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    SESSION 3 Practice Template

    Uploaded by

    yimin liu
    The income statement shows revenues of $1,000 and net profit of $123. Total assets increased from $850 to $999 from the prior year, with increases in cash, inventory, and equipment. Retained earnings increased from $130 to $213 due to net income of $123, which was partially offset by dividends paid of $40.

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    Download as XLSX, PDF, TXT or read online from Scribd

    SESSION 3 Practice Template

    Uploaded by

    yimin liu
    10 views7 pages
    The income statement shows revenues of $1,000 and net profit of $123. Total assets increased from $850 to $999 from the prior year, with increases in cash, inventory, and equipment. Retained earnings increased from $130 to $213 due to net income of $123, which was partially offset by dividends paid of $40.

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    Original Title

    SESSION 3 Practice Template.xlsx

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    The income statement shows revenues of $1,000 and net profit of $123. Total assets increased from $850 to $999 from the prior year, with increases in cash, inventory, and equipment. Retained earnings increased from $130 to $213 due to net income of $123, which was partially offset by dividends paid of $40.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    10 views7 pages

    SESSION 3 Practice Template

    Uploaded by

    yimin liu
    The income statement shows revenues of $1,000 and net profit of $123. Total assets increased from $850 to $999 from the prior year, with increases in cash, inventory, and equipment. Retained earnings increased from $130 to $213 due to net income of $123, which was partially offset by dividends paid of $40.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    of 7

    Income statement X2

    Sales 1,000
    Cost of goods sold -600
    Gross profit 400
    Depreciation expense -60 GV
    Other operating expenses -150
    Operating profit 190
    Interest expense -18
    Investment income 16
    Loss on sale of equipment -5
    Profit before taxes 183
    Income taxes -60
    Net profit 123

    X2 X1 Changes

    Assets
    Current assets

    Cash 65 20 45
    Accounts receivable 55 80 -25
    Prepaid expenses 8 10 -2

    Inventory 131 80 51
    Total current assets 259 190 69
    Fixed assets
    Loans 150 140 10
    Tangible assets
    Equipment 700 600 100
    Accumulated depreciation -110 -80 -30
    Equipment (net) 590 520 70
    Total fixed assets 740 660 80
    Total assets 999 850 149
    Shareholders' equity and liabilities
    Liabilities
    Current liabilities
    Trade accounts payable 136 135 1
    Income taxes payable 40 35 5
    Total current liabilities 176 170 6

    Long-term liabilities (bonds) 160 180 -20


    Total liabilities 336 350 -14
    Shareholders' equity
    Share capital 300 250 50
    Share premium 150 120 30
    Retained earnings 213 130 83
    Total shareholders' equity 663 500 163

    Total shareholders' equity and liabiliti 999 850 149

    Check 0 0 0

    Statement of retained earnings


    Retained earnings (end of Year X1) 130
    Net income Year X2 123
    Dividends paid Year X2 -40
    Retained earnings (end of Year X2) 213

    Additional information

    No loan repaid
    Sale of equipment
    . Cost 50
    . Accumulated depreciation 30
    . Sales price 15
    Repayment of debt 70
    ordinary shares of
    nominal value for 80
    Paid cash dividends in the amount of 40
    Beginning Balance Purchase Disposal Ending Balance

    Cash flow from operating activities


    (indirect method)
    Net income
    Adjustments to reconcile net
    income/loss to net cash provided
    by/used in operating activities
    Depreciation expense
    Gain/loss on disposal
    Changes in operating assets and
    liabilities
    Change in accounts receivables
    Change in inventories
    Change in prepaid expenses
    Change in accounts payable
    Change in income taxes payable
    Total adjustments
    Cash flow from operating activities 0

    Purchase of equipment
    Proceeds from sale of equipment
    Loan granted
    Net cash used in investing activitie 0

    Cash flows from financing activities


    Proceeds from issuance of shares Beginning
    Balance Increase
    Payment on long-term debt LT deb
    New debt received
    Dividends paid
    Net cash provided by in financing ac 0

    cash X1 20
    Net cash provided by in operating
    activities 0
    Net cash used in investing
    activities 0
    Net cash provided by in financing
    activities 0
    Cash X2 20
    decrease Ending Balance
    Cash flow from operating activities (indirect method)
    Net income
    Adjustments to reconcile net income/loss to net cash provided by/used in operating activities
    Depreciation expense
    Provision (except related to current assets)
    Loss on sale of equipment
    Changes in operating assets and liabilities
    Change in accounts receivables
    Change in inventories
    Change in prepaid expenses
    Change in accounts payable
    Change in income taxes payable
    Total adjustments 0

    Purchase of equipment
    Proceeds from sale of equipment
    Fixed asset payable
    Net cash used in investing activities 0

    Cash flows from financing activities


    Proceeds from issuance of shares
    Payment on long-term debt
    New debt received
    Dividends paid
    Net cash provided by in financing activities 0

    cash X1
    Net cash provided by in operating activities 0
    Net cash used in investing activities 0
    Net cash provided by in financing activities 0
    Cash X2 0
    0

    0
    0
    0
    0

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