Please fill in the balance sheet as well as create a statement of cash flow shee
ID: 2438377 • Letter: P
Question
Please fill in the balance sheet as well as create a statement of cash flow sheet
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 Current Assets 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 & Stockholders Equity $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 Operating Expenses 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 Devin Corporation’s 2015 and 2014 balance sheets and 2015 income statement shown below to prepare a statement of cash flows for 2015. Note that the Company paid dividends of $6,250 during 2015. Devin E Corporution Baknce Sheet 31-Dee Wockshet for Cash Flow Cash Cash and Cash B ccounts Reseivnhle 17,750 asset 15000 15000 2,000 38503 Accumulatel DeoreiatioO Accrued Salaries Paynhle Rent E Income Tax Payanle ,500ihility 45 1,000 Note 50,000 2U00U 42,000 12,000 Devin E Corporation Balance Sheet As of December 31 Devin E Corporation Income Statement For the Year Ended December 31, 2015 2015 2014 2015 41,900 24.000 30,000 95,900 25,000 42,000 $25,000 6,250 36,000 67,250 10,000 3B,500 Cash & Cash Equivalents Accounts Receivable S 147,000 84,0C0 63,000 Cost of Goods Sold Gross Profit Operating Expenses Depreciation Expense Salary Expense Insurance Expense Rent Expense Interest Expense Current Assets 7,0CO 14·600 2,500 10,000 Land Less: Accumulated Depreciation 53,000 148,9D0 41,500 108,75D Total Assets Liabilities: Total Operating Expenses 38,300 ble 17,500 22,500 B,000 Accrued Salaries Payable Rent Expense Payable Income Tax Payable Current Liabilities Long-term notes payable 2.200 6,900 32.100 50,000 4,000 35,500 30,000 Income from Operations Income Tax Expense Net Income 24,700 6,9CO S 17,800 Devin E Corporation (the "Company") manufactures food processing equipment. Use Devin Corporation's 2015 and 2014 balance sheets and 2015 income statement shown below to prepare a statement of cash flows for 2015. Note that the Company paid dividends of $6,250 during 2015 Total Liabilities Stockholders Equity: Common Stock Retained Earnings Total Liabilities & Stockholders Equity 82,100 65,500 42,000 24,800 148,900 30,000 13,250 $ 108,750Explanation / Answer
DEVIN E CORPORATION BALANCE SHEET 31ST DECEMBER AMOUNTS CASH FLOW STATEMENTS IN $ CASH FLOW FROM OPERATING ACTIVITY NET INCOME 17800 DEPRECIATION OF FIXED ASSETS 7000 INCREASE IN A/C RECEIVABLE -17750 DECREASE IN INVENTORY 6000 DECREASE IN ACCOUNT PAYABLE -5000 DECREASE IN ACCRUED SALARY PAYABLE -2500 INCREASE IN RENT EXPENSE PAYABLE 1200 INCREASE IN INCOME TAX PAYABLE 2900 9650 CASH FOR INVESTING ACTIVITY PURCHASE OF LAND -15000 PURCHASE OF EQUIPMENT -3500 -18500 CASH FOR FINANCING ACTIVITY ISSUE OF COMMON STOCK 12000 DIVIDEND -6250 LONG TERM NOTES ISSUED 20000 25750 NET CASH 16900 ADD:OPENING CASH 25000 CLOSING CASH 41900 BALANCE SHEET 31ST DEC WORKSHEET FOR CASH FLOW AMOUNTS IN $ 2015 2014 CHANGE CASH OPERATING INVESTING FINANCING CASH AND CASH EQUIVALENTS 41900 25000 -16900 16900 ACCOUNTS RECEIVABLE 24000 6250 -17750 -17750 INVENTORY 30000 36000 6000 6000 LAND 25000 10000 -15000 -15000 EQUIPMENT 42000 38500 -3500 -3500 ACCUMALATED DEPRECIATION -14000 -7000 7000 7000 148900 108750 -40150 ACCOUNTS PAYABLE 17500 22500 5000 -5000 ACCRUED SALARIES PAYABLE 5500 8000 2500 -2500 RENT EXPENSE PAYABLE 2200 1000 -1200 1200 INCOME TAX PAYABLE 6900 4000 -2900 2900 LONG TERM NOTE PAYABLE 50000 30000 -20000 20000 COMMON STOCK 42000 30000 -12000 12000 RETAINED EARNING 24800 13250 -11550 17800 -6250 148900 108750 -40150 16900 9650 -18500 25750