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Based on the information provided below, prepare the statement of cash flows for the
Gulp-it-Down Coffee Co.
| Gulp-it-Down Coffee Co.
Comparative Balance Sheet For the Year Ended December 31, |
2012 |
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|
2011 |
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|
Assets |
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|
Cash |
140,000 |
160,000 |
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|
Accounts Receivables |
400,000 |
380,000 |
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|
Inventory |
480,000 |
420,000 |
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|
Fixed Assets (net of accumulated Depreciation) |
1,860,000 |
1, |
720,000 |
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|
Less: Accumulated Depreciation |
(1,000,000) |
(900,000) |
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|
Total |
1,880,000 |
1, |
780,000 |
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|
Liabilities & Owner’s Equity |
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|
Accounts Payable |
240,000 |
260,000 |
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|
Accrued expense |
120,000 |
100,000 |
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|
Bonds Payable |
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|
Capital Stock |
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|
Retained Earnings |
320,000 |
280,000 |
1,780,000 |
Additional Information:(1.) Net income for the year amounted to $60,000, and cash dividends were declared and paid in the amount of $20,000.(2.) Gulp-it-Down Coffee Co.’s only noncash expense was depreciation Expense which totaled $100,000.(3.) The company purchased plant assets for $140,000.(4.) Bonds payable in the amount of $60,000 were issued during the year.
