In: Accounting
Fuller Corp.
Balance Sheet at Dec 31, 2019
AAssets |
2019 |
2018 |
CCash |
$12,000 |
$33,750 |
AAccounts Receivables |
65,250 |
58,500 |
IIInventories |
30,000 |
24,000 |
LLong term investments (FV-NI) |
23,250 |
40,500 |
EEquipment |
30,000 |
18,750 |
AAccumulated Depreciation- equipment |
(5,625) |
(2,250) |
BBuilding |
67,500 |
56,250 |
AAccumulated Depreciation- building |
(13,500) |
(9,000) |
LLand |
32,500 |
32,500 |
TTotal Assets |
$241,375 |
$253,000 |
LLiabilities & Shareholder’s Equities |
||
AAccounts Payable |
30,000 |
24,750 |
AAccrued Payables |
2,375 |
1,125 |
IIIncome tax payable |
1,000 |
1,500 |
LLong term note payable |
26,000 |
31,000 |
CCommon Shares, issued & outstanding |
150,000 |
150,000 |
RRetained Earnings |
32,000 |
44,625 |
TTotal liabilities & Shareholder’s Equities |
$241,375 |
$253,000 |
Fuller Corp.
Statement of income for the period ended Dec 31, 2019
Sales Revenue |
$ 590,250 |
Cost of Goods sold |
(380,000) |
Gross Profit |
210,250 |
Operating expense (includes depreciation) |
(180,450) |
Income from operating |
29,800 |
Other income (losses) |
(1800) |
Income Tax expense |
(40,000) |
Net loss |
($12000) |
Additional Information:
Questions:
Using the proper format, prepare the Statement of cash flows for the year ended Dec 31, 2019 using direct OR indirect method.