MELANIE O'MALLIE DANCE STUDIO COMPANY Balance Sheet August 31, 2018 Assets current assets cash 16000 office suppiles 1800 total current assets 1500 $19,300 proery plants, and equipment equipment $ 49,000 less accumlated deprecation 5,000 total propery plant and equipment 43, 300 total assets $62, 600 Liabilities current libilties accunout payable $4,800 salaries payable 100 unearned revenue 5 total current liabilits $9,900 long term liabilities note payble $ 5,400 toal liabilites curreent and long trem Owner's Equity o'maillie, capial 37,000 62, 600 = 15000 47,300 Requirement 2 CURRENT = TOTAL CURREENT ASSETS/ PREVIOUS AMOUNT1.75 SO OMALLIES ABILY TO PAY BACK DEBTS HAS IMPROVED

MELANIE O'MALLIE DANCE STUDIO COMPANY Balance Sheet August 31, 2018 Assets current assets cash 16000 office suppiles 1800 total current assets 1500 $19,300 proery plants, and equipment equipment $ 49,000 less accumlated deprecation 5,000 total propery plant and equipment 43, 300 total assets $62, 600 Liabilities current libilties accunout payable $4,800 salaries payable 100 unearned revenue 5 total current liabilits $9,900 long term liabilities note payble $ 5,400 toal liabilites curreent and long trem Owner's Equity o'maillie, capial 37,000 62, 600 = 15000 47,300 Requirement 2 CURRENT = TOTAL CURREENT ASSETS/ PREVIOUS AMOUNT1.75 SO OMALLIES ABILY TO PAY BACK DEBTS HAS IMPROVED

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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ces For the year just completed, Hanna Company had net income of $90,500. Balances in the company's current asset and current liability accounts at the beginning and end of the year were as follows: Current assets: Cash and cash equivalents Accounts receivable Inventory Prepaid expenses Current liabilities: Accounts payable Accrued liabilities Income taxes payable December 31 End of Year $ 55,000 $ 152,000 $ 451,000 $ 12,000 $ 356,000 $ 8,000 $ 35,000 Beginning of Year $ 83,000 $184,000 $ 343,000 $ 14,000 $ 400,000 $ 11,500 $ 27,000 The Accumulated Depreciation account had total credits of $58,000 during the year. Hanna Company did not record any gains or losses during the year. Required: Using the indirect method, determine the net cash provided by operating activities for the year. (List any deduction in cash and cash outflows as negative amounts.) Hanna Company Statement of Cash Flows-Indirect Method (partial) +
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