EARL GREY GOLF CORP 2014 and 2015 Statement of Financial Position Assets Liabili
ID: 2334884 • Letter: E
Question
EARL GREY GOLF CORP 2014 and 2015 Statement of Financial Position Assets Liabilities and Owners' Equity 2014 2015 2014 2015 Current assets Current liabilities Cash Accounts receivable Inventory $ 24,046 12,448 25,392 $ 24,255 15,235 27,155 Accounts payable Notes payable Other $23,184 12,000 11,571 $27,420 10,800 15,553 Total $ 61,886 66,645 Total $ 46,755 $53,773 Long-term debt Owners' equity $80,000 $95,000 Common stock and paid-in surplus Retained earnings $ 40,000 219,826 $ 40,000 243,606 Fixed assets Net plant and equipment Total assets $ 324,695 $ 365,734 Total $ 259,826 $ 283,606 $386,581 $ 432,379 Total liabilities and owners' equity $ 386,581 $ 432,379 EARL GREY GOLF CORP 2015 Statement of Comprehensive Income Sales Cost of goods sold Depreciation $366,996 253,122 32,220 Earnings before interest and taxes Interest paid $81,654 14,300 Taxable income Taxes (35%) 67,354 23,574 Net income $ 43,780 Dividends Additions to retained earnings $20,000 23,780Explanation / Answer
Statement of Cash Flow Particulars Amount Total Amount Cash, Beginning of year 24,046.00 Operating Activities Income 43,780.00 Depreciation 32,220.00 Increase in other current liabilities 3,982.00 Decrease in Notes payable (1,200.00) Increase in Accounts payable 4,236.00 Increase in inventory (1,763.00) Increase in Accounts receivable (2,787.00) Net Cash flow from operating activities 78,468.00 Cash flow from Investing activities Fixed asset Acquisition = 365734 - 324695 + 32220 (73,259.00) Cash flow from Investing activities (73,259.00) Cash flow from Financing activities Increase in long term debt 15,000.00 Dividend paid (20,000.00) Cash flow from Financing activities (5,000.00) Cash end of year 24,255.00
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