onsider the following balance sheets and income statement for Cruyff Enterprises, and compute the cash that Cruyff received from customers.
Consider the following balance sheets and income statement for Cruyff Enterprises, and compute the cash that Cruyff received from customers.
|
Cruyff Enterprises Balance Sheets As of December 31, 2020 and 2019 |
|
|
|
|
|
2020 |
|
2019 |
|
Assets: |
|
|
|
|
Cash |
$18,650 |
|
$ 14,900 |
|
Accounts Receivable |
42,000 |
|
36,000 |
|
Inventory |
60,500 |
|
50,000 |
|
Prepaid Rent |
3,000 |
|
1,400 |
|
Property, Plant and Equipment |
230,000 |
|
205,600 |
|
Less: |
(75,000) |
|
(65,000) |
|
Total Assets |
$279,150 |
|
$242,900 |
|
|
|
|
|
|
Liabilities and Stockholders’ Equity: |
|
|
|
|
Accounts Payable |
$26,500 |
|
$21,000 |
|
Interest Payable |
650 |
|
400 |
|
Unearned Revenue |
7,000 |
|
10,000 |
|
Bonds Payable |
37,000 |
|
37,000 |
|
Common Stock |
20,000 |
|
15,000 |
|
Additional Paid-In Capital |
48,000 |
|
40,000 |
|
|
140,000 |
|
119,500 |
|
Total Liabilities and Stockholders’ Equity: |
$279,150 |
|
$242,900 |
|
|
|
|
|
|
Cruyff Enterprises Income Statement For the year ended December 31, 2020. |
|
|
|
|
|
Sales Revenue |
$ 470,000 |
|
|
|
|
Cost of Goods Sold |
315,000 |
|
Wage Expense |
71,000 |
|
Rent Expense |
xx,xxx |
|
Depreciation Expense |
15,000 |
|
Interest Expense |
19,000 |
|
Net Income |
yy,yyy |
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 2 images
