I am in need of help for this ASAP!! please help me out! Thank You!! Cards Again
ID: 2485950 • Letter: I
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I am in need of help for this ASAP!! please help me out! Thank You!!
Cards Against Humanity LLC is developing its annual financial statements at December 31, 2015. The statements are complete except for the statement of cash flows. The completed comparative balance sheets and income statement are summarized:
Prepare the statement of cash flows for the year ended December 31, 2015, using the indirect method.
Cards Against Humanity LLC Consolidated Balance Sheet 2015 201 Cash Accounts receivable Merchandise inventory Property and equipment Less: Accumulated depreciation $42,930 26,000 35,000 173,550 (11400) S16,100 45,500 18,800 135,550 (7.550) Total Assets Accounts payable Accrued expenses Note payable, long-term Contributed capital Retained earnings Total Liab and Stockholders Equity $51,000 9,050 38,600 86,800 80,630 $266,080 S17,000 3,300 52,000 71,800 64,300 $208,400 Income Statement for 2015 Sales $81,000 (39,670) (20,000) $21330 Cost of goods sold Other expenses Net income Additional Data a. Bought equipment worth $38,000 with cash. b. Paid $13,400 on the long-term note payable C. ssued new shares of stock for $15,000 cash. d. Cash dividends, not stock dividends, were declared or paid. e. Other expenses included depreciation, S3,850; wages, S9,500; taxes, $5,500; other, $1,150Explanation / Answer
Cards Against Humanity Cash flow Statement for the period ending Dec 31.2015. Indirect Method Details Amt $ Cash Flow From Operating Activities Net Income 21,330 Adjustments to reconcile net income/loss to net cash provided Add Depreciation 3,850 Less : Capital Gain Less Invstment Income Add : Capital Loss Add: investment Loss Decreased Accounts Receivable 19,500 Increased Inventory (16,200) Prepaid Expenses Increased Accounts Payable 34,000 Increased Accrued Expenses 5,750 Income Tax Payable Total Cash Flow From Operating Activities 68,230 Cash Flow From Investing Activities Cash Inflow from sales of assets Cash outflow from purchase of assets (38,000) Cash Inflow from sales of investments Cash outflow from purchase of Investments Total Cash Flow From Investing Activities (38,000) Cash Flow From Financing Activities Cash received from issue of Common stock 15,000 Cash paid for Note payable (13,400) Cash Paid for Dividend Payment (5,000) Cash paid for stock repurchase TotalCash Flow From Financing Activities (3,400) Total Cash Flow from Operating. Investing and Financing Activities 26,830 Intial Cash Balance 16,100 Net Effect of Cash Flow during the period 26,830 Closing Cash Balance 42,930
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