Simply Charming Inc. had the following financial information for 2013. Prepare the operating section ONLY of the statement of cash flows using the indirect method.
| Simply Charming Inc. Income Statement For Year Ended December 31, 2013 | ||
|---|---|---|
| Â | Â | Â |
| Revenue: | Â | Â |
| Â Sales Revenue | Â | 172,000 |
| Â | Â | Â |
| Expenses: | Â | Â |
| Depreciation Expense | 14,400 | Â |
| Salaries Expense | 55,000 | Â |
| Rent Expense | 14,000 | Â |
| Utilities Expense | 5,500 | Â |
| Loss on Sale of Furniture | 2,300 | Â |
| Â Total Expenses | Â | 91,200 |
| Â | Â | Â |
| Net Income | Â | 80,800 |
Â
| Simply Charming Inc. Balance Sheet December 31, 2013 | ||||||
|---|---|---|---|---|---|---|
| Â | Â | Â | Â | Â | Â | Â |
| Assets: | 2013 | 2012 | Â | Liabilities & Equity: | 2013 | 2012 |
| Cash | 596,450 | 512,700 | Â | Accounts Payable | 60,000 | 76,500 |
| Accounts Receivable | 70,000 | 105,000 | Â | Taxes Payable | 4,450 | 3,700 |
| Supplies | 3,250 | 1,000 | Â | Â Total Current Liabilities | 64,450 | 80,200 |
| Inventory | 185,000 | 200,000 | Â | Â | Â | Â |
| Â Total Current Assets | 854,700 | 818,700 | Â | Common Stock | 330,000 | 330,000 |
| Â | Â | Â | Â | Paid in capital in excess of par value, common stock | 410,000 | 410,000 |
| Furniture | 52,000 | 74,000 | Â | Â Total Paid in Capital | 740,000 | 740,000 |
| Less: Accum. Depreciation | (24,000) | (19,000) | Â | Â | Â | Â |
| Â Total Plant Assets | 28,000 | 55,000 | Â | Retained Earnings | 78,250 | 53,500 |
| Â | Â | Â | Â | Â | Â | Â |
| TOTAL ASSETS | 882,700 | 873,700 | Â | TOTAL LIABILITIES AND EQUITY | 882,700 | 873,700 |
| Description | Amount | Total |
|---|---|---|
| Subcategory,Cash Flows from Operating Activities: | ||
| Subcategory,Adjustments to reconcile net income to net cash | ||
| Single line | Single line | |
| Total Adjustment | Single lineSingle line | |
| Single lineDouble line | ||