I need solutions to this assignment please
Last Homework & Extra Credit – spring 2020 Part 01 – 5 Points – Indirect Statement of Cash Flows Create the “Operating Section” of the statement of cash flows using the indirect method (ONLY THE OPERATING SECTION). Place your answer on this page (operating section only, indirect method). Part 02 – 5 Points – Direct Statement of Cash Flows Your answers will need to be in the below spaces. Cash Received from Customers Cash Paid for Insurance Cash Paid for Salaries Part 03 – Extra Credit – 7 Points Net Income ___________________________________________________________ Income from Operations ________________________________________________ Total Operating Expenses (Selling & Admin. Expenses) _________________________ Gross Margin (Gross Profit) ______________________________________________ Income from Continuing Operations (After Taxes) ____________________________ Instructions I should be able to change the key numbers. I should then delete the student copy. I should then copy the key to make a new student copy. Key Partial InformationBefore Tax #s Accounts Payable255,000 Accounts Receivable650,000 Accrued Liabilities750,000Calculate Accumulated Depreciation252,000 Add. PIC - C/S10,0001) Gross Margin=>8,600,000TRUE Add. PIC - P/S15,000 Allowance for Doubtful Accounts25,000 Amortization Expense - Patent100,0002) Income From Continuing Operations (After-Tax #) =>6,221,600TRUE Office Supplies Expense1,200,000 Bonds Payable350,000 Cash3,500,0003) Total Operating Expenses (Selling & Admin. Exp. )=>3,200,000TRUE Common Stock3,583,000 Customer Deposits600,000 Cost of Goods Sold700,0004) Total D item(s) (as shown on the I/S) =>-320,000TRUE Depreciation Expense450,000 Discontinued Operations (Loss)400,000 Discounts on Notes Payable5,0005) Net Income =>5,901,600TRUE Dividend Revenue65,000 Loss on Sale of Equipment800,0006) Income from Operations =>5,400,000TRUE Interest Expense88,000 Interest Revenue500,0007) Total Other Items=>2,377,000 Inventory90,000 Investments300,000 Gain on Sale of Land3,000,000 Notes Payable (short-term)145,000 Patent165,000 Preferred Stock72,000 Premium on Bonds Payable18,000 Prepaid Insurance150,000 Property, Plant, & Equipment3,000,000 Retained Earnings2,208,100 Salary Expense1,200,000 Sales9,700,000 Sales Discounts200,000 Sales Returns & Allowances200,000 Treasury Stock650,000 Unrealized Loss Short-Term Equity Investments300,000 Unearned Revenue760,000 Coffee Expense250,000 ***** Tax Rate => 20% Net Income Check5,901,600 TRUE Income Statement Income Statement For the Year Ended ……. Sales9,700,000 Less: Sales Discounts(200,000) Sales Returns and Allowances(200,000) Net Sales9,300,000 Cost of Goods Sold(700,000) Gross Margin8,600,000 Total Operating Expenses Salary Expense1,200,000 Depreciation Expense450,000 Coffee Expense250,000 Amortization Expense100,000 Office Supplies Expense1,200,000 Total Operating Expenses3,200,000 Income from Operations5,400,000 Other Revenues (Gains) & Expenses (Losses) Interest Revenue500,000 Loss on Sale of Equipment(800,000) Dividend Revenue65,000 Unrealized Loss Short-Term Equity Investments(300,000) Gain on Sale of Land3,000,000 Interest Expense(88,000) Total Other Revenues & Expenses2,377,000 Income from Continuing Operations (before taxes)7,777,000 Income Taxes (20%)1,555,400 Income from Continuing Operations6,221,600 Discontinued Operations (Loss)(320,000) Net Income5,901,600 TRUE - 0 Student Partial InformationBefore Tax #s Accounts Payable255,000 Accounts Receivable650,000 Accrued Liabilities750,000Calculate Accumulated Depreciation252,000 Add. PIC - C/S10,0001) Gross Margin=>FALSE Add. PIC - P/S15,000 Allowance for Doubtful Accounts25,000 Amortization Expense - Patent100,0002) Income From Continuing Operations (After-Tax #) =>FALSE Office Supplies Expense1,200,000 Bonds Payable350,000 Cash3,500,0003) Total Operating Expenses (Selling & Admin. Exp. )=>FALSE Common Stock3,583,000 Customer Deposits600,000 Cost of Goods Sold700,0004) Total D item(s) (as shown on the I/S) =>FALSE Depreciation Expense450,000 Discontinued Operations (Loss)400,000 Discounts on Notes Payable5,0005) Net Income =>FALSE Dividend Revenue65,000 Loss on Sale of Equipment800,0006) Income from Operations =>FALSE Interest Expense88,000 Interest Revenue500,0007) Total Other Items=> Inventory90,000 Investments300,000 Gain on Sale of Land3,000,000 Notes Payable (short-term)145,000 Patent165,000 Preferred Stock72,000 Premium on Bonds Payable18,000 Prepaid Insurance150,000 Property, Plant, & Equipment3,000,000 Retained Earnings2,208,100 Salary Expense1,200,000 Sales9,700,000 Sales Discounts200,000 Sales Returns & Allowances200,000 Treasury Stock650,000 Unrealized Loss Short-Term Equity Investments300,000 Unearned Revenue760,000 Coffee Expense250,000 ***** Tax Rate => 20% Net Income Check6,541,600 FALSE Statement of Cash Flows - Indirect Review Balance Sheet - Selected Info.20252024 Cash12,000 2,000 Accounts Receivable125,000 65,000 Inventory1,000 8,000 Prepaid Insurance75,000 25,000 Property Plant & Equip.300,000 100,000 Accumulated Depreciation(20,000) (5,000) Accounts Payable23,000 13,000 Salaries Payable15,000 3,000 Notes Payable (Short-Term)14,000 10,000 Dividends Payable- 5,000 Bonds Payable25,000 23,000 Utilities Expense12,000 10,000 Salaries Expense25,000 13,000 Notes Payable (Long-Term)12,000 12,000 Common Stock75,000 75,000 Retained Earnings292,000 31,000 Other Information (2025): Loss on Sale of Equipment 9,000 Cash Received on Equip. Sale 3,000 Depreciation Expense70,000 Amortization Expense30,000 Dividend Paid30,000 Dividend Declared 25,000 Net Income 650,000 Create the "Operating Section" for the 2025 statement of cash flows (Indirect). Fish Corp St of CF Fish CorporationFish Corporation Balance SheetStatement of Cash Flows December 31, 20X5For the Year Ended Dec. 31, 20X5 20X520X4DifferenceOperating Activities: Assets:Net Income376,000 Cash301,00050,000251,000Adjustments to Net Income: A/R300,00070,000230,000A/R(230,000) Inventory324,000200,000124,000Inventory(124,000) Prepaids3,0005,000(2,000)Prepaids2,000 PP&E604,000600,0004,000A/P30,000 Less: Accum. Depr.(267,000)(200,000)67,000Accrued Liab. (short-term)(10,000) Total Assets1,265,000725,000Depreciation Expense70,000 Gain on Sale of Equipment(6,000) Liabilities & Stockholders' Equity:Net Cash Flows from Operating Activities108,000 A/P90,00060,00030,000 Accrued Liab. (short-term)40,00050,000(10,000)Investing Activities: Dividends Payable- 05,000(5,000)Cash Proceeds from Equipment Sale13,000 Bonds Payable150,000100,00050,000Net Cash Flows from Investing Activities13,000 Common Stock614,000500,000114,000 Retained Earnings371,00010,000Financing Activities: Total Liabilities & Stockholders' Equity1,265,000725,000Bonds Payable50,000 Common Stock100,000 Dividend Payment(20,000) Fish CorporationNet Cash Flows from Financing Activities130,000 Income Statement For the Year Ended Dec. 31, 20X5Net Cash Inflows251,000 Beginning Cash Balance50,000 Sales600,000Ending Cash Balance301,000 Cost of Goods Sold100,000 Gross Margin500,000 Selling & Admin. Exp.: Salary Expense60,000 Depreciation Expense70,000 Total Selling & Admin. Exp.130,000 Income from Operations370,000 Other Rev. & Exp. Gain on Sale of Equipment6,000 Net Income376,000 Other Information (20X5): 1) Dividends Declared => $ 15,000 2) Dividends Paid => $ 20,000 3) Equipment Sale => Cost = $ 10,000, Cash Received = $ 13,000 Accum. Depr. = $ 3,000 4) Equipment Purchased => Common Stock Issued => $14,000 Hmk 2005 Fall Bird CorporationBird Corporation Balance SheetStatement of Cash Flows December 31, 20X5For the Year Ended Dec. 31, 20X5 20X520X4DifferenceOperating Activities: Assets:Net Income567,000 Cash588,00026,000562,000Adjustments to Net Income: A/R90,000120,000(30,000)Depreciation Expense35,000 Inventory390,000200,000190,000Gain on Sale of Equipment(12,000) Prepaids1,0005,000(4,000)A/R30,000 PP&E636,000600,00036,000Inventory(190,000) Less: Accum. Depr.(232,000)(200,000)32,000Prepaids4,000 Total Assets1,473,000751,000A/P(10,000) Accrued Liab. (short-term)40,000 Liabilities & Stockholders' Equity:Net Cash Flows from Operating Activities464,000 A/P50,00060,000(10,000) Accrued Liab. (short-term)90,00050,00040,000Investing Activities: Dividends Payable20,0005,00015,000Equipment Purchased with Cash(46,000) Bonds Payable150,000100,00050,000Cash Proceeds from Equipment Sale19,000 Common Stock600,000500,000100,000Net Cash Flows from Investing Activities(27,000) Retained Earnings563,00036,000 Total Liabilities & Stockholders' Equity1,473,000751,000Financing Activities: Bonds Payable50,000 Common Stock100,000 Bird CorporationDividend Payment(25,000) Income StatementNet Cash Flows from Financing Activities125,000 For the Year Ended Dec. 31, 20X5 Net Cash Inflows562,000 Sales750,000Beginning Cash Balance26,000 Cost of Goods Sold100,000Ending Cash Balance588,000 Gross Margin650,000 Selling & Admin. Exp.: Operating Exp.60,000 Depreciation Expense35,000 Total Selling & Admin. Exp.95,000 Income from Operations555,000 Other Rev. & Exp. Gain on Sale of Equipment12,000 Net Income567,000 Other Information (20X5): 1) Dividends Declared => $ 40,000 2) Dividends Paid => $ 25,000 3) Equipment Sale => Cost = $ 10,000, Cash Received = $ 19,000 Accum. Depr. = $ 3,000 4) Equipment Purchased => $46,000 Gray Inc St of CF Fast CorporationFast Corporation Balance SheetStatement of Cash Flows December 31, 20X5For the Year Ended Dec. 31, 20X5 20X520X4DifferenceOperating Activities: Assets:Net Income376,000 Cash301,00050,000251,000Adjustments to Net Income: A/R300,00070,000230,000A/R(230,000) Inventory324,000200,000124,000Inventory(124,000) Prepaids3,0005,000(2,000)Prepaids2,000 PP&E590,000600,000(10,000)A/P30,000 Less: Accum. Depr.(267,000)(200,000)67,000Accrued Liab. (short-term)(10,000) Total Assets1,251,000725,000Depreciation Expense70,000 Gain on Sale of Equipment(6,000) Liabilities & Stockholders' Equity:Net Cash Flows from Operating Activities108,000 A/P90,00060,00030,000 Accrued Liab. (short-term)40,00050,000(10,000)Investing Activities: Dividends Payable- 05,000(5,000)Cash Proceeds from Equipment Sale13,000 Bonds Payable150,000100,00050,000Net Cash Flows from Investing Activities13,000 Common Stock600,000500,000100,000 Retained Earnings371,00010,000Financing Activities: Total Liabilities & Stockholders' Equity1,251,000725,000Bonds Payable50,000 Common Stock100,000 Dividend Payment(20,000) Fast CorporationNet Cash Flows from Financing Activities130,000 Income Statement For the Year Ended Dec. 31, 20X5Net Cash Inflows251,000 Beginning Cash Balance50,000 Sales600,000Ending Cash Balance301,000 Cost of Goods Sold100,000 Gross Margin500,000 Selling & Admin. Exp.: Salary Expense60,000 Depreciation Expense70,000 Total Selling & Admin. Exp.130,000 Income from Operations370,000 Other Rev. & Exp. Gain on Sale of Equipment6,000 Net Income376,000 Other Information (20X5): 1) Dividends Declared => $ 15,000 2) Dividends Paid => $ 20,000 3) Equipment Sale => Cost = $ 10,000, Cash Received = $ 13,000 Accum. Depr. = $ 3,000 AIF Project AIF Fall 2003 - Project Answer each of the below questions with a hand written response. 1) Why should a person care about a properly classified balance sheet? 2) List the 3 parts of the statement of cash flows. 3) What is depreciation expense? 4) What is the purpose of the closing entries? 5)Why should extraordinary items be separately disclosed on the income statement? 6)A firm's business risk increases. What will be the impact of the increased business risk to the firm's cost-of-capital? 7)What was the most interesting item