Balance Sheets as of December 31, 2017, and December 31, 2018 2017 2018 Changes Assets Cash $ 150 $ 125 $ (25) Accounts receivable 350 375 25 Inventory 475 550 75 $ 975 $ 1,050 $ 2,750 (1,200) $1,550 $2.600 $ 75 $ 325 (200) $ 125 Total current assets Grossfixed assets $2,425 (1,000) $1,425 Accumulated depreciation Net fixed assets TOTAL ASSETS $2.400 $200 Debt (Lia bilities) and Equity Debt Accounts payable $ 200 $ 150 $ (50) Short-tem notes 150 150 Total current liabilities $ 200 $ 300 $ 100 Long-term debt 600 600 Total debt $ 800 $ 900 $ 100 Owners' equity Common stock $ 900 $ 900 Retained earnings 700 800 100 $1,600 $2,400 $ 100 $ 200 Total owners' equity $1,700 $2,600 TOTAL DEBT AND OWNERS' EQUITY Income Statement January 1-December 2018 $1,450 (850) $ 600 (240) $ 360 (64) $ 296 (118) S 178 $ 178 (78) $ 100 Sales Cost of goods sold Gross profits Operating expenses Operating profits Interest expense Profits beforetaxes Тахes Net profits Net profits Dividends paid Increase in retained earnings Prepare a statement of cash flows for the Maness Corporation, using the information shown in the balance
Balance Sheets as of December 31, 2017, and December 31, 2018 2017 2018 Changes Assets Cash $ 150 $ 125 $ (25) Accounts receivable 350 375 25 Inventory 475 550 75 $ 975 $ 1,050 $ 2,750 (1,200) $1,550 $2.600 $ 75 $ 325 (200) $ 125 Total current assets Grossfixed assets $2,425 (1,000) $1,425 Accumulated depreciation Net fixed assets TOTAL ASSETS $2.400 $200 Debt (Lia bilities) and Equity Debt Accounts payable $ 200 $ 150 $ (50) Short-tem notes 150 150 Total current liabilities $ 200 $ 300 $ 100 Long-term debt 600 600 Total debt $ 800 $ 900 $ 100 Owners' equity Common stock $ 900 $ 900 Retained earnings 700 800 100 $1,600 $2,400 $ 100 $ 200 Total owners' equity $1,700 $2,600 TOTAL DEBT AND OWNERS' EQUITY Income Statement January 1-December 2018 $1,450 (850) $ 600 (240) $ 360 (64) $ 296 (118) S 178 $ 178 (78) $ 100 Sales Cost of goods sold Gross profits Operating expenses Operating profits Interest expense Profits beforetaxes Тахes Net profits Net profits Dividends paid Increase in retained earnings Prepare a statement of cash flows for the Maness Corporation, using the information shown in the balance
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
The Maness Corporation's financial statements are shown below, along with the changes in the balance sheets between December 31, 2017 and December 31, 2018.
attached is the screen shot of the numbers
**Prepare a statement of
Transcribed Image Text:Balance Sheets as of December 31, 2017, and December 31, 2018
2017
2018
Changes
Assets
Cash
$ 150
$ 125
$ (25)
Accounts receivable
350
375
25
Inventory
475
550
75
$ 975
$ 1,050
$ 2,750
(1,200)
$1,550
$2.600
$ 75
$ 325
(200)
$ 125
Total current assets
Grossfixed assets
$2,425
(1,000)
$1,425
Accumulated depreciation
Net fixed assets
TOTAL ASSETS
$2.400
$200
Debt (Lia bilities) and Equity
Debt
Accounts payable
$ 200
$ 150
$ (50)
Short-tem notes
150
150
Total current liabilities
$ 200
$ 300
$ 100
Long-term debt
600
600
Total debt
$ 800
$ 900
$ 100
Owners' equity
Common stock
$ 900
$ 900
Retained earnings
700
800
100
$1,600
$2,400
$ 100
$ 200
Total owners' equity
$1,700
$2,600
TOTAL DEBT AND OWNERS' EQUITY
Income Statement January 1-December 2018
$1,450
(850)
$ 600
(240)
$ 360
(64)
$ 296
(118)
S 178
$ 178
(78)
$ 100
Sales
Cost of goods sold
Gross profits
Operating expenses
Operating profits
Interest expense
Profits beforetaxes
Тахes
Net profits
Net profits
Dividends paid
Increase in retained earnings
Prepare a statement of cash flows for the Maness Corporation, using the information shown in the balance
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