Homework 2 - ACC 300 Statement of Cash Flows Creekside Company Comparative Balance Sheet December 31, 2023 and 2022 2023

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: Homework 2 Acc 300 Statement Of Cash Flows Creekside Company Comparative Balance Sheet December 31 2023 And 2022 2023 1 (78.91 KiB) Viewed 46 times

: Homework 2 Acc 300 Statement Of Cash Flows Creekside Company Comparative Balance Sheet December 31 2023 And 2022 2023 2 (77.95 KiB) Viewed 46 times

: Homework 2 Acc 300 Statement Of Cash Flows Creekside Company Comparative Balance Sheet December 31 2023 And 2022 2023 3 (87.66 KiB) Viewed 46 times

Homework 2 - ACC 300 Statement of Cash Flows Creekside Company Comparative Balance Sheet December 31, 2023 and 2022 2023 2022 ASSETS Current assets Cash and cash equivalents $ 22,000 $ 42,000 Accounts receivable 90,000 73,000 Merchandise inventory 143,000 145,000 Long-term Assets Property, buildings & equipment 507,000 252,000 Less: Accumulated depreciation (47,000) (42,000) Total assets $ 715,000 $ 470,000 $ $ 90,000 $ 5,000 50,000 10,000 Liabilities and Stockholders' Equity Liabilities Current liabilities Accounts payable Accrued liabilities Long-term Liabilities Notes payable Total liabilities Stockholders' equity Common stock Retained earnings Treasury stock Total Stockholders' Equity Total Liabilities & Stockholders' Equity 160,000 255,000 80,000 140,000 370,000 250,000 110,000 80,000 (20,000) 460,000 330.000 $ 715,000 $ 470,000 Additional Information: • Purchased $310,000 in plant assets by paying cash. • Sold plant assets with a cost of $55,000 and accumulated depreciation of $15,
Stockholders' equity Common stock 370,000 250,000 Retained earnings 110,000 80,000 Treasury stock (20,000) Total Stockholders' Equity 460,000 330,000 Total Liabilities & Stockholders' Equity $ 715,000 $ 470,000 Additional Information: • Purchased $310,000 in plant assets by paying cash. • Sold plant assets with a cost of $55,000 and accumulated depreciation of $15,000, yielding a Gain on disposal of Plant Assets of $10,000 • Received $90,000 cash from issuance of notes payable. • Paid $10,000 cash to retire a note payable. Received $120,000 cash from issuing shares of common stock • Paid $20,000 cash for purchase of Treasury Stock. Hint: Treasury Stock goes under financing activities Requirements: Prepare, in good form, a Statement of Cash Flows using the indirect method Use the second tab to complete the assignment, filling in the yellow highlighted cells only . Formatting: Do NOT use cents (00) in any records, Financial Statements do NOT contain cents but amounts DO contain commas, The "rules" for dollar signs are: First number in a new column includes a dollar sign Use a double underline and a dollar sign for totals on all financial statements Refer to the text for proper headings and format of financial statements . Submission Information: Submit the assignment in Excel. Include your Name, Date, ACC Course, and HW #2 in the upper left corner Submit your assignment through the upload feature within Moodle. Assignments should not be emailed to the instructor. PLEASE BE SURE YOUR ASSIGNMENT IS ACTUALLY SUBMITTED AND NOT IN "DRAFT" STATU There is a requirement to click a box to acknowledge the submission is your original work to complete the submission process.
Creekside Company Statement of Cash Flows For the Year Ended December 31, 2023 Cash flows from operating activities Net Income Adjustments to reconcile net income to net cash provided by operating activities: Depreciation expense Gain on sale of disposal of plant asset Decrease in merchandise inventory Increase in accounts payable Net cash provided by operating activities Cash flows from investing activities Cash payment for acquisition of plant assets Net cash used by investing activities Cash flows from financing activities Cash receipt from issuance of common stock Cash payment for purchase of treasury stock Cash payment of dividends Net cash provided by financing activities Net increase (decrease) in cash Cash at beginning of year Cash at end of year