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.
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