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$185,000 Operating expenses 000'901 Wages Consulting. 79,000 Insurance 000' 11,850 Utilities Rent 1,200 Depreciation. Total operating expenses 00D 14,400 3,250 Income from operations Interest expense. 51,100 Income before income tax Income tax expense 006'27 006 000'2 00D's Net income $ 21,600 KATE'S CARDS Balance Sheet As of August 31, 2019 Assets Current assets Cash... Accounts receivable Inventory. Prepaid insurance. $17,400 000'LL 000' 000'L 45,400 17,500 Total current assets Equipment Accumulated depreciation (3,250) Total assets $59,650 Liabilities Current liabilities Accounts payable. Unearned revenue Cther current liabilities $ 6,200 1,250 ral current liabilities. Nate payable 006 9,350 Tatal liabilities 24,350 Stockholders' equity Common stock Additional paid-in-capital Preferred stock. Retained earnings 009'6 20,300 Total stockholders' equity 35,300 $59,650 Total liabilities and stockholders' equity

$185,000 Operating expenses 000'901 Wages Consulting. 79,000 Insurance 000' 11,850 Utilities Rent 1,200 Depreciation. Total operating expenses 00D 14,400 3,250 Income from operations Interest expense. 51,100 Income before income tax Income tax expense 006'27 006 000'2 00D's Net income $ 21,600 KATE'S CARDS Balance Sheet As of August 31, 2019 Assets Current assets Cash... Accounts receivable Inventory. Prepaid insurance. $17,400 000'LL 000' 000'L 45,400 17,500 Total current assets Equipment Accumulated depreciation (3,250) Total assets $59,650 Liabilities Current liabilities Accounts payable. Unearned revenue Cther current liabilities $ 6,200 1,250 ral current liabilities. Nate payable 006 9,350 Tatal liabilities 24,350 Stockholders' equity Common stock Additional paid-in-capital Preferred stock. Retained earnings 009'6 20,300 Total stockholders' equity 35,300 $59,650 Total liabilities and stockholders' equity

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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Please help create a statement of cash flows using the direct method with the attached pictures!

Gross profit. $185,000 Operating expenses Wages Consulting. Insurance Utilities 11,850 1,200 Rent Depreciation 2,400 Total operating expenses 14,400 3,250 Income from operations Interest expense. 51,100 Income tax expense 006 Net income $ 21,600 KATE'S CARDS Balance Sheet As of August 31, 2019 Assets Current assets Cash. Accounts receivable $17,400 Inventory. Prepaid insurance. 000ʻ 000' 000' Total current assets 45,400 Equipment Accumulated depreciation 17,500 (3,250) Total assets $59,650 Liabilities Current liabilities Accounts payable Unaarned revenue $ 6,200 1,250 Other current liabilities Total current liabilities. ote payable 006' 9,350 Total liabilities 24,350 Stockholders' equity Common stock .. Additional paid-in-capital 000' s 20,300 Preferred stock. Retained earnings .. Total stockholders' equity 35,300 Total liabilities and stockholders' equity $59,650 .. ...
Transcribed Image Text:Gross profit. $185,000 Operating expenses Wages Consulting. Insurance Utilities 11,850 1,200 Rent Depreciation 2,400 Total operating expenses 14,400 3,250 Income from operations Interest expense. 51,100 Income tax expense 006 Net income $ 21,600 KATE'S CARDS Balance Sheet As of August 31, 2019 Assets Current assets Cash. Accounts receivable $17,400 Inventory. Prepaid insurance. 000ʻ 000' 000' Total current assets 45,400 Equipment Accumulated depreciation 17,500 (3,250) Total assets $59,650 Liabilities Current liabilities Accounts payable Unaarned revenue $ 6,200 1,250 Other current liabilities Total current liabilities. ote payable 006' 9,350 Total liabilities 24,350 Stockholders' equity Common stock .. Additional paid-in-capital 000' s 20,300 Preferred stock. Retained earnings .. Total stockholders' equity 35,300 Total liabilities and stockholders' equity $59,650 .. ...
(PE NAME AND GRAD mbridge Publishers DA FORM 1594, NOV 196 Chapter 12 Statement of Cash Flc KATE'S CARDS Income Statement Year Ended August 31, 2019 $185,000 Sales revenue. Cost of goods sold Gross profit.. 000'6 .. ... Operating expenses Wages Consulting. 000'8 11,850 1,200 2,400 14,400 3,250 Insurance Depreciation. 51,100 Total operating expenses Income from operations 006 Interest expense. Income before income tax $ 21,600 Income tax expense Net income KATE'S CARDS Balance Sheet As of August 31, 2019 Assets $17,400
Transcribed Image Text:(PE NAME AND GRAD mbridge Publishers DA FORM 1594, NOV 196 Chapter 12 Statement of Cash Flc KATE'S CARDS Income Statement Year Ended August 31, 2019 $185,000 Sales revenue. Cost of goods sold Gross profit.. 000'6 .. ... Operating expenses Wages Consulting. 000'8 11,850 1,200 2,400 14,400 3,250 Insurance Depreciation. 51,100 Total operating expenses Income from operations 006 Interest expense. Income before income tax $ 21,600 Income tax expense Net income KATE'S CARDS Balance Sheet As of August 31, 2019 Assets $17,400
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