Assets Current Assets Cash Accounts Receivable Merchandise Inventory Supplies Total Current Assets Property, Plant, and Equipment Cars Less: Accumulated Depreciation - Carso Cars-Net Equipment Less: Accumulated Depreciation - Equipment Equipment - Net Furniture & Fixtures Less: Accumulated Depreciation - Furniture & Fixtures Furniture & Fixtures - Net Total Property, Plant, and Equipment Total Assets Liabilities Current Liabilities Accounts Payable Rent Payable Utilities Payable Total Current Liabilities Long Term Liability Loans Payable Total Liabilities Hap, Equity Total Liabilities and Equity Happy Feet Emporium Comparative Statements of Financial Position December 31, 2021 and December 31, 2022 FABM2-2022-23 Page 1 of2 (Ret Ed 21 Cenry Accounting Process ZVC-M) Net Sales Less: Cost of Goods Sold Gross Income Less: Operating Expenses Rent Expense Salary Expense Gas & Oil Expense Depreciation Expense Utilities Expense Repair Expense Supplies Expense Total Operating Income Less: Interest Expense Net Income 2022 P 652,250 P 227,500 424,750 108,750 90.000 46.520 34.000 19,000 11,500 4,330 314,100 110,650 11,250 P 99,400 P 2021 P Happy Feet Emporium Comparative Income Statements December 31, 2021 and December 31, 2022 2022 250,000 60,000 190,000 45,000 3,500 41,500 25,000 3,000 22,000 23,500 253,500 272,500 P 438,750 P 414,700 564,200 188,600 375,600 85,000 25,000 70,750 4,500 185,250 94,500 76,000 35,500 32,500 15,500 10,000 7,500 271,500 104,100 13,500 P 90,600 2021 125,000 153,500 P 67,500 P 13,000 60,000 1,700 142,200 250,000 30,000 220,000 30,000 1,000 29,000 11,000 P 15,000 10.000 7,500 28,500 25,000 1,500 282,250 244,200 P 438,750 P 414,700 5,500 20.500 150.000 170,500 Increase (Decrease) 17.500 12,000 10,750 2,800 30,000 15,000 2,500 1,500 (4,000) 10,000 2,000 (25,000) 41,050

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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prepare the direct and indirect method statement of Cash flow for 2022. 

Assets
Current Assets
Cash
Accounts Receivable
Merchandise Inventory.
Supplies
Total Current Assets
Property, Plant, and Equipment
Cars
Less: Accumulated Depreciation-Carso
Cars - Net
Equipment
Less: Accumulated Depreciation - Equipment
Equipment - Net
Furniture & Fixtures
Less: Accumulated Depreciation - Furniture & Fixtures
Furniture & Fixtures - Net
Total Property, Plant, and Equipment
Total Assets
Liabilities
Current Liabilities
Accounts Payable
Rent Payable
Utilities Payable
Total Current Liabilities
Long Term Liability
Loans Payable
Total Liabilities
Hap, Equity
Total Liabilities and Equity
Happy Feet Emporium
Comparative Statements of Financial Position
December 31, 2021 and December 31, 2022
FABM2-2022-23 Page 1 o12
(Ref Ed 21 Century Accounting Process ZVC-M)
Net Sales
Less: Cost of Goods Sold.
Gross Income
Less: Operating Expenses
Rent Expense
Salary Expense
Gas & Oil Expense
Depreciation Expense
Utilities Expense
Repair Expense
Supplies Expense
Total
Operating Income
Less: Interest Expense
Net Income
2022
P 652,250 P
227,500
424,750
108,750
90,000
46,520
34,000
19,000
11,500
4,330
314,100
110,650
11,250
P 99,400
P
2021
P
P 85,000 P 67,500 P 17,500
25,000
12,000
70,750
10,750
4,500
2,800
185,250
Happy Feet Emporium
Comparative Income Statements
December 31, 2021 and December 31, 2022
2022
25,000
3,000
22,000
253,500
P 438,750
564,200
188,600
375,600
250,000
60,000
190.000
94,500
76,000
35,500
32.500
15,500
10,000
7,500
45,000
3,500
41,500
271,500
104,100
13,500
90,600
282,250
P 438,750 P
11,000 P.
10,000
7,500
28,500
125,000
153,500
I Р
2021
13,000
60,000
1,700
142,200
250,000
30,000
220,000
30,000
1,000
29,000
25,000
1,500
23,500
272,500
414,700
15,000
5,500
20,500
Increase
(Decrease)
244.200
414,700
30,000
15,000
2,500
1,500
(4,000)
10,000
2,000
150.000 (25,000)
170,500
41,050
Transcribed Image Text:Assets Current Assets Cash Accounts Receivable Merchandise Inventory. Supplies Total Current Assets Property, Plant, and Equipment Cars Less: Accumulated Depreciation-Carso Cars - Net Equipment Less: Accumulated Depreciation - Equipment Equipment - Net Furniture & Fixtures Less: Accumulated Depreciation - Furniture & Fixtures Furniture & Fixtures - Net Total Property, Plant, and Equipment Total Assets Liabilities Current Liabilities Accounts Payable Rent Payable Utilities Payable Total Current Liabilities Long Term Liability Loans Payable Total Liabilities Hap, Equity Total Liabilities and Equity Happy Feet Emporium Comparative Statements of Financial Position December 31, 2021 and December 31, 2022 FABM2-2022-23 Page 1 o12 (Ref Ed 21 Century Accounting Process ZVC-M) Net Sales Less: Cost of Goods Sold. Gross Income Less: Operating Expenses Rent Expense Salary Expense Gas & Oil Expense Depreciation Expense Utilities Expense Repair Expense Supplies Expense Total Operating Income Less: Interest Expense Net Income 2022 P 652,250 P 227,500 424,750 108,750 90,000 46,520 34,000 19,000 11,500 4,330 314,100 110,650 11,250 P 99,400 P 2021 P P 85,000 P 67,500 P 17,500 25,000 12,000 70,750 10,750 4,500 2,800 185,250 Happy Feet Emporium Comparative Income Statements December 31, 2021 and December 31, 2022 2022 25,000 3,000 22,000 253,500 P 438,750 564,200 188,600 375,600 250,000 60,000 190.000 94,500 76,000 35,500 32.500 15,500 10,000 7,500 45,000 3,500 41,500 271,500 104,100 13,500 90,600 282,250 P 438,750 P 11,000 P. 10,000 7,500 28,500 125,000 153,500 I Р 2021 13,000 60,000 1,700 142,200 250,000 30,000 220,000 30,000 1,000 29,000 25,000 1,500 23,500 272,500 414,700 15,000 5,500 20,500 Increase (Decrease) 244.200 414,700 30,000 15,000 2,500 1,500 (4,000) 10,000 2,000 150.000 (25,000) 170,500 41,050
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