Accounting -From the Journal entries, please make sure all the Income Statement

| January 30, 2017

From the Journal entries, please make sure all the Income Statement, Balance Sheets correlate and complete the Statement of Cash Flows for the Excel program.
Company: Baby Company
Journal Entries
2015, April Account Debit Credit
1 Cash 120,000
Company’s capital 120,000
2 Rent 6,000
Cash 6,000
3 License Fees and Tax 1,800
Cash 1,800
4 Machine and Equipment 60,000
Cash 40,000
Notes payable 20,000
5 Office furniture and fixtures 14,100
Accounts payable 14,100
6 Raw materials 12,000
Cash 7,000
Accounts payable 5,000
7 Legal and professional fees 2,500
Cash 2,500

Income Statement
Baby Company
For the year ended 31 December 2015
Financial Statements in U.S. Dollars
Gross Sales 360000
Less: Sales Returns and Allowances 0
Net Sales 360000
Cost of Goods Sold
Beginning Inventory 180000
Add: Purchases 65000
Freight-in 0
Direct Labor 40100
Indirect Expenses 25400
Inventory Available 310500
Less: Ending Inventory 11000
Cost of Goods Sold 299500
Gross Profit (Loss) 60500
Advertising 4100
Amortization 0
Bad Debts 0
Bank Charges 1250
Charitable Contributions 0
Commissions 0
Contract Labor 2500
Depreciation 5620
Dues and Subscriptions 0
Employee Benefit Programs 0
Insurance 2510
Interest 5800
Legal and Professional Fees 2500
Licenses and Fees 1400
Miscellaneous 6500
Office Expense 2000
Payroll Taxes 400
Postage 0
Rent 48000
Repairs and Maintenance 2500
Supplies 5600
Telephone 1200
Travel 1100
Utilities 2500
Vehicle Expenses 200
Wages 4500
Total Expenses 100180
Net Operating Income (39680)
Other Income
Gain (Loss) on Sale of Assets 0
Interest Income 0
Total Other Income 0

Balance Sheet with Ratios
Current Assets Current Liabilities
Cash $120,000 Accounts payable $250,000
Accounts receivable 80,000.00 Short-term notes 120,000.00
(less doubtful accounts) 0.00 Current portion of long-term notes 0.00
Inventory 25,000.00 Interest payable 50,000.00
Temporary investment 50,000.00 Taxes payable 0.00
Prepaid expenses 20,000.00 Accrued payroll 0.00
Total Current Assets $295,000 Total Current Liabilities $420,000
Fixed Assets Long-term Liabilities
Long-term investments 120,000.00 Mortgage 0.00
Land 110,000.00 Other long-term liabilities 150,000.00
Buildings 80,000.00 Total Long-Term Liabilities $150,000
(less accumulated depreciation) 0.00
Plant and equipment 60,000.00 Total Liabilities $570,000
(less accumulated depreciation) 12,000.00
Statement of Cash Flows
[Name] [Time Period]
Cash flows from operating activities
Cash received from customers
Cash paid for merchandise
Cash paid for wages and other operating expenses
Cash paid for interest
Cash paid for taxes
Net cash provided (used) by operating activities
Cash flows from investing activities
Cash received from sale of capital assets (plant and equipment, etc.)
Cash received from disposition of business segments
Cash received from collection of notes receivable
Cash paid for purchase of capital assets
Cash paid to acquire businesses
Net cash provided (used) by investing activities
Cash flows from financing activities
Cash received from issuing stock
Cash received from long-term borrowings
Cash paid to repurchase stock
Cash paid to retire long-term debt
Cash paid for dividends
Net cash provided (used) in financing activities
Increase (decrease) in cash during the period
Cash balance at the beginning of the period
Cash balance at the end of the period
Furniture and fixtures 14,100.00 SHAREHOLDERS’ EQUITY
(less accumulated depreciation) 1,100.00 Capital stock 122,200.00
Total Net Fixed Assets $397,200 Retained earnings
Total Shareholders’ Equity $122,200
Balance Sheet Check OK
Current Ratio 0.70
Quick Ratio 0.64
Cash Ratio 0.29
Working Capital $(125,000)
Net Income (Loss)

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