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Perry Magic Shoppe had the following condensed balance sheet at the end of operation for    2017:...

Perry Magic Shoppe had the following condensed balance sheet at the end of operation for    2017:

Perry Magic Shoppe

Balance Sheet

December 31, 2017

Cash

$30,000

Current Liabilities

$25,000

Other current assets

60,000

Long-term Notes Payable

38,000

Total current assets

$90,000

Bonds Payable

50,000

Investments

$25,000

Capital Stock

147,000

Fixed assest (net)

90,000

Retained earnings

65,000

Land

$120,000

Total assets

$325,000

Total Liabilities and Equity

$325,000

During 2018, the following occurred

  1. Perry sold some of its investments for $12,300 which resulted in a gain of $300 after taxes. The gain (net of taxes) has been included in the company’s 2018 net income.
  2. Additional land for a plant expansion was purchased for $22,000.
  3. Bonds payable were paid in the amount of $8,500.
  4. An additional $25,000 in capital stock was issued.
  5. Dividends of $13,000 were paid to stockholders.
  6. Net income for 2008 was $38,000.
  7.    $11,000 is the depreciation expense.
  8. A second Peace of land was purchased through the issuance of $10,000 in bonds, and $4,800 in long-term notes payable.

Required:

  1. Prepare a statement of cash flows for the year ended 12/31/2018.
  2. Prepare a balance sheet for Perry at December 31, 2018.

Solutions

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