ACC 201 Homework 7 correct

16200 cost 1 bakers hours 150 1800 cost 2 cost 3 cost

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16,200 Cost 1: Baker's hours 150 1,800 Cost 2: Cost 3: Cost 4: 0 0 Cost 5: 0 0 Cost 6: Cost 7: Rent 100 1,200 Cost 8: Manager Salary 100 1,200 Cost 9: Advertising 350 4,200 Cost 10: Insurance 100 1,200 Cost 11: 0 0 Cost 12: 0 0 Cost 13: Cost 14: Accounting fees 100 Cost 15: Interest payments 40 Cost 16: Cost 17: Cost 18: Permits/Licensing/Busin. Exp. 300 300 Cost 19: Miscellaneous 500 500 Cost 20: 0 0 Cost 21: 0 0 Cost 22: Cash flow from operations -250 5,660 0 0 0 0 5,660 Sale of assets Cost 23: Land Cost 24: Building Cost 25: Equipments 1300 1,300 Cash flow from investments -1,300 -1,300 0 0 0 0 -1,300 Owner financing 1927 1,927 Debt financing 1000 1,000 Debt retirement Dividend payment Cash flow from financing 2,927 2,927 0 0 0 0 2,927 Ending cash 1,377 7,287 7,287 7,287 7,287 7,287 7,287 Income Statements for Y1 Y2 Y3 Y4 Y5 Y:1-5 Recognized Revenues 1350 16,200 Matching Expenses Cost 1: Baker's hours 150 1,800 Cost 2: Cost 3: Cost 4: 0 0 Cost 5: 350 4,200 Cost 6: Cost 7: Rent 100 1,200 Cost 8: Manager Salary 100 1,200 Cost 9: Advertising 350 4,200 Cost 10: Insurance 100 1,200 Cost 11: 0 0 Cost 12: 0 0 Cost 13: Cost 14: Accounting fees 8 96 Cost 15: Interest payments 6.67 80 Cost 16: Cost 17: Cost 18: Permits/Licensing/Busin. Exp. 300 300 Cost 19: Miscellaneous 500 500 Cost 20: 0 0 Cost 21: 0 0 Cost 22: Depreciation of cost 24-25 19.16667 230 Total expenses 1,984 15,006 0 0 0 0 15,006 Earnings = Net Income -634 1,194 0 0 0 0 1,194 Balance Sheets at the end of Y1 Y2 Y3 Y4 Y5 Use of Funds Current assets Cash 1377 7,287 A/C Receivable 0 Inventories 0 Total current assets 1377 7,287 0 0 0 0 Long-term assets Land Building Equipments 1300 1,300 Less Accumulated depreciation 19.16667 230 Total long-term assets 1280.833 1,070 0 0 0 0 Total Assets 2658 8,357 0 0 0 0 Source of Funds Current liabilities A/C Payable 15.00 Notes Payable Total current liabilities 15.00 0.00 Long-term liabilities Loan payable 1000 1,000 Bonds payable Total long-term liabilities 1000 1000 Contributed capital 1927 1927 Total contributed capital 1927 1,927 0 0 0 0 Retained earnings Beginning Retained Earnings 0 0 Earnings -284 1,194 Less Dividends 0 0 Total retained earnings -284 1194 Total Liabilities + Owner's Equity 2,658 4,121 0 0 0 0
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