Excel Steel Company
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Excel Steel Company |
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Comparative Balance Sheet |
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12/31/22 |
12/31/21 |
Change |
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Cash |
20,000.00 |
30,500.00 |
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Accounts receivable |
17,000.00 |
13,000.00 |
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Inventory |
25,000.00 |
20,000.00 |
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Supplies |
900.00 |
500.00 |
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Prepaid insurance |
800.00 |
2,000.00 |
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Equipment, net of accumulated depreciation |
36,000.00 |
40,000.00 |
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Total assets |
99,700.00 |
106,000.00 |
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Accounts payable |
35,000.00 |
41,000.00 |
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Salaries payable |
13,000.00 |
16,000.00 |
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Common stock, $10 par value |
25,000.00 |
25,000.00 |
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Additional paid-in capital |
14,000.00 |
14,000.00 |
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Retained earnings |
12,700.00 |
10,000.00 |
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Total liabilities and stockholders’ equity |
99,700.00 |
106,000.00 |
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Excel Steel Company, Inc. |
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Income Statement |
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Fiscal Year Ending 12/31/2022 |
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Sales |
70,000.00 |
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Cost of goods sold |
30,000.00 |
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Gross profit |
40,000.00 |
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Salary expense |
10,000.00 |
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Supplies expense |
1,000.00 |
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Insurance expense |
20,000.00 |
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Depreciation expense |
4,000.00 |
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Total Operating Expenses |
35,000.00 |
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Net income |
5,000.00 |
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(A) Using the direct method, prepare the operating activities section of the statement of cash flows |
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for the year ended December 31, 2022 (recommend using the chart in item B below) |
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(B) Enter the appropriate amounts in the designated cells below. Indicate negative numbers using parenthesis such as (1,000). |
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( C ) Show your calculations for each value you present in the chart below |
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Cash flows from operating activities |
Amount |
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1. Cash received from customers |
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2. Cash paid to purchase inventory |
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3. Cash wages paid to employees |
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4. Cash paid for supplies |
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5. Cash paid for insurance |
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6. Net cash flow from operating activities |
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