A simplified balance sheet for Planet Cafe Inc. contain the following amounts at the end of 2019 and 2020.
Planet Cafe Inc.
As at October 3120202019AssetsCurrent AssetsCash$13,000$8,200Accounts Receivable$11,500$11,100Prepaid Rent$3,500$1,700Food & Beverage Inventory$33,200$11,300Total Current Assets$61,200$32,300Long-Term AssetsEquipment$178,000$169,000Accumulated Depreciation$-28,000$-15,100Total Long-Term Assets$150,000$153,900Total Assets$211,200$186,200LiabilitiesCurrent Liabilities$17,700$17,700Long-Term Liabilities$25,000$43,000Total Liabilities$42,700$60,700Shareholders' EquityCommon Shares$78,000$57,000Retained Earnings$90,500$68,500Total Shareholders' Equity$168,500$125,500Total Liabilities and Equity$211,200$186,200
Assume current liabilities include only items from operations (e.g., accounts payable, taxes payable). Long-term liabilities include items from financing (e.g. bonds and other long-term liabilities). Note that the company did not sell any equipment and did not borrow any additional long-term liabilities throughout the year.
Prepare the cash flow statement for 2020 using the indirect method. Assume no dividends were declared or paid in 2020.
Do not enter dollar signs or commas in the input boxes.
Use the negative sign for a decrease in cash.
Planet Cafe Inc.
Cash Flow Statement
For the Year Ended October 31, 2020Cash Flow from OperationsNet IncomeAnswerAdjustments for Non-Cash ItemsDepreciation ExpenseAnswerChange in Current Assets and Current LiabilitiesIncrease in Accounts ReceivableAnswerIncrease in Prepaid RentAnswerIncrease in Food & Beverage InventoryAnswerNet Cash Provided (Used) by Operating ActivitiesAnswerCash Flow from Investing ActivitiesPurchase of EquipmentAnswerNet Cash Provided (Used) by Investing ActivitiesAnswerCash Flow from Financing ActivitiesIssuance of Common SharesAnswerRepayment of Long-Term LiabilitiesAnswerNet Cash Provided (Used) by Financing ActivitiesAnswerNet Increase (Decrease) in CashAnswerCash at the Beginning of the YearAnswerCash at the End of the YearAnswer
We are a professional custom writing website. If you have searched a question and bumped into our website just know you are in the right place to get help in your coursework.
Yes. We have posted over our previous orders to display our experience. Since we have done this question before, we can also do it for you. To make sure we do it perfectly, please fill our Order Form. Filling the order form correctly will assist our team in referencing, specifications and future communication.
2. Fill in your paper’s requirements in the "PAPER INFORMATION" section and click “PRICE CALCULATION” at the bottom to calculate your order price.
3. Fill in your paper’s academic level, deadline and the required number of pages from the drop-down menus.
4. Click “FINAL STEP” to enter your registration details and get an account with us for record keeping and then, click on “PROCEED TO CHECKOUT” at the bottom of the page.
5. From there, the payment sections will show, follow the guided payment process and your order will be available for our writing team to work on it.
Need this assignment or any other paper?
Click here and claim 25% off
Discount code SAVE25