JOVIT SUPERCUTE DISTRIBUTIONS Statement of Financial Position As of December 31, 2020, 2019 ASSETS 2020 2019 Current Assets: Cash and Cash Equivalent Accounts Receivable Inventories Prepaid Expenses Total Current Assets 13,250.00 10,065.00 7,620.00 9,545.00 40,480.00 11,070.00 8,055.00 5,300.00 10,600.00 35,025.00 Non-current Assets: Property, Plant and Equipment TOTAL ASSETS 92,500.00 132,980.00 79,085.00 114,110.00 LIABILITIES AND OWNER'S EQUITY Current Liabilities Trade and Other Payables Non-Current Liabilities Loans Payable Total Liabilities Owner's Equity TOTAL LIABILITIES AND OWNER'S 38,150.00 42,335.00 23,990.00 62,140.00 70,840.00 18,960.00 61,295.00 52,815.00 EQUITY 132,980.00 114,110.00 JOVIT SUPERCUTE DISTRIBUTIONS Statement of Comprehensive Income For the Years Ended December 31, 2020, 2019 and 2018 Net Sales Cost of Sales Gross Profit Selling and Administrative Expenses Operating Income Interest Expense Income Before Income Taxes Income Tax Expense 2020 104,705.00 32,275.00 72,430.00 48,140.00 24,290.00 1,050.00 23,240.00 3,756.00 19,484.00 2019 91,850.00 29,004.24 62,845.76 42,770.00 20,075.76 950.00 19,125.76 3,001.00 16,124.76 Net Income

JOVIT SUPERCUTE DISTRIBUTIONS Statement of Financial Position As of December 31, 2020, 2019 ASSETS 2020 2019 Current Assets: Cash and Cash Equivalent Accounts Receivable Inventories Prepaid Expenses Total Current Assets 13,250.00 10,065.00 7,620.00 9,545.00 40,480.00 11,070.00 8,055.00 5,300.00 10,600.00 35,025.00 Non-current Assets: Property, Plant and Equipment TOTAL ASSETS 92,500.00 132,980.00 79,085.00 114,110.00 LIABILITIES AND OWNER'S EQUITY Current Liabilities Trade and Other Payables Non-Current Liabilities Loans Payable Total Liabilities Owner's Equity TOTAL LIABILITIES AND OWNER'S 38,150.00 42,335.00 23,990.00 62,140.00 70,840.00 18,960.00 61,295.00 52,815.00 EQUITY 132,980.00 114,110.00 JOVIT SUPERCUTE DISTRIBUTIONS Statement of Comprehensive Income For the Years Ended December 31, 2020, 2019 and 2018 Net Sales Cost of Sales Gross Profit Selling and Administrative Expenses Operating Income Interest Expense Income Before Income Taxes Income Tax Expense 2020 104,705.00 32,275.00 72,430.00 48,140.00 24,290.00 1,050.00 23,240.00 3,756.00 19,484.00 2019 91,850.00 29,004.24 62,845.76 42,770.00 20,075.76 950.00 19,125.76 3,001.00 16,124.76 Net Income

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter21: The Statement Of Cash Flows

Section: Chapter Questions

Problem 14E: Interest and Income Taxes Staggs Company has prepared its 2019 statement of cash flows. In...

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Kinder Company Balance Sheet December 31 2020 2019 Cash $ 40,208 $ 11,424 Accounts receivable (net) 42,896 22,736 Inventory 39,200 47,040 Long-term investments 0 16,800 Property, plant & equipment 264,880 168,000 Accumulated depreciation (42,224) (28,000) $344,960 $238,000 Accounts payable $ 19,040 $ 29,680 Accrued liabilities 23,520 19,040 Long-term notes payable 78,400 56,000 Common stock 145,600 100,800 Retained earnings 78,400 32,480 $344,960 $238,000 Kinder Company Income statement December 31, 2020 Sales Revenue $ 520,285 Cost of Goods Sold (304,045) Gross Profit 216,240 Operating Expenses (137,056) Depreciation Expense (14,224) Gain on Sale of Investment 14,560 Net Income $79,520 Additional data: 1. Paid dividends of $33,600…