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BALANCE SHEET INCOME STATEMENT Current Assets: 2017 2018 2018 Cash $ 143,000 $ 154,775 $ 178,000 $ 231,400 $ 358,000 $ 465,400 $ 33,000 $ $ 2,082,600 $ 1,280,500 $ 802,100 $ 258,700 $ Total Revenue Accounts receivable Cost of Goods Sold Inventories Prepaid expenses Gross Profit 42,900 $ 712,000 $ 894,475 Salaries and wages Marketing expenses Total Current Assets 59,800 $ 127,400 $ 24 Non-Current Assets: SG&A Furniture and fixtures Buildings and property Accumulated Depreciation) $ 150,000 $ 160,000 $ 540,000 $ 555,000 $ (198,000) $ (244,500) $ 492,000 $ 470,500 $ 1,204,000 $ 1,364,975 48,000 Insurance expense Depreciation expense Operating Profit Interest expense 46,500 $ 261,700 Total Non-Current Assets 18,000 Total Assets Тахes $ 60,925 $ 182,775 Net Income Current Liabilities: Accounts Payable $ 196,000 $ 254,800 $ Salaries and wages payable Current portion of bank loan 30,000 $ 39,000 45,000 $ 18,000 $ $ 289,000 $ 362,200 $ 45,000 Deferred revenue 23,400 Total Current Liabilities Non-Current Liabilities: $ 255,000 $ 210,000 $ 255,000 $ 210,000 Bank Loan Total Non-Current Liab. Dwners' Equity: Contributed Capital Retained earnings Total Equity $ 260,000 $ 260,000 $ 400,000 $ 532,775 $ 660,000 $ 792,775 $ 1,204,000 $ 1,364,975 Total Liabilities &OE

BALANCE SHEET INCOME STATEMENT Current Assets: 2017 2018 2018 Cash $ 143,000 $ 154,775 $ 178,000 $ 231,400 $ 358,000 $ 465,400 $ 33,000 $ $ 2,082,600 $ 1,280,500 $ 802,100 $ 258,700 $ Total Revenue Accounts receivable Cost of Goods Sold Inventories Prepaid expenses Gross Profit 42,900 $ 712,000 $ 894,475 Salaries and wages Marketing expenses Total Current Assets 59,800 $ 127,400 $ 24 Non-Current Assets: SG&A Furniture and fixtures Buildings and property Accumulated Depreciation) $ 150,000 $ 160,000 $ 540,000 $ 555,000 $ (198,000) $ (244,500) $ 492,000 $ 470,500 $ 1,204,000 $ 1,364,975 48,000 Insurance expense Depreciation expense Operating Profit Interest expense 46,500 $ 261,700 Total Non-Current Assets 18,000 Total Assets Тахes $ 60,925 $ 182,775 Net Income Current Liabilities: Accounts Payable $ 196,000 $ 254,800 $ Salaries and wages payable Current portion of bank loan 30,000 $ 39,000 45,000 $ 18,000 $ $ 289,000 $ 362,200 $ 45,000 Deferred revenue 23,400 Total Current Liabilities Non-Current Liabilities: $ 255,000 $ 210,000 $ 255,000 $ 210,000 Bank Loan Total Non-Current Liab. Dwners' Equity: Contributed Capital Retained earnings Total Equity $ 260,000 $ 260,000 $ 400,000 $ 532,775 $ 660,000 $ 792,775 $ 1,204,000 $ 1,364,975 Total Liabilities &OE

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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Calculate Comfy Home’s Free Cash Flow in 2018. Please note that the company’s tax rate is 25% and anticipated capital expenditures for 2018 are $25,000. Round your answer to the nearest whole dollar.

 

BALANCE SHEET INCOME STATEMENT Current Assets: 2017 2018 2018 $ 2,082,600 $ 1,280,500 $ 802,100 $ 258,700 $ $ 127,400 $ $ $ 143,000 $ $ Cash 154,775 Total Revenue 178,000 $ 358,000 $ 465,400 $ Accounts receivable 231,400 Cost of Goods Sold Inventories Gross Profit Prepaid expenses 33,000 $ 42,900 Salaries and wages Total Current Assets $ 712,000 $ 894,475 Marketing expenses 59,800 Non-Current Assets: SG&A 150,000 $ 160,000 540,000 $ 555,000 $ (198,000) $ (244,500) $ 492,000 $ 470,500 $ 1,204,000 $ 1,364,975 Furniture and fixtures Insurance expense 48,000 Buildings and property |(Accumulated Depreciation) Depreciation expense 46,500 Operating Profit Interest expense $ 261,700 $ Total Non-Current Assets 18,000 Total Assets Таxes 60,925 Net Income $ 182,775 Current Liabilities: Accounts Payable Salaries and wages payable $ 196,000 $ $ 254,800 30,000 $ 45,000 $ $ 39,000 Current portion of bank loan 45,000 18,000 $ $ 289,000 $ 362,200 Deferred revenue 23,400 Total Current Liabilities Non-Current Liabilities: 255,000 $ 210,000 $ 255,000 $ 210,000 Bank Loan $ Total Non-Current Liab. Owners' Equity: Contributed Capital Retained earnings Total Equity $ 260,000 $ 260,000 $ 400,000 $ $ 660,000 $ 792,775 $ 1,204,000 $ 1,364,975 532,775 Total Liabilities &OE %24
Transcribed Image Text:BALANCE SHEET INCOME STATEMENT Current Assets: 2017 2018 2018 $ 2,082,600 $ 1,280,500 $ 802,100 $ 258,700 $ $ 127,400 $ $ $ 143,000 $ $ Cash 154,775 Total Revenue 178,000 $ 358,000 $ 465,400 $ Accounts receivable 231,400 Cost of Goods Sold Inventories Gross Profit Prepaid expenses 33,000 $ 42,900 Salaries and wages Total Current Assets $ 712,000 $ 894,475 Marketing expenses 59,800 Non-Current Assets: SG&A 150,000 $ 160,000 540,000 $ 555,000 $ (198,000) $ (244,500) $ 492,000 $ 470,500 $ 1,204,000 $ 1,364,975 Furniture and fixtures Insurance expense 48,000 Buildings and property |(Accumulated Depreciation) Depreciation expense 46,500 Operating Profit Interest expense $ 261,700 $ Total Non-Current Assets 18,000 Total Assets Таxes 60,925 Net Income $ 182,775 Current Liabilities: Accounts Payable Salaries and wages payable $ 196,000 $ $ 254,800 30,000 $ 45,000 $ $ 39,000 Current portion of bank loan 45,000 18,000 $ $ 289,000 $ 362,200 Deferred revenue 23,400 Total Current Liabilities Non-Current Liabilities: 255,000 $ 210,000 $ 255,000 $ 210,000 Bank Loan $ Total Non-Current Liab. Owners' Equity: Contributed Capital Retained earnings Total Equity $ 260,000 $ 260,000 $ 400,000 $ $ 660,000 $ 792,775 $ 1,204,000 $ 1,364,975 532,775 Total Liabilities &OE %24
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