Pizza balance

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The cash flow statement shows that in the fiscal year ended December 31, 2013 the company had net cash from operations of $55,250. This was derived from net earnings of $50,000 plus depreciation of $2,000 and increases in accounts payable, taxes payable, offset by decreases in accounts receivable and increases in inventory. The company spent $20,000 on new equipment and took on $5,000 in new notes payable, resulting in a net increase in cash of $40,250 for the year. The opening balance sheet shows the company had total assets of $102,000, with current assets of $80,000 including $50,000 cash and $20,

Economy & Finance Business

Cash Flow Statement Cash Flow From Operation Net Earning Additions to Cash Depreciation Decrease in Accounts Receivable Increase in Accounts Payable Increase in Taxes Payable Subtractions From Cash Increase in Inventory NET CASH FROM OPERATION Cash Flow Investing Equipment Cash Flow From Financing Notes Payable CaS Flow for FY Ended 31 DEC 2013 50,000 2,000 1,500 1,500 250 (1,500) 55,250 20,000 5,000 40,250 5,00

OPENING DAY BALANCE SHEET Mamma’s Pizzeria ASSETS Current Assets Cash in Bank $ 50,000 Inventory 20,000 Prepaid Expenses 10,000 Other - 0 Total Current Assets $ 80,000 Fixed Assets Machinery & Equipment $ 20,000 Furniture & Fixtures 2,000 Leasehold Improvements - 0 Real Estate / Buildings - 0 Other - 0 Total Fixed Assets $ 22,000 Other Assets Specify $ 0 Specify - 0 Total Other Assets $ 0 Total Assets $ 102,000 LIABILITIES & NET WORTH Current Liabilities Accounts Payable $ 10,000 Taxes Payable 5,000 Notes Payable (due within 12 months) 12,000 Current Portion Long-term Debt - 0 Other current liabilities (specify) - 0 Total Current Liabilities $ 27,000 Long-term Liabilities Bank Loans Payable (greater than 12 months) $ 50,000 Less: Short-term Portion 5,000 Notes Payable to Stockholders - 0 Other long-term debt (specify) - 0 Total Long-term Liabilities $ 55,000 Total Liabilities $ 82,000 Owners' Equity (Net Worth) $ 20,000 Total Liabilities & Net Worth $ 102,000

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The condensed financial statements of Leeward Corporation for 2006 and 2005 are presented below. Leeward Corporation Leeward Corporation Balance Sheet Income Statement December 31, 2006 For the Year Ended December 31, 2006 Assets Revenues $2,500,000 Current assets Expenses Cash and temporary Cost of goods sold 1,080,000 investments $ 50,000 Selling and administrative Accounts receivable 70,000 expenses 495,000 Inventories 120,000 Interest expense 30,000 Total current assets 240,000 Total expenses 1,605,000 Property, plant, and Income before income taxes 895,000 equipment (net) 780,000 Income tax expense 268,500 Total assets $1,020,000 Net income $ 626,500 Liabilities and Stockholders' Equity Current liabilities $ 100,000 Long-term liabilities 300,000 Common stockholders' equity 620,000 Total liabilities and stockholders' equity $1,020,000 Leeward Corporation Leeward Corporation Balance Sheet Income Statement December 31, 2005 For the Year Ended December 31, 2005 Assets Revenues $2,500,000 Current assets Expenses Cash and temporary Cost of goods sold 1,750,000 investments $ 40,000 Selling and administrative Accounts receivable 90,000 expenses 500,000 Inventories 150,000 Interest expense 30,000 Total current assets 280,000 Total expenses 2,280,000 Property, plant, and Income before income taxes 220,000 equipment (net) 800,000 Income tax expense 66,000 Total assets $1,080,000 Net income $ 154,000 Liabilities and Stockholders' Equity Current liabilities $ 140,000 Long-term liabilities 320,000 Common stockholders' equity 620,000 Total liabilities and stockholders' equity $1,080,000 Instructions 1. Compute the following listed ratios for 2006. (a) Current ratio = . (b) Debt to total assets = . (d) Profit margin ratio = . (e) Return on common stockholders' equity = . (f) Return on assets = . 2. Perform horizontal analysis on both the balance sheet and income statement. Leeward Corporation Balance Sheet Horizontal Analysis 2006 2005 Change Percent Assets Cash and temporary investments $50,000 $40,000 Accounts receivable $70,000 $90,000 Inventories $120,000 $150,000 Total current assets $240,000 $280,000 Property, plant and equipment $780,000 $800,000 Total assets $1,020,000 $1,080,000 Liabilities & Stockholder’s Equity Current liabilities $100,000 $140,000 Long-term liabilities $300,000 $320,000 Common stockholder’s equity $620,000 $620,000 Total liabilities and stockholder’s equity $1,020,000 $1,080,000 Leeward Corporation Income Statement .

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The financial statements of ABC Co. appear below: ABC Co. Comparative Balance Sheet December 31, 2014 ASSETS 2014 2013 Cash $25,000 $40,000 Marketable Securities 20,000 60,000 Accounts Receivable (net) 40,000 30,000 Inventory 150,000 170,000 Property, Plant and Equipment (net) 170,000 200,000 Total assets $405,000 $500,000 Liabilities and Stockholders’ equity Accounts Payable $25,000 $30,000 Short Term Notes Payable 40,000 90,000 Bonds Payable 75,000 160,000 Common Stock 175,000 145,000 Retained Earnings 90,000 75,000 Total Liabilities and Stockholders’ Equity $405,000 $500,000 ABC Co. Income Statement For the Year Ended December 31, 2014 Net Sales $360,000 Cost of Goods Sold 184,000 Gross Profit 176,000 Expenses Interest Expense 21,000 Selling Expense 30,000 Administrative Expense 20,000 Total Expenses 71,000 Income before income taxes 105,000 Income tax expense 30,000 Net income $75,000 Additional information: a. Cash dividends of $50,000 were declared and paid in 2014. b. Weighted average number of shares of common stock outstanding during 2014 was 62,000 shares c. Market value of common stock on December 31, 2014 was $15 per share. d. Net cash provided by operating activities for 2014 was $65,000 Instructions: Using the financial statements and additional information, compute the following ratios for ABC Co. for 2014. Show all computations. 1. Current ratio 2. Return on common stockholders equity 3. Price earnings ratio 4. Inventory turnover ratio 5. Receivables turnover 6. Times interest earned 7. Profit margin ratio 8. Average days in inventory 9. Payout ratio 10. Return on assets ...

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The financial statements of ABC Co. appear below: ABC Co. Comparative Balance Sheet December 31, 2014 ASSETS 2014 2013 Cash $25,000 $40,000 Marketable Securities 20,000 60,000 Accounts Receivable (net) 40,000 30,000 Inventory 150,000 170,000 Property, Plant and Equipment (net) 170,000 200,000 Total assets $405,000 $ 500,000 Liabilities and Stockholders’ equity Accounts Payable $25,000 $30,000 Short Term Notes Payable 40,000 90,000 Bonds Payable 75,000 160,000 Common Stock 175,000 145,000 Retained Earnings 90,000 75,000 Total Liabilities and Stockholders’ Equity $405,000 $500,000 ABC Co. Income Statement For the Year Ended December 31, 2014 Net Sales $360,000 Cost of Goods Sold 184,000 Gross Profit 176,000 Expenses Interest Expense 21,000 Selling Expense 30,000 Administrative Expense 20,000 Total Expenses 71,000 Income before income taxes 105,000 Income tax expense 30,000 Net income $75,000 Additional information: a. Cash dividends of $50,000 were declared and paid in 2014. b. Weighted average number of shares of common stock outstanding during 2014 was 62,000 shares c. Market value of common stock on December 31, 2014 was $15 per share. d. Net cash provided by operating activities for 2014 was $65,000 Instructions: Using the financial statements and additional information, compute the following ratios for ABC Co. for 2014. Show all computations. 1. Current ratio 2. Return on common stockholders equity 3. Price earnings ratio 4. Inventory turnover ratio 5. Receivables turnover 6. Times interest earned 7. Profit margin ratio 8. Average days in inventory 9. Payout ratio 10. Return on assets .

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Calculating EFN The most recent financial statements for Moose Tours, Inc., appear below. Sales for 2012 are projected to grow by 20 percent. Interest expense will remain constant; the tax rate and the dividend payout rate will also remain constant. Costs, other expenses, current assets, fixed assets, and accounts payable increase spontaneously with sales. MOOSE TOURS, INC. 2011 Income Statement Sales $ 836,100 Costs 650,700 Other expenses 17,100 Earnings before interest and taxes $ 168,300 Interest expense 12,600 Taxable income $ 155,700 Taxes 54,495 Net income $ 101,205 Dividends $ 30,300 Addition to retained earnings 70,905 MOOSE TOURS, INC. Balance Sheet as of December 31, 2011 Assets Liabilities and Owners’ Equity Current assets Current liabilities Cash $ 24,035 Accounts payable $ 64,600 Accounts receivable 38,665 Notes payable 16,150 Inventory 82,555 Total $ 80,750 Total $ 145,255 Long-term debt $ 150,000 Fixed assets Owners’ equity Net plant and equipment $ 392,350 Common stock and paid-in surplus $ 130,000 Retained earnings 176,855 Total $ 306,855 Total assets $ 537,605 Total liabilities and owners’ equity $ 537,605 If the firm is operating at full capacity and no new debt or equity is issued, what external financing is needed to support the 20 percent growth rate in sales? Solution EFN = Total assets – Total liabilities and equity Proforma Income Statement Projected Particulars Amount % Particulars Amount Sales 836,100 100.00 Sales 1,003,320 Less : Costs 650,700 77.83 Less : Costs 780,840 Other Expenses 17,100 2.05 Other Expenses 20,520 EBIT 168,300 20.13 EBIT 201,960 Interest 12,600 Interest 12,600 Taxable Income 155,700 Taxable Income 189,360 Taxes 54,495 35.00 Taxes 66,276 Net Income 101,205 Net Income 123,084 Dividends 30,300 29.94 Dividends 36,850 Additon to retain earnings 70,905 Additon to retain earnings 86,234 Balance Sheet Assets Amount % Liabilities and Owners’ Equity Amount % Current assets Current liabilities Cash 24,035 Accounts Payable 64,600 Accounts Receivable 38,665 Notes Payable 16,150 Inventory 82,555 80,750 15.02 145,255 37.02 Fixed assets : Long Term Debt 150,000 Net plant and equipment 392,350 72.98 Owners’ equity Common stock and paid-in surplus 130,000 Retained earnings 176,855 306,855 537,605 100.00 537,605 Balance Sheet(Projected) Assets Amount % Liabilities and Owners’ Equity Amount % Current assets Current liabilities Cash 28,842 Accounts Payable 77,520 Accounts Receivable 46,398 Notes Payable 19,380 Inventory 99,066 96,900 15.141 174,306 37.02 Fixed assets : Long Term Debt 150,000 Net plant and equipment 470,820 72.98 Owners’ equity Common stock and paid-in surplus 130,000 Retained earnings(176,855+86,234) 263,089 393,089 645,126 100.00 639,989 EFN 5,137 Proforma Income Statement Projected Particulars Amount % Particulars Amount Sales 836,100 100.00 Sales 1,003,320 Less : Costs 650,700 77.83 Less : Costs 780,840 Other Expenses 17,100 2.05 Other Expenses 20,520 EBIT 168,300 20.13 EBIT 201,960 Interest 12,.

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A COM Balance Sheets As of December 31 2015 2014 Assets Current assets Cash Marketable securities Accounts receivable (net) Inventories Prepaid items $ 20,000 20,800 49,000 134,000 28,000 16,000 6,800 41,000 142,000 13,000 Total current assets Investments Plant (net) Land 251,800 32,000 295,000 29,000 218,800 25,000 280,000 24,000 Total assets $607,800 $547,800 Liabilities and Stockholders\' Equity Liabilities Current liabilities Notes payable Accounts payable Salaries payable $ 31,600 $ 17,700 100,000 17,000 113,800 23,000 Total current liabilities 168,400 134,700 Noncurrent liabilities Bonds payable Other 120,000 120,000 32,000 152,000 320,400 27,000 147,000 281,700 Total noncurrent liabilities Total liabilities Stockholders\' equity Preferred stock, (par value $10, 4% cumulative non-participating; 8,000 shares authorized and issued) 80,000 80,000 Common stock (No par; 50,000 shares authorized; 80,000 127,400 10,000 shares issued) 80,000 106,100 266,100 $607,800 $547,800 Retained earnings Total stockholders\' equity 287,400 Total liabilities and stockholders\' equity Solution SOLUTION 1. Working Capital = Current assets - Current Liabilities 2014 - Working capital = $218,800 - $134,700 = $84,100 2015- Working capital = $251,800 - $168,400 = $83,400 2. Current Ratio = Current assets / Current liabilities 2014 - Current ratio = $218,800 / $134,700 = 1.62 2015- Current ratio = $251,800 / $168,400 = 1.50 3. Quick ratio = (Current assets - Inventories) / Current liabilities 2014 - Quick ratio = ($218,800 - $142,000) / $134,700 = 0.57 2015- Quick ratio = ($251,800 - $134,000) / $168,400 = 0.70 4. Receivable turnover = Net credit sales / Average accounts receivable 2014- Average accounts receivable = (Beginning accounts receivable + Ending accounts receivable) / 2 = ($42,000 + $41,000) / 2 = $41,500 Receivable turnover = $290,000 / $41,500 = 6.99 2015- Average accounts receivable = (Beginning accounts receivable + Ending accounts receivable) / 2 = ($41,000 + $49,000) / 2 = $45,000 Receivable turnover = $310,000 / $45,000 = 6.89.

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B PROBLEMS P23-1B (L02,4) (SCF—Indirect Method) The following are Sanibel Corp.’s comparative balance sheet accounts at Decem- ber 31, 2017 and 2016, with a column showing the increase (decrease) from 2016 to 2017. Additional information: 1. On December 31, 2016, Sanibel acquired 25% of Island Co.’s common stock for $420,000. On that date, the carrying value of Island’s assets and liabilities, which approximated their fair values, was $1,680,000. Island reported income of $220,000 for the year ended December 31, 2017. No dividend was paid on Island’s common stock during the year. 2. During 2016, Sanibel loaned $500,000 to POI Co., an unrelated company. POI made the first semi-annual principal repay- ment of $50,000, plus interest at 10%, on December 31, 2016. POI is current on the loan as of December 31, 2017. 3. On January 2, 2017, Sanibel sold equipment costing $100,000, with a carrying amount of $31,000, for $20,000 cash. 4. On December 31, 2017, Sanibel entered into a capital lease for a new factory. The present value of the annual rental pay- ments is $850,000, which equals the fair value of the building. Sanibel made the first rental payment of $120,000 when due on January 2, 2018. 5. Net income for 2017 was $285,000. 6. Sanibel declared and paid cash dividends for 2017 and 2016 as follows. Instructions Prepare a statement of cash flows for Sanibel Corp. for the year ended December 31, 2017, using the indirect method. (AICPA adapted) 1 COMPARATIVE BALANCE SHEETS Increase 2017 2016 (Decrease) Cash $ 650,000 $ 510,000 $ 140,000 Accounts receivable 1,260,000 1,090,000 170,000 Inventory 1,538,000 1,370,000 168,000 Property, plant, and equipment 2,680,000 1,763,000 917,000 Accumulated depreciation (850,000) (760,000) (90,000) Investment in Island Co. 475,000 420,000 55,000 Loan receivable 350,000 450,000 (100,000) Total assets $6,103,000 $4,843,000 $1,260,000 Accounts payable $1,080,000 $ 910,000 $ 170,000 Income taxes payable 90,000 75,000 15,000 Dividends payable 100,000 60,000 40,000 Capital lease obligation 850,000 0 850,000 Common stock, $1 par 400,000 400,000 0 Paid-in capital in excess of 2,100,000 2,100,000 0 par—common stock Retained earnings 1,483,000 1,298,000 185,000 Total liabilities and stockholders’ equity $6,103,000 $4,843,000 $1,260,000 2017 2016 Declared December 15, 2017 December 15, 2016 Paid February 28, 2018 February 28, 2017 Amount $100,000 $60,000 c23_Kieso_IA_16e_PB.indd Page 1 12/07/16 9:00 AM f-389 c23_Kieso_IA_16e_PB.indd Page 1 12/07/16 9:00 AM f-389 /208/WB01908/XXXXXXXXXXXXX/ch23/text_s/208/WB01908/XXXXXXXXXXXXX/ch23/text_s 2 Chapter 23 Statement of Cash Flows P23-2B (L02,4) (SCF—Indirect Method) The comparative balance sheets for Queen Corporation show the following information. Additional data related to 2017 are as follows. 1. Equipment that had cost $20,000 and was 60% depreciated at time of disposal was sold for $2,000. 2. $18,000 of th ...

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Sheet1BUSI 320 Comprehensive Problem 1 2016 Spring BUse the following information to answer the questions below: note: all sales are credit salesIncome Stmt info:20142015Sales $ 1,000,000$ 1,050,000less Cost of Goods Sold:400,000424,000Gross Profit600,000626,000Operating Expenses350,000365,750Earnings before Interest & Taxes250,000260,250Interest exp25,00025,500earnings before Taxes225,000234,750Taxes90,00093,900Net Income$ 135,000$ 140,850Balance Sheet info:12/31/1412/31/15Cash25,000$ 30,000Accounts Receivable50,000$ 51,000Inventory125,000$ 137,500Total Current Assets$ 200,000$ 218,500Fixed Assets (Net)$ 300,000$ 315,000Total Assets$ 500,000$ 533,500Current Liabilities$ 110,000$ 117,700Long Term Liabilities$ 180,000$ 183,000Total Liabilities$ 290,000$ 300,700Stockholder's Equity$ 210,000$ 232,800Total Liab & Equity:$ 500,000$ 533,500Compute each of the following ratios for 2014 and 2015 and indicate whether each ratio was getting "better" or "worse" from 2014 to 2015 and was "good" or "bad" compared to the Industry Avg in 2015 (round all numbers to 2 digits past the decimal place)20142015Getting Better or Getting Worse?2015 Industry Avg "Good" or "Bad" compared to Industry AvgProfit Margin0.11Current Ratio1.90Quick Ratio0.66Return on Assets.28Debt to Assets.50Receivables turnover18.00Avg. collection period*21.20Inventory Turnover**8.25Return on Equity0.55Times Interest Earned11.15*Assume a 360 day year**Inventory Turnover can be computed 2 different ways. Use the formula listed in the text (the one the text indicates many credit reporting agencies generally use) Sheet2 Sheet3 BUSI 320 Comprehensive Problem 1 Use the following information to answer the questions below: note: all sales are credit sales Income Stmt info: 2013 2014 Sales $ 1,050,000 $ 1,128,750 less Cost of Goods Sold: 325,000 346,125 Gross Profit 725,000 782,625 Operating Expenses 575,000 609,500 Earnings before Interest & Taxes 150,000 173,125 Interest exp 25,000 29,000 earnings before Taxes 125,000 144,125 Taxes 50,000 57,650 Net Income $ 75,000 $ 86,475 Balance Sheet info: 12/31/2013 12/31/2014 Cash 60,000 $ 66,000 Accounts Receivable 80,000 $ 83,200 Inventory 110,000 $ 119,900 Total Current Assets $ 250,000 $ 269,100 Fixed Assets (Net) $ 300,000 $ 318,000 Total Assets $ 550,000 $ 587,100 Current Liabilities $ 130,000 $ 136,500 Long Term Liabilities $ 150,000 $ 170,000 Total.

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Exercise 12-1 Putnam Corporation had these transactions during 2014. Analyze the transactions and indicate whether each transaction resulted in a cash flow from operating activities, investing activities, financing activities, or noncash investing and financing activities. (a) Purchased a machine for $30,000, giving a long-term note in exchange. (b) Issued $50,000 par value common stock for cash. (c) Issued $200,000 par value common stock upon conversion of bonds having a face value of $200,000. (d) Declared and paid a cash dividend of $13,000. (e) Sold a long-term investment with a cost of $15,000 for $15,000 cash. (f) Collected $16,000 of accounts receivable. (g) Paid $18,000 on accounts payable. IFRS 13-1 Ling Company reports the following information for the year ended December 31, 2014: sales revenue $1,000,000, cost of goods sold $700,000, operating expenses $200,000, and an unrealized gain on non-trading securities of $75,000. Prepare a statement of comprehensive income using the one-statement approach. LING COMPANY Statement of Comprehensive Income For the Year Ended December 31, 2014 $ $ Problem 12-9A Condensed financial data of Odgers Inc. follow. ODGERS INC.Comparative Balance Sheets December 31 Assets 2014 2013 Cash $ 127,664 $ 76,472 Accounts receivable 138,724 60,040 Inventory 177,750 162,503 Prepaid expenses 44,872 41,080 Long-term investments 218,040 172,220 Plant assets 450,300 383,150 Accumulated depreciation (79,000 ) (82,160 ) Total $1,078,350 $813,305 Liabilities and Stockholders’ Equity Accounts payable $ 161,160 $ 106,334 Accrued expenses payable 26,070 33,180 Bonds payable 173,800 230,680 Common stock 347,600 276,500 Retained earnings 369,720 166,611 Total $1,078,350 $813,305 ODGERS INC.Income Statement Data For the Year Ended December 31, 2014 Sales revenue $613,767 Less: Cost of goods sold $214,027 Operating expenses, excluding depreciation 19,608 Depreciation expense 73,470 Income tax expense 43,102 Interest expense 7,473 Loss on disposal of plant assets 11,850 369,530 Net income $ 244,237 Additional information: 1. New plant assets costing $158,000 were purchased for cash during the year. 2. Old plant assets having an original cost of $90,850 and accumulated depreciation of $76,630 were sold for $2,370 cash. 3. Bonds payable matured and were paid off at face value for cash. 4. A cash dividend of $41,128 was declared and paid during the year. Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) ODGERS INC.Statement of Cash Flows For the Year Ended December 31, 2014 $ Adjustments to reconcile net income to $ ...

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Moran Enterprises Inc. (All values in $) Multi Step Income Statement for the year ended 31 December 2012 Sales Revenue 220000 Cost of Goods Sold 120000 Gross Profit 100000 Less : Operating Expenses 47000 Net Profit before Interest, Depreciation 53000 and Taxation Less : Depreciation Expense 0 Less : Interest Expense 5000 5000 Net Profit before Taxation 48000 Taxation Expense 10000 Profit after Taxation 38000 Dividends Paid 14000 Transferred to Retained Earnings 24000 Classified Balance Sheet as on 31 December 2012 Current Assets Accounts Receivable 24000 Inventory 33000 Cash 12000 Total Current Assets 69000 Tangible and Intangible Assets Equipment, Net of Depreciation 75000 Total Assets 144000 Current Liabilities Accounts Payable 15000 Unearned Revenue 21000 Total Current Liabilities 36000 Equity and Retained Earnings Capital Stock 65000 Retained Earnings Opening Balance 19000 Profit for the year 24000 43000 Total Liabilities and Equity 144000 Solution Moran Enterprises Inc. (All values in $) Multi Step Income Statement for the year ended 31 December 2012 Sales Revenue 220000 Cost of Goods Sold 120000 Gross Profit 100000 Less : Operating Expenses 47000 Net Profit before Interest, Depreciation 53000 and Taxation Less : Depreciation Expense 0 Less : Interest Expense 5000 5000 Net Profit before Taxation 48000 Taxation Expense 10000 Profit after Taxation 38000 Dividends Paid 14000 Transferred to Retained Earnings 24000 Classified Balance Sheet as on 31 December 2012 Current Assets Accounts Receivable 24000 Inventory 33000 Cash 12000 Total Current Assets 69000 Tangible and Intangible Assets Equipment, Net of Depreciation 75000 Total Assets 144000 Current Liabilities Accounts Payable 15000 Unearned Revenue 21000 Total Current Liabilities 36000 Equity and Retained Earnings Capital Stock 65000 Retained Earnings Opening Balance 19000 Profit for the year 24000 43000 Total Liabilities and Equity 144000.

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Final Exam Take Home Problem (20 points) Based on the information provided below, prepare the statement of cash flows for the Gulp-it-Down Coffee Co. Gulp-it-Down Coffee Co. Comparative Balance Sheet For the Year Ended December 31, 2012 2012 2011 Assets Cash 140,000 160,000 Accounts Receivables 400,000 380,000 Inventory 480,000 420,000 Fixed Assets (net of accumulated Depreciation) 1,860,000 1,720,000 Less: Accumulated Depreciation (1,000,000) (900,000) Total 1,880,000 1,780,000 Liabilities & Owner’s Equity Accounts Payable 240,000 260,000 Accrued expense 120,000 100,000 Bonds Payable 780,000 720,000 Capital Stock 420,000 420,000 Retained Earnings 320,000 280,000 Total 1,880,000 1,780,000 Additional Information: (1.) Net income for the year amounted to $60,000, and cash dividends were declared and paid in the amount of $20,000. (2.) Gulp-it-Down Coffee Co.'s only noncash expense was depreciation Expense which totaled $100,000. (3.) The company purchased plant assets for $140,000. (4.) Bonds payable in the amount of $60,000 were issued during the year. .

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1. Cash Flow Statement Cash Flow From Operation Net Earning Additions to Cash Depreciation Decrease in Accounts Receivable Increase in Accounts Payable Increase in Taxes Payable Subtractions From Cash Increase in Inventory NET CASH FROM OPERATION Cash Flow Investing Equipment Cash Flow From Financing Notes Payable CaS Flow for FY Ended 31 DEC 2013 50,000 2,000 1,500 1,500 250 (1,500) 55,250 20,000 5,000 40,250 5,00

2. OPENING DAY BALANCE SHEET Mamma’s Pizzeria ASSETS Current Assets Cash in Bank $ 50,000 Inventory 20,000 Prepaid Expenses 10,000 Other - 0 Total Current Assets $ 80,000 Fixed Assets Machinery & Equipment $ 20,000 Furniture & Fixtures 2,000 Leasehold Improvements - 0 Real Estate / Buildings - 0 Other - 0 Total Fixed Assets $ 22,000 Other Assets Specify $ 0 Specify - 0 Total Other Assets $ 0 Total Assets $ 102,000 LIABILITIES & NET WORTH Current Liabilities Accounts Payable $ 10,000 Taxes Payable 5,000 Notes Payable (due within 12 months) 12,000 Current Portion Long-term Debt - 0 Other current liabilities (specify) - 0 Total Current Liabilities $ 27,000 Long-term Liabilities Bank Loans Payable (greater than 12 months) $ 50,000 Less: Short-term Portion 5,000 Notes Payable to Stockholders - 0 Other long-term debt (specify) - 0 Total Long-term Liabilities $ 55,000 Total Liabilities $ 82,000 Owners' Equity (Net Worth) $ 20,000 Total Liabilities & Net Worth $ 102,000

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