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In: Accounting

The following trial balance was prepared for Tile, Etc., Inc. on December 31, 2017, after the...

The following trial balance was prepared for Tile, Etc., Inc. on December 31, 2017, after the closing entries were posted:

Account Title
Cash $ 140,000
Accounts receivable 131,000
Allowance for doubtful accounts $ 21,000
Inventory 437,000
Accounts payable 101,000
Common stock 480,000
Retained earnings 106,000

Tile, Etc. had the following transactions in 2018:

  1. Purchased merchandise on account for $610,000.
  2. Sold merchandise that cost $450,000 for $950,000 on account.
  3. Sold for $275,000 cash merchandise that had cost $172,000.
  4. Sold merchandise for $220,000 to credit card customers. The merchandise had cost $108,000. The credit card company charges a 4 percent fee.
  5. Collected $680,000 cash from accounts receivable.
  6. Paid $640,000 cash on accounts payable.
  7. Paid $151,000 cash for selling and administrative expenses.
  8. Collected cash for the full amount due from the credit card company (see item 4).
  9. Loaned $90,000 to J. Parks. The note had an 9 percent interest rate and a one-year term to maturity.
  10. Wrote off $8,100 of accounts as uncollectible.
  11. Made the following adjusting entries:
    (a) Recorded uncollectible accounts expense estimated at 1 percent of sales on account.
    (b) Recorded seven months of accrued interest on the note at December 31, 2018 (see item 9).

Required

  1. Organize the transaction data in accounts under an accounting equation.
  2. Prepare an income statement, a statement of changes in stockholders’ equity, a balance sheet, and a statement of cash flows for 2018
TILE, ETC., INC.
Statement of Cash Flows
For the Year Ended December 31, 2018
Cash flows from operating activities
Inflow from customers
Outflow for expenses
Outflow for inventory
not attempted
Net cash flow from operating activities
Cash flows from investing activities
Outflow for notes receivableselected answer correct (90,000)selected answer correct
not attempted 0selected answer correct
Net cash flows from investing activities (90,000)
Cash flows from financing activities 0selected answer correct
Net change in cash 1,232,700
Plus: Beginning cash balanceselected answer correct 140,000selected answer correct
Ending cash balance $1,372,700

What's cash inflow from customers, outflow inventory, and outflow expenses

Solutions

Expert Solution


ekkarill92 answered 1 year ago
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