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Problem #1 a. Use the following information to create the 2017 and 2018 income statements. b. Create the 2017 and 2018 balance sheets. c. Then create the 2018 indirect cash flow statement. Category Accounts payable Accounts receivable Accruals 2017 2018 $60,480 $77,760 $100,800 $129,600 $40,320 $51,840

Problem #1 a. Use the following information to create the 2017 and 2018 income statements. b. Create the 2017 and 2018 balance sheets. c. Then create the 2018 indirect cash flow statement. Category Accounts payable Accounts receivable Accruals 2017 2018 $60,480 $77,760 $100,800 $129,600 $40,320 $51,840

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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Problem #1 a. Use the following information to create the 2017 and 2018 income statements. b. Create the 2017 and 2018 balance sheets. c. Then create the 2018 indirect cash flow statement. Category Accounts payable Accounts receivable Accruals Additional paid in capital Cash Common Stock @ par value COGS Depreciation expense Interest expense Inventories Long-term debt Net fixed assets Notes payable Operating expenses (excl. depr.) Retained earnings Sales Taxes 2017 2018 $60,480 $77,760 $100,800 $129,600 $40,320 $51,840 $362,880 $466,560 $50,400 $64,800 $20,160 $25,920 $231,000 $297,000 $21,000 $27,000 $16,800 $21,600 $50,400 $64,800 $221,760 $285,120 $806,400 ??? $100,800 $129,600 $42,000 $54,000 $201,600 $259,200 $420,000 $540,000 $63,000 $81,000
Transcribed Image Text:Problem #1 a. Use the following information to create the 2017 and 2018 income statements. b. Create the 2017 and 2018 balance sheets. c. Then create the 2018 indirect cash flow statement. Category Accounts payable Accounts receivable Accruals Additional paid in capital Cash Common Stock @ par value COGS Depreciation expense Interest expense Inventories Long-term debt Net fixed assets Notes payable Operating expenses (excl. depr.) Retained earnings Sales Taxes 2017 2018 $60,480 $77,760 $100,800 $129,600 $40,320 $51,840 $362,880 $466,560 $50,400 $64,800 $20,160 $25,920 $231,000 $297,000 $21,000 $27,000 $16,800 $21,600 $50,400 $64,800 $221,760 $285,120 $806,400 ??? $100,800 $129,600 $42,000 $54,000 $201,600 $259,200 $420,000 $540,000 $63,000 $81,000
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