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Prepare a properly classified statement of financial position for Simple Company from the following account
balances on December 31, 2010.
Presented below is income statement information related to Youth Company for 2010. Prepare an income
statement for the year ended December 31, 2010
Sales 9,070,000
Purchases 5,750,000
Transportation in 150,000
Inventory beginning 1,500,000
Inventory ending 1,400,000
Uninsured flood loss 340,000
Officers’ salaries 400,000
Depreciation – building 120,000
Office supplies 60,000
Depreciation – store equipment 110,000
Store supplies 80,000
Sales salaries 500,000
Sales returns and allowances 200,000
Purchase discounts 100,000
Income tax expense 360,000
2010 2009
Assets
Cash and cash equivalents 750,000 950,000
Accounts receivable 1,750,000 1,100,000
Inventory 2,550,000 1,800,000
Prepaid expenses 100,000 150,000
Property, plant and equipment 5,300,000 4,300,000
Accumulated depreciation (1,150,000) (800,000)
Total 9,300,000 7,500,000
Additional information:
1. The statement of retained earnings for 2010 showed net income of P 1,500,000 and cash dividend paid of
P 300,000.
2. During the year, the entity purchased equipment for cash and issued share capital for cash.
Required: (Using Excel)
1. Prepare a statement of cash flows for 2010 using the indirect method.
2. Prepare a statement of financial position and income statement.
3. Name the excel file to your “LAST NAME-Comped421”
4. Email to rmarcellones@umindanao.edu.ph with Subject: Comped 421 – 3:30-5:30 (Lastname)