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Devin E Corporation Balance Sheet As of December 31, 2015 2014 Assets: Cash & Cash Equivalents...

Devin E Corporation
Balance Sheet
As of December 31,
2015 2014
Assets:
Cash & Cash Equivalents $41,900 $25,000
Accounts Receivable 24,000 6,250
Inventory 30,000 36,000
     Current Assets 95,900 67,250
Land 25,000 10,000
Equipment 42,000 38,500
Less: Accumulated Depreciation (14,000) (7,000)
53,000 41,500
Total Assets 148,900 108,750
Liabilities:
Accounts Payable 17,500 22,500
Accrued Salaries Payable 5,500 8,000
Rent Expense Payable 2,200 1,000
Income Tax Payable 6,900 4,000
Current Liabilities 32,100 35,500
Long-term notes payable 50,000 30,000
Total Liabilities 82,100 65,500
Stockholders Equity:
Common Stock 42,000 30,000
Retained Earnings 24,800 13,250
Total Liabilities & Stockholders Equity $148,900 $108,750
Devin E Corporation
Income Statement
For the Year Ended December 31, 2015
2015
Revenues $147,000
Cost of Goods Sold 84,000
Gross Profit 63,000
Operating Expenses
Depreciation Expense 7,000
Salary Expense 14,600
Insurance Expense 2,500
Rent Expense 10,000
Interest Expense 4,200
     Total Operating Expenses 38,300
Income from Operations 24,700
Income Tax Expense 6,900
Net Income $17,800
Devin E Corporation (the “Company”) manufactures food processing equipment. Use Devin Corporation’s 2015 and 2014 balance sheets and 2015 income statement shown below to prepare a statement of cash flows for 2015. Note that the Company paid dividends of $6,250 during 2015.

Please fill in the balance sheet as well as create a statement of cash flow sheet

Devin E Corporation
Balance Sheet
31-Dec
Worksheet for Cash Flow
2015 2014 Change Cash Operating Investing Financing
Cash and Cash Equivalents
Accounts Receivable
Inventory
Land
Equipment
Accumulated Depreciation
Accounts Payable
Accrued Salaries Payable
Rent Expense Payable
Income Tax Payable
Long-term Note Payable
Common Stock
Retained Earnings
Devin E Corporation
Statement of Cash Flows
For the Year Ended December 31, 2015

Solutions

Expert Solution

DEVIN E CORPORATION
BALANCE SHEET
31ST DECEMBER
AMOUNTS
CASH FLOW STATEMENTS IN $
CASH FLOW FROM OPERATING ACTIVITY
NET INCOME 17800
DEPRECIATION OF FIXED ASSETS 7000
INCREASE IN A/C RECEIVABLE -17750
DECREASE IN INVENTORY 6000
DECREASE IN ACCOUNT PAYABLE -5000
DECREASE IN ACCRUED SALARY PAYABLE -2500
INCREASE IN RENT EXPENSE PAYABLE 1200
INCREASE IN INCOME TAX PAYABLE 2900
9650
CASH FOR INVESTING ACTIVITY
PURCHASE OF LAND -15000
PURCHASE OF EQUIPMENT -3500
-18500
CASH FOR FINANCING ACTIVITY
ISSUE OF COMMON STOCK 12000
DIVIDEND -6250
LONG TERM NOTES ISSUED 20000
25750
NET CASH 16900
ADD:OPENING CASH 25000
CLOSING CASH 41900
BALANCE SHEET
31ST DEC
WORKSHEET FOR CASH FLOW AMOUNTS IN $
2015 2014 CHANGE CASH OPERATING INVESTING FINANCING
CASH AND CASH EQUIVALENTS 41900 25000 -16900 16900
ACCOUNTS RECEIVABLE 24000 6250 -17750 -17750
INVENTORY 30000 36000 6000 6000
LAND 25000 10000 -15000 -15000
EQUIPMENT 42000 38500 -3500 -3500
ACCUMALATED DEPRECIATION -14000 -7000 7000 7000
148900 108750 -40150
ACCOUNTS PAYABLE 17500 22500 5000 -5000
ACCRUED SALARIES PAYABLE 5500 8000 2500 -2500
RENT EXPENSE PAYABLE 2200 1000 -1200 1200
INCOME TAX PAYABLE 6900 4000 -2900 2900
LONG TERM NOTE PAYABLE 50000 30000 -20000 20000
COMMON STOCK 42000 30000 -12000 12000
RETAINED EARNING 24800 13250 -11550 17800 -6250
148900 108750 -40150 16900 9650 -18500 25750

ekkarill92 answered 1 year ago
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