Maurice Tutor

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About Maurice Tutor

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Teaching Since: May 2017
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Education

  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

Experience

  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 06 Aug 2017 My Price 14.00

Baby Company

From the Journal entries, please make sure all the Income Statement, Balance Sheets correlate and complete the Statement of Cash Flows for the Excel program.

Company: Baby Company    
Journal Entries      
2015, April Account Debit Credit
1 Cash 120,000  
  Company's capital   120,000
       
2 Rent 6,000  
  Cash   6,000
       
3 License Fees and Tax 1,800  
  Cash   1,800
       
4 Machine and Equipment 60,000  
  Cash   40,000
  Notes payable   20,000
       
5 Office furniture and fixtures 14,100  
  Accounts payable   14,100
       
6 Raw materials 12,000  
  Cash   7,000
  Accounts payable   5,000
       
7 Legal and professional fees 2,500  
  Cash   2,500
       



Income Statement            
Baby Company        
For the year ended 31 December 2015        
Financial Statements in U.S. Dollars        
Revenue          
  Gross Sales       360000  
  Less: Sales Returns and Allowances       0  
  Net Sales         360000
             
Cost of Goods Sold          
  Beginning Inventory       180000  
  Add: Purchases     65000  
    Freight-in     0  
    Direct Labor     40100  
    Indirect Expenses     25400  
  Inventory Available       310500  
  Less: Ending Inventory       11000  
  Cost of Goods Sold         299500
             
  Gross Profit (Loss)         60500
             
Expenses          
  Advertising       4100  
  Amortization       0  
  Bad Debts       0  
  Bank Charges       1250  
  Charitable Contributions       0  
  Commissions       0  
  Contract Labor       2500  
  Depreciation       5620  
  Dues and Subscriptions       0  
  Employee Benefit Programs       0  
  Insurance       2510  
  Interest       5800  
  Legal and Professional Fees       2500  
  Licenses and Fees       1400  
  Miscellaneous       6500  
  Office Expense       2000  
  Payroll Taxes       400  
  Postage       0  
  Rent       48000  
  Repairs and Maintenance       2500  
  Supplies       5600  
  Telephone       1200  
  Travel       1100  
  Utilities       2500  
  Vehicle Expenses       200  
  Wages       4500  
  Total Expenses         100180
             
  Net Operating Income         (39680)
             
Other Income        
  Gain (Loss) on Sale of Assets       0  
  Interest Income       0  
  Total Other Income         0
             

Balance Sheet with Ratios        
             
             
ASSETS     LIABILITIES  
Current Assets     Current Liabilities  
Cash $120,000   Accounts payable $250,000
Accounts receivable 80,000.00   Short-term notes 120,000.00
  (less doubtful accounts) 0.00   Current portion of long-term notes 0.00
Inventory 25,000.00   Interest payable 50,000.00
Temporary investment 50,000.00   Taxes payable 0.00
Prepaid expenses 20,000.00   Accrued payroll 0.00
  Total Current Assets $295,000     Total Current Liabilities $420,000
             
Fixed Assets     Long-term Liabilities  
Long-term investments 120,000.00   Mortgage 0.00
Land 110,000.00   Other long-term liabilities 150,000.00
Buildings 80,000.00     Total Long-Term Liabilities $150,000
  (less accumulated depreciation) 0.00        
Plant and equipment 60,000.00   Total Liabilities $570,000
  (less accumulated depreciation) 12,000.00      
           
Statement of Cash Flows    
[Name] [Time Period]
           
Cash flows from operating activities
Cash received from customers      
Cash paid for merchandise      
Cash paid for wages and other operating expenses    
Cash paid for interest      
Cash paid for taxes        
Other          
Net cash provided (used) by operating activities  
           
Cash flows from investing activities
Cash received from sale of capital assets (plant and equipment, etc.)  
Cash received from disposition of business segments    
Cash received from collection of notes receivable    
Cash paid for purchase of capital assets      
Cash paid to acquire businesses      
Other          
Net cash provided (used) by investing activities  
           
Cash flows from financing activities
Cash received from issuing stock          
Cash received from long-term borrowings          
Cash paid to repurchase stock          
Cash paid to retire long-term debt          
Cash paid for dividends          
Other          
Net cash provided (used) in financing activities  
Increase (decrease) in cash during the period  
Cash balance at the beginning of the period  
Cash balance at the end of the period  
Furniture and fixtures 14,100.00   SHAREHOLDERS' EQUITY  
  (less accumulated depreciation) 1,100.00   Capital stock 122,200.00
  Total Net Fixed Assets $397,200   Retained earnings  
          Total Shareholders' Equity $122,200
             
             
TOTAL ASSETS $692,200   TOTAL LIABILITIES & EQUITY $692,200
             
Balance Sheet Check OK        
             
RATIOS          
Current Ratio 0.70        
Quick Ratio 0.64        
Cash Ratio 0.29        
Working Capital $(125,000)      

 

Answers

Maurice Tutor
(5)
Status NEW Posted 06 Aug 2017 11:08 AM My Price 14.00

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