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The following financial statements and additional information are reported for YOLO Company. YOLO COMPANY Comparative Balance Sheet December 31 mbi 2023 2022 Assets Cash Accounts receivable (net) Inventory Prepaid rent Furniture and fixtures $ 164,800 $ 50,000 165,200 350,000 2,000 148,000 Accumulated depreciation - Furniture and fixtures Total assets Liabilities and Stockholders' Equity Accounts payable Income taxes payable (42,000) $788,000 $ 143,400 1,400 Notes payable (long-term) Bonds payable 40,000 200,000 34,800 450,000 100,000 3,000 1,000 144,000 14,000 (24.000) 118,000 $823,000 $ 200,40057,000 4,400 3,000 20,000 120,000 100,000 200,000 100,00 Common stock, $20 par value Additional paid-in capital 240,000 200,000 140,000 181,440 121,440160,000 Retained earnings 81.760 76.76015,000 Total liabilities and stockholders' equity $ 788,000 $ 823,000 YOLO COMPANY Income Statement For the Year ended December 31, 2023 Sales revenue $1,609,000 Cost of goods sold 1.127.800 Gross profit 481,200 Depreciation expense 46,800 Operating expenses 402,600 Income from operations 31,800 Gain on sale of furniture and fixtures 7,000 Interest expense 23,200 Income before income taxes 15,600 Income tax expense 4,600 $11,000 Net income Additional data: a. Sold furniture and fixtures that cost $35,600, on which it had accumulated depreciation of $28,800. I b. Purchase new furnitures and fixtures by cash. I c. Borrowed $40,000 notes. F d. Converted bonds payable in the amount of $100,000 into 4,000 shares of common stock. NG e. Declared and paid dividends by cash. Requirement: F 80,000 Prepare a statement of cash flows using the indirect method for the year ended Dec 31, 2023. CS Được quét bằng CamScanner

The following financial statements and additional information are reported for YOLO Company. YOLO COMPANY Comparative Balance Sheet December 31 mbi 2023 2022 Assets Cash Accounts receivable (net) Inventory Prepaid rent Furniture and fixtures $ 164,800 $ 50,000 165,200 350,000 2,000 148,000 Accumulated depreciation - Furniture and fixtures Total assets Liabilities and Stockholders' Equity Accounts payable Income taxes payable (42,000) $788,000 $ 143,400 1,400 Notes payable (long-term) Bonds payable 40,000 200,000 34,800 450,000 100,000 3,000 1,000 144,000 14,000 (24.000) 118,000 $823,000 $ 200,40057,000 4,400 3,000 20,000 120,000 100,000 200,000 100,00 Common stock, $20 par value Additional paid-in capital 240,000 200,000 140,000 181,440 121,440160,000 Retained earnings 81.760 76.76015,000 Total liabilities and stockholders' equity $ 788,000 $ 823,000 YOLO COMPANY Income Statement For the Year ended December 31, 2023 Sales revenue $1,609,000 Cost of goods sold 1.127.800 Gross profit 481,200 Depreciation expense 46,800 Operating expenses 402,600 Income from operations 31,800 Gain on sale of furniture and fixtures 7,000 Interest expense 23,200 Income before income taxes 15,600 Income tax expense 4,600 $11,000 Net income Additional data: a. Sold furniture and fixtures that cost $35,600, on which it had accumulated depreciation of $28,800. I b. Purchase new furnitures and fixtures by cash. I c. Borrowed $40,000 notes. F d. Converted bonds payable in the amount of $100,000 into 4,000 shares of common stock. NG e. Declared and paid dividends by cash. Requirement: F 80,000 Prepare a statement of cash flows using the indirect method for the year ended Dec 31, 2023. CS Được quét bằng CamScanner

Managerial Accounting: The Cornerstone of Business Decision-Making
Managerial Accounting: The Cornerstone of Business Decision-Making
7th Edition
ISBN:9781337115773
Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Chapter15: Financial Statement Analysis
Section: Chapter Questions
Problem 6MCQ
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Can you help me do the statement of cash flows of this?

The following financial statements and additional information are reported for YOLO Company. YOLO COMPANY Comparative Balance Sheet December 31 mbi 2023 2022 Assets Cash Accounts receivable (net) Inventory Prepaid rent Furniture and fixtures $ 164,800 $ 50,000 165,200 350,000 2,000 148,000 Accumulated depreciation - Furniture and fixtures Total assets Liabilities and Stockholders' Equity Accounts payable Income taxes payable (42,000) $788,000 $ 143,400 1,400 Notes payable (long-term) Bonds payable 40,000 200,000 34,800 450,000 100,000 3,000 1,000 144,000 14,000 (24.000) 118,000 $823,000 $ 200,40057,000 4,400 3,000 20,000 120,000 100,000 200,000 100,00 Common stock, $20 par value Additional paid-in capital 240,000 200,000 140,000 181,440 121,440160,000 Retained earnings 81.760 76.76015,000 Total liabilities and stockholders' equity $ 788,000 $ 823,000 YOLO COMPANY Income Statement For the Year ended December 31, 2023 Sales revenue $1,609,000 Cost of goods sold 1.127.800 Gross profit 481,200 Depreciation expense 46,800 Operating expenses 402,600 Income from operations 31,800 Gain on sale of furniture and fixtures 7,000 Interest expense 23,200 Income before income taxes 15,600 Income tax expense 4,600 $11,000 Net income Additional data: a. Sold furniture and fixtures that cost $35,600, on which it had accumulated depreciation of $28,800. I b. Purchase new furnitures and fixtures by cash. I c. Borrowed $40,000 notes. F d. Converted bonds payable in the amount of $100,000 into 4,000 shares of common stock. NG e. Declared and paid dividends by cash. Requirement: F 80,000 Prepare a statement of cash flows using the indirect method for the year ended Dec 31, 2023. CS Được quét bằng CamScanner
Transcribed Image Text:The following financial statements and additional information are reported for YOLO Company. YOLO COMPANY Comparative Balance Sheet December 31 mbi 2023 2022 Assets Cash Accounts receivable (net) Inventory Prepaid rent Furniture and fixtures $ 164,800 $ 50,000 165,200 350,000 2,000 148,000 Accumulated depreciation - Furniture and fixtures Total assets Liabilities and Stockholders' Equity Accounts payable Income taxes payable (42,000) $788,000 $ 143,400 1,400 Notes payable (long-term) Bonds payable 40,000 200,000 34,800 450,000 100,000 3,000 1,000 144,000 14,000 (24.000) 118,000 $823,000 $ 200,40057,000 4,400 3,000 20,000 120,000 100,000 200,000 100,00 Common stock, $20 par value Additional paid-in capital 240,000 200,000 140,000 181,440 121,440160,000 Retained earnings 81.760 76.76015,000 Total liabilities and stockholders' equity $ 788,000 $ 823,000 YOLO COMPANY Income Statement For the Year ended December 31, 2023 Sales revenue $1,609,000 Cost of goods sold 1.127.800 Gross profit 481,200 Depreciation expense 46,800 Operating expenses 402,600 Income from operations 31,800 Gain on sale of furniture and fixtures 7,000 Interest expense 23,200 Income before income taxes 15,600 Income tax expense 4,600 $11,000 Net income Additional data: a. Sold furniture and fixtures that cost $35,600, on which it had accumulated depreciation of $28,800. I b. Purchase new furnitures and fixtures by cash. I c. Borrowed $40,000 notes. F d. Converted bonds payable in the amount of $100,000 into 4,000 shares of common stock. NG e. Declared and paid dividends by cash. Requirement: F 80,000 Prepare a statement of cash flows using the indirect method for the year ended Dec 31, 2023. CS Được quét bằng CamScanner
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