FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Consider the following balance sheets and income statement for Cruyff Enterprises, and compute the cash that Cruyff received from customers.

 

Cruyff Enterprises

Balance Sheets

As of December 31, 2020 and 2019

 

 

 

 

 

2020

 

 

2019

Assets:

 

 

 

Cash

$18,650 

 

$ 14,900

Accounts Receivable

42,000

 

36,000

Inventory

60,500

 

50,000

Prepaid Rent

3,000

 

1,400

Property, Plant and Equipment

230,000

 

205,600

Less: Accumulated Depreciation

(75,000)

 

(65,000)

Total Assets

$279,150

 

$242,900

 

 

 

 

Liabilities and Stockholders’ Equity:

 

 

 

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

Retained Earnings

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

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