Henry's Hat Store for the year ended December 31, 2023.2023 2022Cash 150,000 140,000Accounts Receivable 360,000 340,000Inventory 320,000 155,000Total Current Assets 830,000 635,000Land 156,000 -Building and Fixtures 350,000 233,000Less Accumulated Depreciation (71,000) (30,000)Total Assets 1,265,000 838,000Accounts Payable 230,000 200,000Taxes Payable 101,000 76,000Total Current Liabilities 331,000 276,000Common Stock 110,000 60,000Capital in Excess of Par 589,000 360,000Retained Earnings 235,000 142,000Total Stockholders' Equity 934,000 562,000Total Liabilities and Stockholders' Equity 1,265,000 838,0002023Sales Revenue 3,000,000Cost of Goods Sold 2,300,000Gross Profit 700,000Depreciation Expense 41,000Summary of Other Expenses 415,000Earnings Before Taxes 244,000Income Tax Expense 71,000Net Income 173,000The company purchased a building and fixtures with cash during the year, butnone were sold.A cash dividend was declared and paid during 2023, but no stock dividendswere declared or paid during the year. The company sold common stock for cash during 2023, but did not purchaseany treasury stock during the year.Land was purchased for cash during 2023. Prepare the statement of cash flows for Henry's Hat Store for the year using the indirect method from operating activities for the statement of cash flows using indirect method
Henry's Hat Store for the year ended December 31, 2023.
2023 2022
Cash 150,000 140,000
Accounts Receivable 360,000 340,000
Inventory 320,000 155,000
Total Current Assets 830,000 635,000
Land 156,000 -
Building and Fixtures 350,000 233,000
Less Accumulated Depreciation (71,000) (30,000)
Total Assets 1,265,000 838,000
Accounts Payable 230,000 200,000
Taxes Payable 101,000 76,000
Total Current Liabilities 331,000 276,000
Common Stock 110,000 60,000
Capital in Excess of Par 589,000 360,000
Retained Earnings 235,000 142,000
Total Stockholders' Equity 934,000 562,000
Total Liabilities and Stockholders' Equity 1,265,000 838,000
2023
Sales Revenue 3,000,000
Cost of Goods Sold 2,300,000
Gross Profit 700,000
Depreciation Expense 41,000
Summary of Other Expenses 415,000
Earnings Before Taxes 244,000
Income Tax Expense 71,000
Net Income 173,000
The company purchased a building and fixtures with cash during the year, but
none were sold.
A cash dividend was declared and paid during 2023, but no stock dividends
were declared or paid during the year.
The company sold common stock for cash during 2023, but did not purchase
any treasury stock during the year.
Land was purchased for cash during 2023.
Prepare the statement of
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