Question

Calculate and fill in the correct amounts for all blanks in the 2019 financial statements of Baxter's Bowling Alley. Use your knowledge of the financial statement relationships to verify the accuracy of your statements upon completion Baxter's Bowling Alley Baxter's Bowling Alley Balance Sheet Income Statement As of December 31, 2019 For the Year Ended December 31, 2019 Assets Revenue Sales revenue 175,315 Cash 75,666 Interest revenue 6,600 Accounts receivable 9,370 Total revenue Office supplies 808 Equipment 93,560 Expenses Total Assets Cost of goods sold 65,150 Utilities expense 10,910 Liabilities and Stockholders' Salaries expense 31,200 Equity Supplies expense 16,885 Liabilities: Income tax expense 5,015 Accounts payable 1,655 Total expenses Salaries payable 2,854 Notes payable 13,340 Net income Total liabilities Baxter's Bowling Alley Statement of Stockholders' Equity For the Year Ended December 31, 2019 Stockholder's Equity Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity Beginning common stock Common stock issued Ending common stock 40,000 2,000 78,800 Beginning retained earnings Net income Dividends Ending retained earnings Total stockholder's equity Baxter's Bowling Alley Statement of Cash Flows For the Year Ended December 31, 2019 (12,000) Cash flows from operating activities Cash flows from investing activities 24,856 (13,942) 2,990 Cash flows from financing activities Net increase in cash Cash balance on December 31, 2018 Cash balance on December 31, 2019 61,762

Answer 1

revenue Bastex Bossuing Alley Income Statement For the year ended Dec 31, 2019 Revenue Sales revenue 175,315 Interest revenue 6600 Total 181,915 Expenses 65,150 Cost of goods sold Utilities expense 10,910 Salaries expense 31,200 Supplies ocupense 16,885 Income tax expense Total eapense). 129,160 52,755 Barter's Bocoling Alley Balance Sheet As of December 31, 2019 Assets 75,666 Cash 9,370 Accounts receivable 808 office Supplies Equipments 93,560 Total Assets 179,404 Liabilities & Stockholders Equity Liabilities: Accounts payable 1655 Salaries payable 2854 Notes payable. 13 340 Total Liabilities 17,849 Stockholder lees Equity 38000 Common Stock Retained turnings. 119555 Total Stockholdees equity_157,555 Total liabilities & Stockholdes 175,404 equity 5015 Net Income For the year Baxtees Boooling Alley Statement of stock holders Equity Ended December 31, 2019 Beginning common stock 40,000 Common Stock issued 2000 Ending common stock 38000 Beginning Retained evenings 78,800 Net Income 52,755 Dividends (122,000) Ending solained earnings 119,555 Clotal Stockholders 157,555 equity Baxteis Bowling Alley Statement cash flows For the year Ended December 31, 2019 Cash flow from operating arbvibey 24,856 cash flow from Investing activities (13,942) cash flow deom financing activities 22990 Net increase in cash 13904 Cash balance on Dec 31, 2018 61,764 Cash balance on Dec 31, 2019 75666