Statement of Cash Flows

Business and Finance homework help: Submit a paper which is 2-3 pages in length (no more than 3-pages), exclusive of the reference page. Your paper should be double spaced in Times New Roman (or its equivalent) font, which is no greater than 12 points in size. Cite at least three sources in APA format. In this paper, in addition to presenting the computed answers, please also discuss how you arrived at each answer the accounting problem asks. The accounting problem presents a company’s balance sheet, income statement, and statement of cash flows for a theoretical company, Polly’s Pet Products. Each of these statements has blank lines. Determine the values that would be appropriate for each blank line. Provide a narrative of how you arrived at each value.
Include in this narrative an explanation of:
the financial statement being completed;
the account being valued;
its relationship to the other financial data.
For example, if the accounts payable (AP) line was missing, describe what a balance sheet is and explain that you can derive the AP value based on knowing all the other values of the current liabilities section. Then explain what an account liability is, as well as why it would belong in the current liabilities section of the balance sheet. Finally, analyze, evaluate, and develop a conclusion about the company’s performance based on the completed statements. Please refer to the income statement, balance sheet, and statement of cash flows of Polly’s Pet Products. Superior papers will mention and explain the following elements when responding to the assignment question: Provide correct balances for the blank financial account lines.
Define the financial statement being completed.
Discuss how the values were determined.
Define and explain each account line that was completed.
Analyze, evaluate, and develop conclusions about the company’s performance based on the financial information. Balance Sheet
Polly’s Pet Products
Balance Sheet as of December 31, 2018
Accounts receivable 50,000
Other assets 25,000
Total current assets
Fixed Assets 75,000
Accounts payable 75,000
Accrued expenses
Income tax payable 5,000
Current portion of notes payable 12,000
Deferred income taxes 1,500
Total current liabilities 123,500
Notes payable (long term)
Common stock 5,000
Additional paid-in capital 15,000
Retained Earnings
Total stockholders’ equity

Diamond Gem Cleaning and Maintenance Service Balance Sheet Year Ended December 31, 20XX

Income Statement

Polly’s Pet Products
Income Statement as of December 31, 2018
Revenues 650,000
Operating Costs
Gross Profit 205,000
General and Administrative Expenses 75,000
Operating Income
Other Expense 60,000
Income Before Provision for Income Taxes
Provision for Income Taxes 5,000
Net Income
Retained Earnings, Beginning Balance 103,500
Net Income
Retained Earnings, Ending Balance

Diamond Gem Cleaning and Maintenance Service &”-,Bold”Statement of Income and Retained Earnings Year Ended December 31, 20XX

Stmt of Cash Flows

Polly’s Pet Products
Statement of Cash Flows as of December 31, 2018
Cash Flows from Operating Activities
Cash received from customers 600,000
Cash paid out to suppliers and employees
Interest paid (5,000)
Taxes paid (10,000)
Net cash provided by operating activities 185,000
Cash Flows from Investing Activities
Purchase of fixed assets (25,000)
Net cash used in investing activities (25,000)
Cash Flows from Financing Activities
New loans 50,000
Repayments on loans (45,000)
Issuance of common shares of stock 5,000
Net cash provided by financing activities
Net change in Cash
Cash balance, beginning of year 30,000
Cash balance, end of year

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