onsider the following balance sheets and income statement for Cruyff Enterprises, and compute the cash that Cruyff received from customers.
Consider the following
|
Cruyff Enterprises Balance Sheets As of December 31, 2020 and 2019 |
|
|
|
|
|
2020 |
|
2019 |
|
Assets: |
|
|
|
|
Cash |
$18,650 |
|
$ 14,900 |
|
|
42,000 |
|
36,000 |
|
Inventory |
60,500 |
|
50,000 |
|
Prepaid Rent |
3,000 |
|
1,400 |
|
Property, Plant and Equipment |
230,000 |
|
205,600 |
|
Less: |
(75,000) |
|
(65,000) |
|
Total Assets |
$279,150 |
|
$242,900 |
|
|
|
|
|
|
Liabilities and |
|
|
|
|
Accounts Payable |
$26,500 |
|
$21,000 |
|
Interest Payable |
650 |
|
400 |
|
Unearned Revenue |
7,000 |
|
10,000 |
|
Bonds Payable |
37,000 |
|
37,000 |
|
Common Stock |
20,000 |
|
15,000 |
|
Additional Paid-In Capital |
48,000 |
|
40,000 |
|
|
140,000 |
|
119,500 |
|
Total Liabilities and Stockholders’ Equity: |
$279,150 |
|
$242,900 |
|
|
|
|
|
|
Cruyff Enterprises Income Statement For the year ended December 31, 2020. |
|
|
|
|
|
Sales Revenue |
$ 470,000 |
|
|
|
|
Cost of Goods Sold |
315,000 |
|
Wage Expense |
71,000 |
|
Rent Expense |
xx,xxx |
|
Depreciation Expense |
15,000 |
|
Interest Expense |
19,000 |
|
Net Income |
yy,yyy |
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 2 images
