Balance Sheetsmith Manufacturing Inc

Balance Sheetsmith Manufacturing Incsmith Manufacturing Inccash Fl

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 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 current 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 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 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 - 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