Reference no: EM131326149
1) Write the journal entries for the following transactions:
a) The company acquires $200 of inventory on accounts (does not pay cash)
b) The company sells $125 of the $200 inventory purchased in transaction (a) above. The sale price is $500. The company receives $100 in cash upon the sale and the remainder on accounts receivable.
c) The company has $150 in SG&A expenses of which $50 is paid in cash and rest is owed.
d) the company has $75 depreciation expense
e) The company's customer who bought the $125 of inventory, goes bankcrupt and the company estimates that of the $400 that the company still owes only $370 will be collectible.
f) The effective tax rate is 50%. No taxes is paid in cash.
2) Create an Income Statement for the above company
3) List the changes of all Balance Sheet items as a result of the transactions a-f in question 1.
4) Create a cash flow statement for the company in question1.
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