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| Module 7 Assignment: | ||||||||||||||||||||
| Amy’s Fashions ended the year 20XX with the following balance: | ||||||||||||||||||||
| Amy’s Fashions | Amy’s Fashions | |||||||||||||||||||
| Comparative Balance Sheet | Comparative Income Statement | |||||||||||||||||||
| December 31, 20XX | For the Year Ended 20XX | |||||||||||||||||||
| 20XX | 20WW | Increase (Decrease) | 20XX | |||||||||||||||||
| ASSETS | Revenues: | |||||||||||||||||||
| Current Assets: | sales | 1,100,000 | ||||||||||||||||||
| Cash and cash equivalents | 140,350 | 95,900 | 44,450 | Cost of Goods Sold | 710,000 | |||||||||||||||
| Accounts receivable | 95,300 | 102,300 | -7,000 | Gross Profit | 390,000 | |||||||||||||||
| Inventory | 165,200 | 157,900 | 7,300 | Operating Expenses: | ||||||||||||||||
| Prepaid expenses | 6,240 | 5,860 | 380 | Depreciation | 23,500 | |||||||||||||||
| Investments (long term) | 35,700 | 84,700 | -49,000 | Patent Amortization | 7,000 | |||||||||||||||
| Plant Assets: | Other operating expenses | 196,000 | ||||||||||||||||||
| Land | 75,000 | 90,000 | -15,000 | Total Operating Expenses: | 226,500 | |||||||||||||||
| Buildings (net) | 303,700 | 201,700 | 102,000 | Income from operations | 163,500 | |||||||||||||||
| Equipment, net | 279,800 | 290,300 | -10,500 | Other Income: | ||||||||||||||||
| Patents | 58,000 | 65,000 | -7,000 | Gain on sale of investments | 11,000 | |||||||||||||||
| Total Assets | 1,159,290 | 1,093,660 | 65,630 | Other Expenses: | ||||||||||||||||
| Interest Expense | 26,000 | -15,000 | ||||||||||||||||||
| LIABILITIES | Income before income tax | 148,500 | ||||||||||||||||||
| Current Liabilities: | Income tax expense | 50,000 | ||||||||||||||||||
| Accounts Payable | 43,500 | 46,700 | -3,200 | Net Income | 98,500 | |||||||||||||||
| Accrued Liabilities | 14,000 | 12,500 | 1,500 | 98,500 | ||||||||||||||||
| Income Taxes Payable | 7,900 | 8,400 | -500 | |||||||||||||||||
| Dividends Payable | 14,000 | 10,000 | 4,000 | |||||||||||||||||
| Long Term Liabilities: | 0 | |||||||||||||||||||
| Mortgage note payable | 40,000 | 40,000 | ||||||||||||||||||
| Bonds Payable | 150,000 | 250,000 | -100,000 | |||||||||||||||||
| Total Liabilities | 269,400 | 327,600 | -58,200 | |||||||||||||||||
| STOCKHOLDER’S EQUITY | 0 | |||||||||||||||||||
| Common Stock | 450,000 | 375,000 | 75,000 | |||||||||||||||||
| Additional paid in capital-common | 66,250 | 41,250 | 25,000 | |||||||||||||||||
| Retained Earnings | 373,640 | 349,810 | 23,830 | |||||||||||||||||
| Total Stockholders’ Equity | 889,890 | 766,060 | 123,830 | |||||||||||||||||
| Total Liabilities and Stockholders’ Equity | 1,159,290 | 1,093,660 | 65,630 | |||||||||||||||||
| 1 | Using the direct method, prepare the cash flows from operations for Amy’s Fashions for the year ended 20XX. | |||||||||||||||||||
| Amy’s Fashions | ||||||||||||||||||||
| Statement of Cash Flows-Direct Method | ||||||||||||||||||||
| For the Year Ended 20XX | ||||||||||||||||||||
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