Use the following balance sheet and profit and loss statement for Associated Industries to pull the.
Use the following balance sheet and profit and loss statement for Associated Industries to pull the data and answer the questions below the financial statements: Associated Industries Balance Sheet Change 2016 2017 Assets Current Assets Cash $40,500 $12.652 Inventory $54,000 $111.500 Accounts Receivable $132,250 3151,750 Total Current Assets $227 250 s275.9021 Plant Property and Equipment $45,000 $45,000 Less: Accumulated Depreciation [$2,250 (54,500) Total Plant, Property and Equipment $42.750 $40 sool Total Assets $270,000 $316.4021 $40,500 $77,580 $40,500 577580 Liabilities and Owners' Equity Liabilities Current Liabilities Accounts Payable Total Current Liabilities Long-Term Liabilities Bank Loan Payable Total Long-Term Liabilities Total Liabilities Owners' Equity Owners' Investment Retained Earnings Total Owners' Equity Total Liabilities and Owners' Equity $135,000 $135.000 $135, bod 5135,000 $175, soos222.580 $90,000 $90,000 $4,500 $13,822 $94,500 $103 822 $270,ood 316.402 Associated Industries Profit and Loss Statement 2016 2017 Sales Activities Revenue Operating Expenses Selling Expenses Advertising $15.000 $20.000 Sales Staff Salary $75,000 $77.250 General and Administrative Rent $22500 $22.500 Utilities $11,250 $11.588 Owners' Salary $15.750 515,750 Accounting, Payroll and Legal 57.500 57.725 Depreciation $2,250 $2.250 Operating Profit $14,694 $11,800 Interest $0 $0 Profit Before Taxes $14,694 $11.800 Income Taxes $3,086 52.478 Net Profit $11.608 $9.322 1b. Create an Indirect Cash flow statement in the table below. Associated Industries Cash Flow Statement indirect method) Beginning cash Net pront Add depreciation Accts receivable increase Decrease Inventory (increase Decrease Accounts payable increased decrease) Operating Cashflow Asset activity cash flow Financing activity cash flow Owners' withdrawal Bank principal payment Total Financing activity cash flow Ending Cash 2. Explain, what has happened to the overall cash balance in the past year? (Did it Increase or decrease and by how much?) Answer: 3. What is the major contributors of cash for May 04 2022 09:54 AM
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