Eberle HW 3 - STATEMENT OF OWNER EQUITY for Illini Tap For...

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STATEMENT OF OWNER EQUITY for Illini Tap For the period: December 31, 2009 to: December 31, 2010 Excess of Market over Book Values (Market - Book) Item Subtotal Total Item: Dec. 31, 2009 Dec. 31, 2010 Change Machinery and Equipment -$29,500 -$34,500 -$5,000 Beginning of period owner equity $ 344,184 a Land $0 $5,000 $5,000 Buildings $0 -$6,000 -$6,000 Changes in contributed capital and retained earnings: Other Investments (local brewery) $40,000 $50,000 $10,000 Net Income $93,843 b Withdrawals owner/family living - 85,000 c Selected Account Balances: Capital Contributions: Current Deferred Taxes $21,626 $16,808 -$4,818 Debt forgiveness + d Non-current Deferred Taxes $3,465 $4,785 $1,320 Gifts + e Non-real estate long-term debt $214,700 $249,400 $34,700 Inheritances + f Total Equity $344,184 $355,707 $11,523 Capital Distributions: Dividends - g Other Information: Gifts - h 2010 Net Income for Illini Tap was: $93,843 Inheritances - i Total change in contributed capital and retained earnings $ 8,843 >$ 8,843 j Change in market valuation (market value over cost/basis) of: Marketable securities $ k Investments held l Machinery and equipment -$5,000 m Land $5,000 n Buildings -6,000 o Other capital assets 10,000 p Personal assets q Personal liabilities - r Total change in market valuation $ 4,000 s Change in noncurrent portion of deferred taxes - 1,320 t Total change in valuation equity = 2,680 >$ 2,680 u Total Change in Owner Equity 11,523 v End of period owner equity 355,707 w
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ST AT EMENT OF CASH FLOWS for Section Illini Tap on CFS 2010 Transactions Notes a Land and building purchase For the period: Land Cost 145,000 December 31, 2009 Building Cost 310,000 to: December 31, 2010 Cash Down Payment 91,000 I outflow Item Subtotal Total Remainder financed on 30-year loan 364,000 finance inflow CASH FLOWS FROM OPERAT ING ACT IVIT IES Inflows b Bar Equipment Purchase Cash received from business sales/receipts 531,000 Cost of new equipment 65,000 Cash received from net nonbusiness income Cash down payment 6,500 I outflow Total cash inflows from operating activities 531,000 >> $531,000 Remainder financed on 5-year loan 58,500 F inflow Outflows Cash paid for operating expenses 372,000 c Sold equipment Cash paid for operating & s.t. loan interest 900 Sale price 10,750 I- inflow Cash paid for long-term loan interest 16,600 Tax basis of equipment sold 5,750 Cash paid for purchased inputs Cash paid for other items purchased for resale d Investment in local brewery Cash paid for income and social security taxes 39,000 Original cost 85,000 Cash withdrawals for owner/family living 85,000 Current value 135,000 Total cash outflows from operating activities 513,500 >> $513,500 O Dividends received in 2008 investing inflow Net cash flows provided by operating activities $17,500 Other items: e F Principal paid on short-term loans 12,500 financing outflow CASH FLOWS FROM INVEST ING ACT IVIT IES f F Interest paid on short-term loans in cash 900 financing outflow Inflows g Family Living Withdrawals 85,000 financing outflow Cash received on sale of machinery/equipment/real estate 10,750 h O Total Cash Sales 531,000 operating inflow Cash received from sale of internally transferred capital i Principal paid on long-term loans 15,300 financing outflow Cash received from withdrawals of savings 78,750 j I Transfer from savings to checking/cash 78,750 investing inflow Cash received from sale of personal assets/retirement accts. k O
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