What's the solution? eetIncome Statementas of December 3112/31/201812/31/20172018Assets:Service Revenue436,500Cash41,60028,200Accounts Recv.125,900110,700Total Revenue436,500168,0003,600Inventory168,0002,50060,000210,600-49,600Prepaid RentDepreciation Expense8,700174,000258,000-58,300LandWages ExpenseSalaries Expense289,80052,8006,000BuildingAccum. Depr-BldgLoss on Sale of LandTotal Assets712,800530,400Total Other Expenses357,300Liabilities:Net Income79,200111,00028,000Accounts Payable114,200Other Information:Salaries Payable1. Old land with a book value of 60,000 was sold for 54,000.2. Purchased new land for 174,00015,800Wages Payable15,000154,00012,000Total Liabilities142,0003. Issued common stock for 151,200.4. Dividends of 60,000 were paid in 2018Stockholders' Equity:Common Stock67,20060,000Excess of Par-CS264,000120,000Retained Earnings227,600208,400Total Equity558,800388,400Total Liablities and Equity712,800530,400Write out ONLY the Operating Activities Sectionof the Statement of Cash Flows forMushroom's Shop, showing good format.Label EVERY number.

Step 1: Cash flow from operating activities means the amount that a company invests in its daily…

as of December 31 12/31/2018 12/31/2017 2018 Assets: Service Revenue 436,500 Cash 41,600 28,200 125,900 168,000 3,600 Accounts Recv. 110,700 Total Revenue 436,500 Inventory 168,000 Prepaid Rent 2,500 Depreciation Expense 8,700 Land 174,000 60,000 Wages Expense Salaries Expense 289,800 Building 258,000 210,600 52,800 Accum. Depr-Bldg -58,300 -49,600 Loss on Sale of Land 6,000 Total Assets 712,800 530,400 Total Other Expenses 357,300 Liabilities: Net Income 79,200 Accounts Payable 111,000 114,200 Other Information: Salaries Payable 28,000 15,800 1. Old land with a book value of 60,000 was sold for 54,000. Wages Payable 15,000 12,000 2. Purchased new land for 174,000 Total Liabilities 154,000 142,000 3. Issued common stock for 151,200. 4. Dividends of 60,000 were paid in 2018 Stockholders' Equity: Common Stock 67,200 60,000 Excess of Par-CS 264,000 120,000 Retained Earnings 227,600 208,400 Total Equity 558,800 388,400 Total Liablities and Equity 712,800 530,400 Write out ONLY the Operating Activities Section of the Statement of Cash Flows for Mushroom's Shop, showing good format. Label EVERY number.

as of December 31 12/31/2018 12/31/2017 2018 Assets: Service Revenue 436,500 Cash 41,600 28,200 125,900 168,000 3,600 Accounts Recv. 110,700 Total Revenue 436,500 Inventory 168,000 Prepaid Rent 2,500 Depreciation Expense 8,700 Land 174,000 60,000 Wages Expense Salaries Expense 289,800 Building 258,000 210,600 52,800 Accum. Depr-Bldg -58,300 -49,600 Loss on Sale of Land 6,000 Total Assets 712,800 530,400 Total Other Expenses 357,300 Liabilities: Net Income 79,200 Accounts Payable 111,000 114,200 Other Information: Salaries Payable 28,000 15,800 1. Old land with a book value of 60,000 was sold for 54,000. Wages Payable 15,000 12,000 2. Purchased new land for 174,000 Total Liabilities 154,000 142,000 3. Issued common stock for 151,200. 4. Dividends of 60,000 were paid in 2018 Stockholders' Equity: Common Stock 67,200 60,000 Excess of Par-CS 264,000 120,000 Retained Earnings 227,600 208,400 Total Equity 558,800 388,400 Total Liablities and Equity 712,800 530,400 Write out ONLY the Operating Activities Section of the Statement of Cash Flows for Mushroom's Shop, showing good format. Label EVERY number.

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter9: Metric-analysis Of Financial Statements

Section: Chapter Questions

Problem 9.23E: Unusual income statement items Assume that the amount of each of the following items is material to...

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Use the below information to answer the following questions: 20202021Sales$11,573$12,936Depreciation 1661 1736Cost of goods sold 3979 4707Other Expenses 846 924Interest Expense 776 926Cash 6067 6466Accounts Receivables 8034 9427Short-term Notes Payable 1171 1147Long-term debt 20,320 24,696Net fixed assets 50,888 54,273Accounts Payable 4384 4644Tax rate 26% 34%Inventory 14,283 15,288Payout ratio 33% 30% A. Create the Income Statements for 2020 and 2021 (including dividends paid and retained earnings).
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