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Posted by: Homeworkhelp
Price Quoted by Student: $5
Posted On: 2011-01-17 02:02:53
 
Question

Kids ‘n Caboodle, a children’s clothing store, had the following cash receipts and disbursements for it’s first year of operations:

 

Receipts:

            Cash sales                                            $155,000

            Loan proceeds                            21,000

                        Total receipts                $176,000

Disbursements:

            Merchandise purchases (all sold this year)          84,000

            Wages                                                              33,000

            Rent and lease payments                                               22,000

            Other operating outlays                                       7,900

            Purchase equipment                                          10,500

                        Total disbursements                              157,400

            Increase in Cash Balance                                               $18,600

The store has no accounts receivable (it accepts only cash or bank cards for payment). At year-end, an employee had earned $200, which the store had not yet paid. Also, at year-end, the store had not paid most recent utilities bills, which totaled $150.

Required:

Prepare a cash flow statement for the year, Income statement, and balance sheet.


Solutions
SOLUTION Cash Flow Statement Par
Price $5
Attachment 1: Kids n Caboodle, a children.doc
Solution Posted By: Homeworkhelp    Posted on: 17-01-2011