The company has paid dividend of Rs 10,000 which is calculated as follows:-
Retained earnings a/c |
|||
To, dividend paid (balancing figure) |
10,000 |
By, balance b/d |
31,000 |
By, P & L |
14,000 |
||
By, balance c/f |
35,000 |
Income Statement for the year 2018 |
|
Revenue |
|
Accounting Fees |
100,000 $ |
Total (A) |
100,000 $ |
Expenses |
|
Salary Expenses |
40,000 $ |
Rent Expenses |
24,000 $ |
Interest expenses |
6,000 $ |
Depreciation expenses |
10,000 $ |
Total (B) |
80,000 $ |
Net Income before tax |
20,000 $ |
Less:- Taxes payable |
(6,000) $ |
Net income after taxes |
14,000 $ |
Balance Sheet for the year ended 2018 |
|
Assets |
|
Non Current Asset |
|
Equipment(net of depreciation) |
130,000 |
Current Asset |
|
Accounts receivable |
50,000 |
Prepaid Rent |
3,000 |
Cash |
20,000 |
Total |
203,000 |
Equity & Liabilities |
|
Equity |
|
Common Stock |
2,000 |
Other paid in capital`` |
18,000 |
Retained Earnings |
35,000 |
Non Current liabilities |
|
Notes Payable |
70,000 |
Current liabilities |
|
Accounts payable |
70,000 |
Salaries payable |
5,000 |
Taxes payable |
3,000 |
Total |
203,000 |
Cash Flow Statement for year ended 2019 |
|
Particulars |
Amount |
CASH FLOW FROM OPERATING ACTIVITIES |
|
Net profit after taxes |
14,000 |
(+) Taxation |
6,000 |
(+) Depreciation |
10,000 |
(+) interest paid |
6,000 |
Operating profit before working capital changes |
36,000 |
(-) Increase in Accounts receivable |
(8,000) |
(+) Decrease in prepaid rent |
1,000 |
(+) Increase in Accounts payable |
30,000 |
(-) decrease in salaries payable |
(5,000) |
Operating profit before tax |
54,000 |
(-) Taxes paid |
(3,000) |
Cash Flow from Operating Activities (A) |
51,000 |
CASH FLOW FROM INVESTING ACTIVITIES |
|
Equipment purchased |
(10,000) |
Cash Flow from Investing Activities (B) |
(10,000) |
CASH FLOW FROM FINANCING ACTIVITIES |
|
Interest paid |
(6,000) |
Dividend paid |
(10,000) |
Proceed from common stock |
1,500 |
Proceed from other paid in capital |
13,500 |
Notes repaid |
(30,000) |
Cash Flow From Financing Activities (C) |
(31,000) |
Net cash flow from Operations (A+B+C) |
(10,000) |
Opening balance of Cash |
10,000 |
Closing Cash Balance |
20,000 |
Owners' Equity Homework Problem 1° The following balances are from the Cheyenne's Accounting Company 2017 2018...
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