Completed quickly and followed instructions given. Grammar, spelling, etc. was all good as well. Thank you so much! Will hire in the future.
Comparative balance sheets for Bayshore Industries, Inc. as of December 31, year 2 and year 1 are presented below. Prepare the cash from operations section of the statement of cash flows using the DIRECT method.Bayshore Industries, Inc.Balance SheetsDecember 31, Year 2 and Year 1Year 2 Year 1 ChangeAssetsCurrent assetsCash and cash equivalents $ 216,000 $ 144,000 $ 72,000Trade receivables Ã¢â‚¬â€œ net 3,434,000 1,971,000 1,463,000Inventory 810,000 216,000 594,000Prepaid expenses 18,000 — 18,000Total current assets 4,478,000 2,331,000 2,147,000Property and equipment 7,780,000 7,740,000 40,000Less: accumulated depreciation 576,000 455,000 121,000Property and equipment Ã¢â‚¬â€œ net 7,204,000 7,285,000 (81,000)Intangibles, less accumulated amortization of $14,400 Ã¢â‚¬â€œyear 2 and $7,200 Ã¢â‚¬â€œ year 121,60028,800(7,200)Total assets $ 11,703,600 $ 9,644,800 $ 2,058,800Liabilities and StockholdersÃ¢â‚¬â„¢ EquityCurrent liabilitiesAccounts payable and accrued expenses $ 872,600 $ 396,800 $ 475,800Line of credit 108,000 90,000 18,000Current portion of long-term debt 29,000 27,000 2,000Total current liabilities 1,009,600 513,800 495,800Long-term debt 3,069,000 3,098,000 (29,000)Total liabilities 4,078,600 3,611,800 466,800StockholdersÃ¢â‚¬â„¢ equityCommon stock 9,000 9,000 0Additional paid-in capital 5,400,000 5,400,000 0Retained earnings 2,216,000 624,000 1,592,000Total stockholdersÃ¢â‚¬â„¢ equity 7,625,000 6,033,000 1,592,000Total liabilities and stockholdersÃ¢â‚¬â„¢ equity $ 11,703,600 $ 9,644,800 $ 2,058,800Statement of Income and Retained EarningsFor the year ended December 31, Year 2Net sales $ 19,800,000Cost of sales 9,000,000Gross profit on sales 10,800,000Operating expensesSelling expenses 3,600,000General and administrative expenses 4,050,000Other operating expenses 393,300Total operating expenses 8,043,300Operating income 2,756,700Other income and expensesGain/loss on property and equipment disposals 18,000Interest income 9,000Interest expense (252,000)Other income and expenses Ã¢â‚¬â€œ net (225,000)Income before income taxes 2,531,700Provision for income taxes 759,700Net income 1,772,000Retained earnings Ã¢â‚¬â€œ beginning 624,000Dividends paid 180,000Retained earnings Ã¢â‚¬â€œ ending $ 2,216,000
Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.
You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.Read more
Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.Read more
Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.Read more
Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.Read more
By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.Read more