Free

80.2K

Verified Solution

Link Copied!

Devin E Corporation
Balance Sheet
As of December 31,
	2015		2014
Assets:
Cash & Cash Equivalents	$41,900		$25,000
Accounts Receivable	24,000		6,250
Inventory	30,000		36,000
CurrentAssets	95,900		67,250
Land	25,000		10,000
Equipment	42,000		38,500
Less: Accumulated Depreciation	(14,000)		(7,000)
	53,000		41,500
Total Assets	148,900		108,750
Liabilities:
Accounts Payable	17,500		22,500
Accrued Salaries Payable	5,500		8,000
Rent Expense Payable	2,200		1,000
Income Tax Payable	6,900		4,000
Current Liabilities	32,100		35,500
Long-term notes payable	50,000		30,000
Total Liabilities	82,100		65,500
Stockholders Equity:
Common Stock	42,000		30,000
Retained Earnings	24,800		13,250
Total Liabilities & StockholdersEquity	$148,900		$108,750
Devin E Corporation
Income Statement
For the Year Ended December 31, 2015
	2015
Revenues	$147,000
Cost of Goods Sold	84,000
Gross Profit	63,000
Operating Expenses
Depreciation Expense	7,000
Salary Expense	14,600
Insurance Expense	2,500
Rent Expense	10,000
Interest Expense	4,200
Total OperatingExpenses	38,300
Income from Operations	24,700
Income Tax Expense	6,900
Net Income	$17,800
Devin E Corporation (the“Company”) manufactures food processing equipment. Use DevinCorporation’s 2015 and 2014 balance sheets and 2015 incomestatement shown below to prepare a statement of cash flows for2015. Note that the Company paid dividends of $6,250 during2015.

Please fill in the balance sheet as well as create a statementof cash flow sheet

Devin E Corporation
Balance Sheet
31-Dec
Worksheet for Cash Flow
	2015	2014	Change		Cash	Operating	Investing	Financing
Cash and Cash Equivalents
Accounts Receivable
Inventory
Land
Equipment
Accumulated Depreciation
Accounts Payable
Accrued Salaries Payable
Rent Expense Payable
Income Tax Payable
Long-term Note Payable
Common Stock
Retained Earnings

	Devin E Corporation
	Statement of Cash Flows
	For the Year Ended December 31, 2015