Use the following information to complete the operating section of the statement of cash flows. Test company statement of cash flows is the other part. Thank you.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Use the following information to complete the operating section of the statement of cash flows. Test company statement of cash flows is the other part. Thank you.
Company
Income Statement
Year Ended 12/31/2020
REVENUES
Sales Revenue
$235,600.00
$13,500.00
Gain on Sale of Bonds
EXPENSES
Cost of Goods Sold
$120,000.00
$30,000.00
Salaries Expense
Depreciation Expense
Interest Expense
$10,000.00
$6,000.00
$33,240.00
Income Taxes Expense
NET INCOME
$49,860.00
Change in Current Assets
Account Name
Change
Amount
Cash
Increase
$53,000.00
Accounts Receivable
Increase
$30,000.00
Inventory
Decrease
$20,000.00
Changes in Current Liabilities
Account Name
Change
Amount
Accounts Payable
Decrease
$25,000.00
Salaries Payable
Decrease
$1,000.00
Interest Payable
Increase
$0
Company
Balance Sheet
to
144
8
Transcribed Image Text:Company Income Statement Year Ended 12/31/2020 REVENUES Sales Revenue $235,600.00 $13,500.00 Gain on Sale of Bonds EXPENSES Cost of Goods Sold $120,000.00 $30,000.00 Salaries Expense Depreciation Expense Interest Expense $10,000.00 $6,000.00 $33,240.00 Income Taxes Expense NET INCOME $49,860.00 Change in Current Assets Account Name Change Amount Cash Increase $53,000.00 Accounts Receivable Increase $30,000.00 Inventory Decrease $20,000.00 Changes in Current Liabilities Account Name Change Amount Accounts Payable Decrease $25,000.00 Salaries Payable Decrease $1,000.00 Interest Payable Increase $0 Company Balance Sheet to 144 8
2015
2014
ASSETS
Cash
$453,000.00
$750,000.00
$480,000.00
$1,500,860.00 $1,550,000.00
$400,000.00
Accounts Receivable
$720,000.00
$500,000.00
Inventory
Property, Plant, and Equipment
Total Assets
$3,183,860.00 $3,170,000.00
LIABILITIES
Accounts Payable
Salaries Payable
Interest Payable
Bonds Payable
$240,000.00
$59,000.00
$265,000.00
$60,000.00
$8,000.00
$8,000.00
$720,000.00
$720,000.00
STOCKHOLDERS' EQUITY
Common Stock
$200,000.00
$210,000.00
$1,956,860.00 $1,907,000.00
Total Liabilities and Stockholders' Equity $3,183,860.00 $3,170,000.00
Retained Earnings
Test Company
Statement of Cash Flows- Operating Section
For the Year ended 12/31/2020
Operating, Direct
INFLOWS
OUTFLOWS
CASH FROM OPERATING
** * *
Transcribed Image Text:2015 2014 ASSETS Cash $453,000.00 $750,000.00 $480,000.00 $1,500,860.00 $1,550,000.00 $400,000.00 Accounts Receivable $720,000.00 $500,000.00 Inventory Property, Plant, and Equipment Total Assets $3,183,860.00 $3,170,000.00 LIABILITIES Accounts Payable Salaries Payable Interest Payable Bonds Payable $240,000.00 $59,000.00 $265,000.00 $60,000.00 $8,000.00 $8,000.00 $720,000.00 $720,000.00 STOCKHOLDERS' EQUITY Common Stock $200,000.00 $210,000.00 $1,956,860.00 $1,907,000.00 Total Liabilities and Stockholders' Equity $3,183,860.00 $3,170,000.00 Retained Earnings Test Company Statement of Cash Flows- Operating Section For the Year ended 12/31/2020 Operating, Direct INFLOWS OUTFLOWS CASH FROM OPERATING ** * *
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