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Business
Accounting
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
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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1) Prepare a statement of cash flows for Cookie \& Coffee Creations Inc. for the year ended October 31,2024 , using the indirect method.

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 $99,700 (9.850) $ 59,666 39,930 72,600 112,530 500 89.850 $149,516 $ 5,786 18,500 700 2,250 250 4,000 $31,486 6.000 37,486 112.030 $149.516
Transcribed Image Text: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 $99,700 (9.850) $ 59,666 39,930 72,600 112,530 500 89.850 $149,516 $ 5,786 18,500 700 2,250 250 4,000 $31,486 6.000 37,486 112.030 $149.516
1. The company bought kitchen equipment (a commercial oven) for $17,000 on November 1, 2023, and signed a $12,000 note payable to help pay for it. The terms provide for semiannual fixed principal payments of $2,000 on May 1 and November 1 of each year, plus interest of 5%. All other furniture, fixture, and equipment were purchased during the year for cash. 2. The company issued 25,930 common shares for $25,930, of which 750 shares were repurchased from the lawyer who provided legal advice during the incorporation process for $500. Again, assume all shares were originally issued for cash. COOKIE & COFFEE CREATIONS INC. Income Statement Year Ended October 31, 2024 Sales revenue Cost of goods sold Gross profit Operating expenses Salaries and wages expense Depreciation expense Other operating expenses Income from operations Other expenses Interest expense Income before income tax Income tax expense Net income $92,500 9,850 35,850 $462,500 231,250 231,250 138,200 93,050 550 92,500 18,500 $ 74,000
Transcribed Image Text:1. The company bought kitchen equipment (a commercial oven) for $17,000 on November 1, 2023, and signed a $12,000 note payable to help pay for it. The terms provide for semiannual fixed principal payments of $2,000 on May 1 and November 1 of each year, plus interest of 5%. All other furniture, fixture, and equipment were purchased during the year for cash. 2. The company issued 25,930 common shares for $25,930, of which 750 shares were repurchased from the lawyer who provided legal advice during the incorporation process for $500. Again, assume all shares were originally issued for cash. COOKIE & COFFEE CREATIONS INC. Income Statement Year Ended October 31, 2024 Sales revenue Cost of goods sold Gross profit Operating expenses Salaries and wages expense Depreciation expense Other operating expenses Income from operations Other expenses Interest expense Income before income tax Income tax expense Net income $92,500 9,850 35,850 $462,500 231,250 231,250 138,200 93,050 550 92,500 18,500 $ 74,000
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