Income Statement Statement of Financial Position 2017 2016 2017 2016 Revenue Cos

Question

Income Statement Statement of Financial Position 2017 2016 2017 2016 Revenue Cost of goods sold Gross profit 900,000 360,000 540,000 Statement of Financial Position 2017 Current assets Cash Accounts receivable 169,700 Inventory 286,499 Prepaid rent & utilities 6,800 Total current assets 462,999 182,742 82,473 156,018 8,400 429, 633 Current liabilities Line of credit Accounts payable Accrued liabilities Salaries payable Total current liabilities 5,139 14,850 49,410 12,100 81,499 72,250 38,363 17,800 128,413 Expenses Salary expense Other operating expenses Depreciation Rent Utilities Gain on sale of building Building Less: accumulated dep. Bonds payable 215,000 155,000 175,000 142,000 62,000 24,000 (5,000) 553,000 175,000 232,000 (200, 700) 31,300 271,500 (117,200) 154,300 Total liabilities 296,499 303,413 Equipment Less: accumulated dep. 108,000 (64,800) 43,200 81,280 (22,800) 58,480 Net loss (13,000) Shareholder's equity Common shares Retained earnings Total shareholder's equity 290,000 167,000 457,000 290,000 235,000 525,000 Trademarks Goodwill 120,000 96,000 90,000 96,000 Total liabilities & shareholde 753,499 828,413 Total assets 753,499 828,413

Explanation / Answer

Cash flow from operating activities net loss for the year -13,000 Adjustments to reconcile net income to net cash flow from operating activities depreciation expense 142,000 gain on sale of building -5,000 increase in accounts receivable -87227 increase in inventory -130481 decrease in prepaid rent & utilities 1600 increase in line of credit 5,139 decrease in accounts payable -57400 increase in accrued liabilities 11047 Decrease in salaries payable -5700 Net cash used by operating activities -139,022

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