal stockholders' equityTotal liabilities and stockholders' equity$14,00025,930$32,2193,25017,8976,300$99,700(9.850)$ 59,66639,93072,600112,53050089.850$149,516$ 5,78618,5007002,2502504,000 $31,4866.00037,486112.030$149.516 1. The company bought kitchen equipment (a commercial oven) for $17,000 onNovember 1, 2023, and signed a $12,000 note payable to help pay for it. The termsprovide for semiannual fixed principal payments of $2,000 on May 1 and November 1of each year, plus interest of 5%. All other furniture, fixture, and equipment werepurchased during the year for cash.2. The company issued 25,930 common shares for $25,930, of which 750 shares wererepurchased from the lawyer who provided legal advice during the incorporationprocess for $500. Again, assume all shares were originally issued for cash.COOKIE & COFFEE CREATIONS INC.Income StatementYear Ended October 31, 2024Sales revenueCost of goods soldGross profitOperating expensesSalaries and wages expenseDepreciation expenseOther operating expensesIncome from operationsOther expensesInterest expenseIncome before income taxIncome tax expenseNet income$92,5009,85035,850$462,500231,250231,250138,20093,05055092,50018,500$ 74,000

Cash Flow Statement - A statement of Cash Flow is a financial statement that includes the inflow and…

Assets Current assets Cash Accounts receivable Inventory Prepaid rent Property, plant, and equipment Equipment Accumulated depreciation equipment Total assets Liabilities and Stockholders' Equity Current liabilities Accounts payable Income taxes payable Dividends payable Salaries and wages payable Interest payable Notes payable-current portion Long-term liabilities Notes payable-long-term portion Total liabilities Stockholders' equity Paid-in capital Preferred stock, 2,800 shares issued and outstanding Common stock, 25,930 shares issued, 25,180 outstanding Retained earnings Total paid-in capital and retained earnings Less: Treasury stock-common (750 shares), at cost Total stockholders' equity Total liabilities and stockholders' equity $14,000 25,930 $32,219 3,250 17,897 6,300 $ 59,666 $99,700 (9.850) $ 5,786 18,500 700 2,250 250 4.000 39,930 72,600 112,530 500 89.850 $149.516 $31,486 6,000 37,486 112.030 $149.516

Assets Current assets Cash Accounts receivable Inventory Prepaid rent Property, plant, and equipment Equipment Accumulated depreciation equipment Total assets Liabilities and Stockholders' Equity Current liabilities Accounts payable Income taxes payable Dividends payable Salaries and wages payable Interest payable Notes payable-current portion Long-term liabilities Notes payable-long-term portion Total liabilities Stockholders' equity Paid-in capital Preferred stock, 2,800 shares issued and outstanding Common stock, 25,930 shares issued, 25,180 outstanding Retained earnings Total paid-in capital and retained earnings Less: Treasury stock-common (750 shares), at cost Total stockholders' equity Total liabilities and stockholders' equity $14,000 25,930 $32,219 3,250 17,897 6,300 $ 59,666 $99,700 (9.850) $ 5,786 18,500 700 2,250 250 4.000 39,930 72,600 112,530 500 89.850 $149.516 $31,486 6,000 37,486 112.030 $149.516

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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