Problem 5-6: The Bernanke Corporation Comparative Balance sheets and an Income Statement for the Bernanke Corporation are presented below. Required: Prepare a statement of cash flows using the direct method for the year ended May 31, 2021. Bernanke Corporation: Income Statement for the year ended May 31, 2021. Revenues Revenue 27549 Less: Expenses Cost of Goods Sold 12708 Wage Expense 9927 Depreciation Expense 1200 Net Income 3714 Bernanke Corporation: Statement of Retained Earnings for the month ended May 31, 2021. Beginning Retained Earnings 7003 Net Income 3714 Less: Dividends Declared 700 Ending Retained Earnings 10017

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Chapter1: Financial Statements And Business Decisions
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Please prepare a cashflow statement

Problem 5-6: The Bernanke Corporation
Comparative Balance sheets and an Income Statement for the Bernanke Corporation are presented below.
Required: Prepare a statement of cash flows using the direct method for the year ended May 31, 2021.
Bernanke Corporation: Income Statement for the year ended May 31, 2021.
Revenues
Revenue
27549
Less: Expenses
Cost of Goods Sold
12708
Wage Expense
9927
Depreciation Expense
1200
Net Income
3714
Bernanke Corporation: Statement of Retained Earnings for the month ended May 31, 2021.
Beginning Retained Earnings
7003
Net Income
3714
Less: Dividends Declared
700
Ending Retained Earnings
10017
Transcribed Image Text:Problem 5-6: The Bernanke Corporation Comparative Balance sheets and an Income Statement for the Bernanke Corporation are presented below. Required: Prepare a statement of cash flows using the direct method for the year ended May 31, 2021. Bernanke Corporation: Income Statement for the year ended May 31, 2021. Revenues Revenue 27549 Less: Expenses Cost of Goods Sold 12708 Wage Expense 9927 Depreciation Expense 1200 Net Income 3714 Bernanke Corporation: Statement of Retained Earnings for the month ended May 31, 2021. Beginning Retained Earnings 7003 Net Income 3714 Less: Dividends Declared 700 Ending Retained Earnings 10017
Bernanke Corporation: Balance Sheets as of May 31, 2021 and May 31, 2020.
Assets
2021
2020
Cash
17040
16974
Accounts Receivable
2082
512
Inventory
4412
2804
Equipment
8000
7000
Buildings
18000
13800
Accum. Depreciation -
-4260
-3540
Equip
Accum. Depreciation -
-6186
-5706
Buildings
Total Assets
39088
31844
Liabilities and Owners
Equity
Accounts Payable
7864
2160
Wages Payable
262
296
Dividends Payable
1080
1620
Note Payable
5400
8100
Retained Earnings
10017
7003
Paid in Capital
14465
12665
Total Liabilities & OE
39088
31844
Upon completion, enter the following data here (for cash outflows, express as
negative number):
Cash Flow from Operations
Cash Flow - Investing
Cash Flow - Finance
Cash From Customers
Cash Paid - COGS
Cash Paid - Wages
submit
Transcribed Image Text:Bernanke Corporation: Balance Sheets as of May 31, 2021 and May 31, 2020. Assets 2021 2020 Cash 17040 16974 Accounts Receivable 2082 512 Inventory 4412 2804 Equipment 8000 7000 Buildings 18000 13800 Accum. Depreciation - -4260 -3540 Equip Accum. Depreciation - -6186 -5706 Buildings Total Assets 39088 31844 Liabilities and Owners Equity Accounts Payable 7864 2160 Wages Payable 262 296 Dividends Payable 1080 1620 Note Payable 5400 8100 Retained Earnings 10017 7003 Paid in Capital 14465 12665 Total Liabilities & OE 39088 31844 Upon completion, enter the following data here (for cash outflows, express as negative number): Cash Flow from Operations Cash Flow - Investing Cash Flow - Finance Cash From Customers Cash Paid - COGS Cash Paid - Wages submit
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