Required information [The following information applies to the questions display

Question

Required information [The following information applies to the questions displayed below. The following information for the year ended December 31, 2016, was reported by Nice Bite, Inc. 58,000 35,800 112,400 94,000 135,000 Accounts Payable Accounts Receivable Cash (balance on January 1, 2016) Cash (balance on December 31, 2016) Common Stock Dividends Equipment Income Tax Expense Interest Expense Inventory Notes Pavable Prepaid Rent Office Expense Retained Earnings (beginning) Salaries and Wages Expense Service Revenue Utilities Expense Salaries and Wages Payable 149,700 11,400 30,800 18,500 36,900 8,300 15,600 12,800 37,000 163,800 26,400 21,000 her cash flow information: Cash from issuing common stock Cash paid to reacquire common stock Cash paid for income taxes Cash paid to purchase long-term assets Cash paid to suppliers and employees Cash received from customers ot 34,000 38,900 12,300 65,400 98,800 163,000

Explanation / Answer

1) INCOME STATEMENT Revenues: Service revenue 163800 Total revenues 163800 Expenses: Office expense 15600 Salaries and wages expense 37000 Utilities expense 26400 Interest expense 30800 Income tax expense 11400 Total expense 121200 Net Income 42600 2) STATEMENT OF RETAINED EARNINGS Retained earnings, January 1, 2016 12800 Net income for the year 42600 Retained earnings, December 31, 2016 55400 3) BALANCE SHEET ASSETS Current Assets: Cash 94000 Accounts receivable 35800 Inventory 18500 Prepaid rent 8300 Total current liabilities . 156600 Equipment 149700 TOTAL ASSETS 306300 TOTAL LIABILITIES & STOCKHOLDERS' EQUITY Current liabilities: Accounts payable 58000 Notes payable 36900 Salaries and wages payable 21000 Total current liabilities 115900 Stockholders' equity: Common stock 135000 Retained earnings 55400 190400 Total liabilities & stockholders' equity 306300 4) STATEMENT OF CASH FLOWS Cash flows from operating activities: Cash received from customers 163000 Cash paid to suppliers and employees -98800 Cash paid for income taxes -12300 Net cash flow from operating activities 51900 Cash flows from investing activities: Cash paid to purchase long term assets -65400 Net cash used by investing activities -65400 Cash flows from financing activities: Cash from issuing common stock 34000 Cash paid to reacquire common stock -38900 Net cash used by financing activities -4900 Decrease in cash -18400 Cash (balance on January 1, 2016) 112400 Cash (balance onDecember 31, 2016) 94000 1-a) Amount of total assets financed by creditors and stockholders: Financed by creditors 115900 Financed by stockholders 190400 1-b) Stockholders 1-c) Income statement 2-a) Retained earnings as of December 31, 2016 55400 2-b) Arise primarily from current year earnings 2-c) Statement of retained earnings

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