Sotus Company - The Income Statement for The Year Ended Report Writing - Accounting and Finance Assignment Help

Assignment Task:

Task:

PROBLEM 1 (You can use excel to show your solutions)
Sotus Company provided the following informations at year-end:

  2018 2017
Accounts Receivable 310,000.00 340,000.00
Inventory 980,000.00 920,000.00
Accounts Payable 190,000.00 260,000.00
Accrued Expense 250,000.00 170,000.00
The income statement for the year ended December 31. 2018 showed the following data:
Net income 1,060,000.00
Depreciation 120,000.00
Amortization of patent 40,000.00
Gain on sale of land 100,000.00

PROBLEM 2 (You can use excel to show your solutions)
MaxTul Company reported in the statement of cash flows for the current year cash flows from operations of Php 920,000. The following items also appear on the statement of financial position and income statement:

Depreciation Expense 200,000.00
Increase in Accounts Receivable 60,000.00
Decrease in Inventory 140,000.00
Decrease in Accounts Payable 40,000.00

REQUIRED:
COMPUTE FOR THE NET INCOME FOR THE YEAR.

PROBLEM 3 (You can use excel to show your solutions)
Fortune Corporation’s comparative balance sheet for current assets and liabilities was as follows: Dec. 31, 2012 Dec. 31, 2011 Accounts receivable 7,500 5,200 Inventory 11,500 16,000 Accounts payable 4,300 5,200 Dividends payable 4,000 3,000 Adjust 2012 net income of $65,000 for changes in operating assets and liabilities to arrive at cash flows from operating activities using the indirect method. Fortune Corporation’s comparative balance sheet for current assets and liabilities was as follows: Dec. 31, 2012 Dec. 31, 2011 Accounts receivable 7,500 5,200 Inventory 11,500 16,000 Accounts payable 4,300 5,200 Dividends payable 4,000 3,000 Adjust 2012 net income of $65,000 for changes in operating assets and liabilities to arrive at cash flows from operating activities using the indirect method. Fortune Corporation’s comparative balance sheet for current assets and liabilities was as follows: Dec. 31, 2012 Dec. 31, 2011 Accounts receivable 7,500 5,200 Inventory 11,500 16,000 Accounts payable 4,300 5,200 Dividends payable 4,000 3,000 Adjust 2012 net income of $65,000 for changes in operating assets and liabilities to arrive at cash flows from operating activities using the indirect method. Fortune Corporation’s comparative balance sheet for current assets and liabilities was as follows: Dec. 31, 2012 Dec. 31, 2011 Accounts receivable 7,500 5,200 Inventory 11,500 16,000 Accounts payable 4,300 5,200 Dividends payable 4,000 3,000 Adjust 2012 net income of $65,000 for changes in operating assets and liabilities to arrive at cash flows from operating activities using the indirect method. Fortune Corporation’s comparative balance sheet for current assets and liabilities was as follows: Dec. 31, 2012 Dec. 31, 2011 Accounts receivable 7,500 5,200 Inventory 11,500 16,000 Accounts payable 4,300 5,200 Dividends payable 4,000 3,000 Adjust 2012 net income of $65,000 for changes in operating assets and liabilities to arrive at cash flows from operating activities using the indirect method. Fortune Corporation’s comparative balance sheet for current assets and liabilities was as follows: Dec. 31, 2012 Dec. 31, 2011 Accounts receivable 7,500 5,200 Inventory 11,500 16,000 Accounts payable 4,300 5,200 Dividends payable 4,000 3,000 Adjust 2012 net income of $65,000 for changes in operating assets and liabilities to arrive at cash flows from operating activities using the indirect method.Fortune Corporation’s comparative balance sheet for current assets and liabilities was as follows: Dec. 31, 2012 Dec. 31, 2011 Accounts receivable 7,500 5,200 Inventory 11,500 16,000 Accounts payable 4,300 5,200 Dividends payable 4,000 3,000 Adjust 2012 net income of $65,000 for changes in operating assets and liabilities to arrive at cash flows from operating activities using the indirect method.Dorman Company reported the following data: Net income $225,000 Depreciation expense 25,000 Gain on disposal of equipment 20,500 Decrease in accounts receivable 14,000 Decrease in account payable 3,600 Prepare the Cash Flows from Operating Activities section of the statement of cash flows using the indirect method.Dorman Company reported the following data: Net income $225,000 Depreciation expense 25,000 Gain on disposal of equipment 20,500 Decrease in accounts receivable 14,000 Decrease in account payable 3,600 Prepare the Cash Flows from Operating Activities section of the statement of cash flows using the indirect method.Dorman Company reported the following data: Net income $225,000 Depreciation expense 25,000 Gain on disposal of equipment 20,500 Decrease in accounts receivable 14,000 Decrease in account payable 3,600 Prepare the Cash Flows from Operating Activities section of the statement of cash flows using the indirect method.Pete About Aboyz Company reported the following data: Net income 225,000
Depreciation expense 25,000
Gain on disposal of equipment 20,500
Decrease in accounts receivable 14,000
Decrease in account payable 3,600
Prepare the Cash Flows from Operating Activities section of the statement of cash flows using the indirect method.

PROBLEM 4 (You can use excel to show your solutions)
Kasetsart Corporation is a manufacturer of home furnishings. Selected financial information about Luke is listed below:

Purchase of Equipment ? 20,000.00
Payments on Loan ? 12,000.00
Decrease in Accrued Expenses ? 1,295.00
Decrease in Accounts Payable ? 919.00
Payment of Dividends ? 600.00
Increase in Prepaid Expenses ? 142.00
Increase in Inventory ? 107.00
Increase in Salaries Payable ? 320.00
Decrease in Accounts Receivable ? 663.00
Loss on Sale of Equipment ? 3,000.00
Proceeds from Loan ? 4,000.00
Net Income ? 6,300.00
Proceeds from Sale of Equipment ? 7,000.00
Proceeds from Sale of Common Stocks ? 10,000.00
Depreciation Expense ? 14,400.00

Use the above information to calculate Kasetsart’s:
a. cash used or provided by operating activities

b. cash used or provided by investing activities

c. cash used or provided by financing activities

PROBLEM 5
Instructions:
1. Write your answers on a clean sheet of paper. Any paper will do.
2. Follow the format in preparing the Shareholders’ Equity.
3. Take a picture of your output. Then attach it below.
Chatuchak Corporation manufactures food processing equipment. Use Chatuchak Corporation’s two most recent balance sheets and most recent income statement to prepare a statement of cash flows for 2019.

Chatuchak Corporation
Balance Sheet
As of December 31, 2019

2019 2018
Cash and cash equivalents 83,800 50,000
Accounts Receivable 48,000 12,500
Inventory 60,000 72,000
Current Assets 191,800 134,500
Equipment 84,000 77,000
Less: Accumulated depreciation - 28,000 - 14,000
Land 50,000 20,000
Total assets 297,800 217,500
Liabilities
Accounts Payable 35,000 45,000
Accrued Salaries Payable 11,000 16,000
Rent Expense Payable 4,400 2,000
Income Tax Payable 13,800 8,000
Current Liabilities 64,200 71,000
Long-term note payable 100,000 60,000
Total Liabilities 164,200 131,000
Stockholders’ Equity:
Common stock 84,000 60,000
Retained earnings 49,600 26,500
Total liabilities and stockholders’ equity 297,800 217,500

Chatuchak Corporation
Income Statement
For the year ended December 31, 2010
Revenue 294,000
Cost of goods sold 168,000
Gross profit 126,000
Operating expenses
Depreciation expense 14,000
Salary expense 29,200
Insurance expense 5,000
Rent expense 20,000
Operating Profit 57,800
Interest expense 8,400
EBT 49,400
Taxes 13,800
Net income 35,600

The company paid dividends of 12,500 during 2019.
Note: Disregard the changes in Retained Earnings in computing the financing activity.

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