Peter who is self-employed has the following income and expenses during the year: Business Income 115,000...
Peter who is self-employed has the following income and expenses during the year:
| Business Income | 115,000 |
| Interest Income | 1,500 |
| Dividend Income | 2,200 |
| Hobbies | 550 |
| Recreational Expenses | 5,500 |
| Vacation Expenses | 2,500 |
| Alimony | 950 |
| Healthcare Cost | 5,250 |
| Clothing Expenses | 780 |
| Insurance Cost | 6,250 |
| Food Expenses | 8,275 |
| Taxes | 1,150 |
| Furniture Cost | 12,000 |
| Debt Repayment | 22,000 |
| New Debt Taken | 2,575 |
| Retirement investments | 15,500 |
What is the total cash flow during the year?
|
$56,070 |
||||||||||||||
|
$40,570 |
||||||||||||||
|
$47,700 |
||||||||||||||
|
$61,550 What is the net cash flow during the year?
|
Homework Answers
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Peter who is self-employed has the following income and expenses
during the year:
Business
Income
115,000...
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Using the following financial information, create an income statement reflecting business activity during the year, and a balance sheet reflecting the firm's end-of-year financial position. Financial Information All values are end-of-year unless otherwise stated Accounts Payable 12,000 Accounts Receivable 10,000 Accruals 10,000 Accumulated Depreciation 100,000 Beginning-of-year Inventory 50,000 Beginning-of-year Retained Earnings 120,000 Cash 7,000 Common Stock 121,500 Cost of Goods Sold 200,000 Current Portion of Long Term Debt 1,500 Depreciation Expense 25,000 Dividends 40,000 Gross Property, Plant, and Equipment 400,000...
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