One Stop, Inc. Comparative Balance Sheet December 31, 2018 and 2017 2018 2017 Assets Current Assets: Cash $26,800 $14,900 Accounts Receivable 26,700 25,500 Merchandise Inventory 79,900 91,900 Long-term Assets: Land 35,400 8,000 Plant Assets 117,550 109,150 Accumulated Depreciation—Plant Assets (19,650) (15,450) Total Assets $266,700 $234,000 Liabilities Current Liabilities: Accounts Payable $35,000 $30,700 Accrued Liabilities 28,600 30,200 Long-term Liabilities: Notes Payable 73,000 105,000 Total Liabilities 136,600 165,900 Stockholders' Equity Common Stock, no par 88,200 64,300 Retained Earnings 41,900 3,800 Total Stockholders' Equity 130,100 68,100 Total Liabilities and Stockholders' Equity $266,700 $234,000 One Stop, Inc. Income Statement Year Ended December 31, 2018 Net Sales Revenue $444,000 Cost of Goods Sold 207,200 Gross Profit 236,800 Operating Expenses: Salaries Expense $75,400 Depreciation Expenseâ€”Plant Assets 14,600 Other Operating Expenses 10,100 Total Operating Expenses 100,100 Operating Income 136,700 Other Income and (Expenses): Interest Revenue 8,800 Interest Expense -21,600 Total Other Income and (Expenses) -12,800 Net Income Before Income Taxes 123,900 Income Tax Expense 19,800 Net Income $104,100

Financial And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter13: Statement Of Cash Flows

Section: Chapter Questions

Problem 7E

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One Stop, Inc.
Comparative Balance Sheet
December 31, 2018 and 2017
	2018	2017
Assets
Current Assets:
Cash	$26,800	$14,900
Accounts Receivable	26,700	25,500
Merchandise Inventory	79,900	91,900
Long-term Assets:
Land	35,400	8,000
Plant Assets	117,550	109,150
Accumulated Depreciation—Plant Assets	(19,650)	(15,450)
Total Assets	$266,700	$234,000
Liabilities
Current Liabilities:
Accounts Payable	$35,000	$30,700
Accrued Liabilities	28,600	30,200
Long-term Liabilities:
Notes Payable	73,000	105,000
Total Liabilities	136,600	165,900
Stockholders' Equity
Common Stock, no par	88,200	64,300
Retained Earnings	41,900	3,800
Total Stockholders' Equity	130,100	68,100
Total Liabilities and Stockholders' Equity	$266,700	$234,000

One Stop, Inc.
Income Statement
Year Ended December 31, 2018
Net Sales Revenue	$444,000
Cost of Goods Sold	207,200
Gross Profit	236,800
Operating Expenses:
Salaries Expense	$75,400
Depreciation Expenseâ€”Plant Assets	14,600
Other Operating Expenses	10,100
Total Operating Expenses	100,100
Operating Income	136,700
Other Income and (Expenses):
Interest Revenue	8,800
Interest Expense	-21,600
Total Other Income and (Expenses)	-12,800
Net Income Before Income Taxes	123,900
Income Tax Expense	19,800
Net Income	$104,100

Cash Flows from Operating Activities:
Net Income
Adjustments to Reconcile Net Income to Net Cash
Provided by (Used for) Operating Activities:
(1) Depreciation Expense-Plant Assets
(2) Increase in Accounts Receivable
$
14,500
(1,000)
(3)
(4)
(5)
(6)
(7)
Net Cash Provided by (Used for) Operating Activities
Cash Flows from Investing Activities:
(8)
(9)
(10)
(11)
Net Cash Provided by (Used for) Investing Activities
Cash Flows from Financing Activities:
(12)
(13)
(14)
(15)
Net Cash Provided by (Used for) Financing Activities
Net Increase (Decrease) in Cash
Cash Balance, December 31, 2017
Cash Balance, December 31, 2018
Non-cash Investing and Financing Activities:
(16)
(17)
Total Non-cash Investing and Financing Activities
%24

Additionally, One Stop purchased land of $27,400 by financing it 100% with
long-term notes payable during 2018. During the year, there were no sales of land,
no retirements of stock, and no treasury stock transactions. A plant asset was
disposed of for $0. The cost and accumulated depreciation of the disposed asset
was $10,400. The plant acquisition was for cash.

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