Total Current Assets Long-Term Assets: Machinery Acc. Depreciation, Machinery Total Long-Term Assets Total Assets Liabilities Current Liabilities: Accounts Payable Salaries Payable Marketing Payable Income Taxes Payable Total Current Liabilities Long-Term Liabilities: Long-term Debt Total Liabilities Shareholders' Equity Common Shares Retained Earnings Total Liabilities and Shareholders' Equity 312,360 189,200 (34,000) 155,200 467,560 53,000 20,000 2,500 4,800 80,300 114,200 194,500 228,000 45,060 467,560 225,900 171,000 (11,000) 160,000 385,900 38,500 20,900 2,000 6,100 67,500 121,000 188,500 191,000 6,400 385,900 Depreciation Expense Salaries Expense Misc Operating Expenses Income from Operations Other Revenues/Expenses: Marketing Expense Gain/(Loss) on Sale of Machinery Income before Taxes Income Tax Expense Net Income (26,600) (52,400) (16,720) (5,400) 7,500 (95,720) 211,780 2,100 213,880 (53,470) 160,410 Supplementary Information: 1. There was a $24,000 non-cash dividend paid during the year 2. Machinery was sold during 2023 for cash. Information at the time of sale was: $ 79,000 Original Purchase Cost 4. New Machinery was acquired during 2023 using cash. $10,000 of the Machinery was purchased using long-term debt. Required: Prepare, in proper form, a Cash Flow Statement for the company for the year-ended December 31, 2023, using the Direct Method and Indirect Method
Total Current Assets Long-Term Assets: Machinery Acc. Depreciation, Machinery Total Long-Term Assets Total Assets Liabilities Current Liabilities: Accounts Payable Salaries Payable Marketing Payable Income Taxes Payable Total Current Liabilities Long-Term Liabilities: Long-term Debt Total Liabilities Shareholders' Equity Common Shares Retained Earnings Total Liabilities and Shareholders' Equity 312,360 189,200 (34,000) 155,200 467,560 53,000 20,000 2,500 4,800 80,300 114,200 194,500 228,000 45,060 467,560 225,900 171,000 (11,000) 160,000 385,900 38,500 20,900 2,000 6,100 67,500 121,000 188,500 191,000 6,400 385,900 Depreciation Expense Salaries Expense Misc Operating Expenses Income from Operations Other Revenues/Expenses: Marketing Expense Gain/(Loss) on Sale of Machinery Income before Taxes Income Tax Expense Net Income (26,600) (52,400) (16,720) (5,400) 7,500 (95,720) 211,780 2,100 213,880 (53,470) 160,410 Supplementary Information: 1. There was a $24,000 non-cash dividend paid during the year 2. Machinery was sold during 2023 for cash. Information at the time of sale was: $ 79,000 Original Purchase Cost 4. New Machinery was acquired during 2023 using cash. $10,000 of the Machinery was purchased using long-term debt. Required: Prepare, in proper form, a Cash Flow Statement for the company for the year-ended December 31, 2023, using the Direct Method and Indirect Method
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Current Assets:
Cash
Assets
Accounts Receivable
Inventory
Prepaid Expenses
Total Current Assets
Long-Term Assets:
Machinery
Acc. Depreciation, Machinery
Total Long-Term Assets
Total Assets
Big Deal Inc
Comparative Balance Sheet
As at December 31, 2023
Liabilities
Current Liabilities:
Accounts Payable
Salaries Payable
Marketing Payable
Income Taxes Payable
Total Current Liabilities
Long-Term Liabilities:
Long-term Debt
Total Liabilities
Shareholders' Equity
Common Shares
Retained Earnings
Total Liabilities and Shareholders' Equity
2023
165,060
62,000
78,700
6,600
312,360
189,200
(34,000)
155,200
467,560
53,000
20,000
2,500
4,800
80,300
114,200
194,500
228,000
45,060
467,560
2022
81,200
40,000
97,900
6,800
225,900
171,000
(11,000)
160,000
385,900
38,500
20,900
2,000
6,100
67,500
121,000
188,500
191,000
6,400
385,900
Big Deal Inc
Income Statement
For the year-ended December 31, 2023
Revenue
Cost of Goods Sold
Gross Profit
Operating Expenses:
Depreciation Expense
Salaries Expense
Misc Operating Expenses
Income from Operations
Other Revenues/Expenses:
Marketing Expense
Gain/(Loss) on Sale of Machinery
Income before Taxes
Income Tax Expense
Net Income
(26,600)
(52,400)
(16,720)
(5,400)
7,500
607,500
(300,000)
307,500
(95,720)
211,780
2,100
213,880
(53,470)
160,410
Supplementary Information:
1. There was a $24,000 non-cash dividend paid during the year
2. Machinery was sold during 2023 for cash. Information at the time of sale was:
Original Purchase Cost
$
79,000
4. New Machinery was acquired during 2023 using cash.
$10,000 of the Machinery was purchased using long-term debt.
Required:
Prepare, in proper form, a Cash Flow Statement for the company for the
year-ended December 31, 2023, using the Direct Method and Indirect Method
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