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Consider the financial statements alongside the notes presented by Simple Things Industries and prepare the statement of cash flows for the year ended December 31, 2014.   Notes     Acquisition of plant asset during 2014           310,000 Sale proceed from sale of plant asset              50,000 Receipt for issuance of notes payable              90,000 Payment for note

Consider the financial statements alongside the notes presented by Simple Things Industries and prepare the statement of cash flows for the year ended December 31, 2014.   Notes     Acquisition of plant asset during 2014           310,000 Sale proceed from sale of plant asset              50,000 Receipt for issuance of notes payable              90,000 Payment for note

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Consider the financial statements alongside the notes presented by Simple Things Industries and prepare the statement of cash flows for the year ended December 31, 2014.

 

Notes

    

Acquisition of plant asset during 2014

  

        310,000

Sale proceed from sale of plant asset

  

           50,000

Receipt for issuance of notes payable

  

           90,000

Payment for note payable

  

           10,000

Dividend paid

  

           10,000

 

 

Simple Things Industries Ltd. Comparative Balance Sheet December 312014 and 2013 2014 2013 Incease/(Decrease) Asses Current: Cash 22,000 42,000 (20,000) A ccounts Receivable 90,000 73,000 17,000 143,000 460.000 (2,000) 250.000 245.000 Inventory 145,000 Plant assets, net 210,000 Total As set 715,000 470,000 Liabilities Current: Accounts payable 90,000 50,000 40,000 Acarued liabilities 5,000 10,000 (5,000 Long term notes payable Stockholders' Equity 160,000 80,000 80,000 Common Stock 370,000 250,000 120,000 Retained earnings 110,000 80,000 30,000 Treas ury stock (20,000) 715.000 (20,000) 245,000 Totalliabilities and stockholders' equity 470,000 Simple Things Industries Ltd Income Statement Year Ended December 31,2014 Revenues and gains: Sales revenue 286,000 Interestrevenue 12,000 9,000 Dividend revenue Gainon sale of plant as set 10,000 Total revenues and gains 317,000 Expenses Costof goods sold Salary and wages expense Depreciationexpense Other operating expens e 156,000 56,000 20,000 18,000 15,000 14,000 Interest expense Income tax expense Total expenses Net Income/(Loss) 277,000 40,000
Transcribed Image Text:Simple Things Industries Ltd. Comparative Balance Sheet December 312014 and 2013 2014 2013 Incease/(Decrease) Asses Current: Cash 22,000 42,000 (20,000) A ccounts Receivable 90,000 73,000 17,000 143,000 460.000 (2,000) 250.000 245.000 Inventory 145,000 Plant assets, net 210,000 Total As set 715,000 470,000 Liabilities Current: Accounts payable 90,000 50,000 40,000 Acarued liabilities 5,000 10,000 (5,000 Long term notes payable Stockholders' Equity 160,000 80,000 80,000 Common Stock 370,000 250,000 120,000 Retained earnings 110,000 80,000 30,000 Treas ury stock (20,000) 715.000 (20,000) 245,000 Totalliabilities and stockholders' equity 470,000 Simple Things Industries Ltd Income Statement Year Ended December 31,2014 Revenues and gains: Sales revenue 286,000 Interestrevenue 12,000 9,000 Dividend revenue Gainon sale of plant as set 10,000 Total revenues and gains 317,000 Expenses Costof goods sold Salary and wages expense Depreciationexpense Other operating expens e 156,000 56,000 20,000 18,000 15,000 14,000 Interest expense Income tax expense Total expenses Net Income/(Loss) 277,000 40,000
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