5

profilesmai20
right.xlsx
Home>Business & Finance homework help>Accounting homework help>5

Balance sheet

Smith Manufacturing, Inc. Smith Manufacturing, Inc.
Cash flow statement Balance Sheet
December 31, 20XX December 31, 20XX
Current assets
cash $352,750.00 Assets
accounts receivable $320,750.00 Current Assets:
less:doubtful accounts -$15,732.50 Cash 362750
prepaid insurance $8,000.00 Accounts receivable, Net 297250
Inventory $40,000.00 Prepaid insurance 8000
Total current assets $705,767.50 Inventory 40000
Fixed Assets Total current assets 708000
Land $50,000.00
building $150,000.00 Property, Plant, & Equipment
Equipment $500,000.00 Land 50000
Less:accumulated depreciation building $15,000.00 Building, Net 135000
accumulated depreciation equipment $100,000.00 Equipment, Net 400000
Net fixed assets $585,000.00 Total P, P, & E 585000
Total assets $1,290,767.50 Total Assets 1293000
Liabilities Liabilities and Stockholder's Equity
current liabilities Current Liabilities:
Accounts payable $105,000.00 Accounts payable 105000
Notes payable (due 10 months,5%) $125,000.00 Note payable (due in 10 months, 10%) 125000
Interest payable $17,250.00 Salaries payable 2000
salaries payable $2,000.00 Interest payable 21250
Total curent liabilities $249,250.00 Total current liabilities 253250
Long term liabilities
notes payable (due in 5 years,3%) $500,000.00 Long-term liabilities:
Total liabilities $749,250.00 Note payable (due in 5 years, 7%) 500000
shareholders equity Total liabilities 753250
common stock $300,000.00
retained earnings $171,000.00 Stockholder's Equity
Total shareholders equity $471,000.00 Common Stock 300000
Total liabilities and stakeholder's Equity $1,220,250.00 Retained Earnings 239750
Total stockholder's equity 539750
the correct answers are on the right Total liabilities and stockholder's equity 1293000

Income statement

Smith Manufacturing, Inc. Smith Manufacturing, Inc.
Income statement Income Statement
December 31, 20XX For the Period Ended December 31, 20XX
Revenues
Sales $850,000.00 Sales 850000
TOTAL REVENUES $850,000.00 Cost of goods sold 540000
less:Cost Of Goods Sold $550,000.00 Gross profit 310000
GROSS PROFIT $300,000.00
Less:Expenses Operating Expenses
Salaries expense $152,000.00 Salaries expense 152000
Insurance expense $2,000.00 Insurance expense 2000
Depreciation expense $57,500.00 Depreciation expense 57500
Interest expense $17,250.00 Interest expense 21250
Bad debt expense $732.50 Bad debt expense 8500 241250
Total expenses $229,482.50 Net income 68750
NET INCOME $70,517.50
the correct answers are on the right

Cash flow statement

Smith Manufacturing, Inc. Smith Manufacturing, Inc.
Cash flow statement Statement of Cash Flows
December 31, 20XX For the Period Ended December 31, 20XX
Operation activities
Net Income $70,517.50 Cash Flows from Operating Activities:
Additions to cash Net Income (loss) 68750
depreciation building $7,500.00 Add: depreciation 57500
depreciation equipment $50,000.00 Increase in accounts receivable -91500
Allowance for uncollectible accounts $732.50 Increase in prepaid insurance -3000
increase in salaries payable $2,000.00 Increase in inventory 40000
decrease in prepaid expenses $2,000.00 Increase in interest payable 4000
subtraction from cash Decrease in accounts payable 50000
Increase in inventory $10,000.00 Decrease in salaries payable -3000 -3500
Total cash flow from operations $122,750.00 Net cash flow used by operating activities 122750
Cash from investing
- $0.00 Cash Flows from Investing Activities 0
Cash from financing activities
- $0.00 Cash Flows from Financing Activities
Net increase /decrease in cash $122,750.00 Cash received from short-term note 75000
Cash at beginning of period $362,750.00 Cash received from long-term note 150000
Cash and cash equivalent at the end $485,500.00 Net cash provided by financing activities 225000
Cash, beginning 15000
Add: Increase 347750
the correct answers are on the right Cash, Ending 362750