Part 3- BS/IS to Statement of Cash Flows (25 mins question 8) 8. Use the...
80.2K
Verified Solution
Link Copied!
Question
Accounting
Part 3- BS/IS to Statement of Cash Flows (25 mins question 8) 8. Use the following BS and is to create a CEO ONLY using the DIRECT METHOD MUR Include labels for each line. Prepaid expenses relate to the cash paid for OPEL Balance Sheet Cash 2019 2018 Change $ 17,600 Accounts Rechable 1.000 15.500 38.500 Inventory 43,500 (5.000) 48,200 Prepaid Expenses 47.000 1.200 1.600 Total Current Assets 4 800 (3.200) $ 105,900 $ 96,300 Land 61,700 23.700 38.000 Equipment, net 63.200 49.400 13,800 Total Assets $ 230,800 $169,400 Accounts Payable 36.000 31,300 4,700 Salary Payable 21,000 13,000 8.000 Taxes Payable 21,300 24,500 (3.200) Total Current Liabilities $ 78,300 $ 68,800 34.000 22.000 Bank Loan 56,000 Total Liabilities $ 134,300 $102.800 24,800 Common Stock 88,500 8,000 2,900 5,100 Retained Earnings Total Shareholders Equity$ 96,500 $ 66,600 Total Llabilities and SE 63.700 $ 230,800 $169,400 Income Statement Sales $ 440.000 Cost of Goods Sold 185,500 Gross Profit $ 254,500 Salary Expense 76,700 Depreciation Expense 14,600 Other Opex 50,600 Operating Profit $ 112,600 Interest Expense 25,000 Income Before Tax $ 87,600 Tax Expense 28.800 Net Income $ 58,800
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
