DELILAH'S DELUXE DOGGIE DAYSPA provides the following information. ...
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Accounting
DELILAH'S DELUXE DOGGIE DAYSPA provides the following information.
DELILAH'S DELUXE DOGGIE DAYSPA | ||
INCOME STATEMENT | ||
| For the Year Ended | |
| 12/31/2021 | 12/31/2022 |
Service Revenue | $ 361,500 | $ 512,100 |
Expenses: |
|
|
Rent Expense | 28,000 | 32,000 |
Salaries Expense | 166,800 | 232,225 |
Insurance Expense | 6,000 | 9,000 |
Supplies Expense | 12,200 | 22,805 |
Depreciation Expense | 24,500 | 38,870 |
Total Operating Expenses | 237,500 | 334,900 |
Net Income from Operations | $ 124,000 | $ 177,200 |
Other Revenues and Expenses: |
|
|
Interest Expense | (3,750) | (3,750) |
Loss on sale of equipment |
| (17,500) |
| (3,750) | (18,750) |
Net Income before Taxes | $ 120,250 | $ 158,450 |
Income Tax Expense | 11,000 | 30,000 |
Net Income | $ 109,250 | $ 125,950 |
DELILAH'S DELUXE DOGGIE DAYSPA | ||
BALANCE SHEET | ||
|
|
|
| 12/31/2021 | 12/31/2022 |
|
|
|
Assets |
| |
|
|
|
Current Assets |
|
|
Cash | $ 20,500 | $ 26,870 |
Accounts Receivable | 14,000 | 26,900 |
Supplies | 1,300 | 12,500 |
Prepaid Insurance | 9,000 | 6,000 |
Total Current Assets | $ 44,800 | $ 72,270 |
|
|
|
Non-Current Assets |
|
|
Land |
| $ 75,000 |
Equipment | $ 245,000 | 375,000 |
Accumulated Depreciation - Office Equipment | (24,500) | (50,870) |
Total Non-Current Assets | 220,500 | 399,130 |
Total Assets | $ 265,300 | $ 471,400 |
Liabilities |
| |
|
|
|
Current Liabilities |
|
|
Accounts Payable | $ 12,500 | $ 9,500 |
Interest Payable | 3,750 | 6,800 |
Salaries Payable | 1,800 | 3,400 |
Total Current Liabilities | $ 18,050 | $ 19,700 |
|
|
|
Long-term Liabilities |
|
|
Notes Payable |
| $ 25,000 |
Bonds Payable | 100,000 | 125,000 |
Total Long-term Liabilities | 100,000 | 150,000 |
|
|
|
Total Liabilities | $ 118,050 | $ 169,700 |
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|
|
Stockholders' Equity |
|
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|
|
|
Capital Stock | $ 50,000 | $ 100,000 |
Retained Earnings | 97,250 | 201,700 |
Total Stockholders' Equity | 147,250 | 301,700 |
|
|
|
Total Liabilities + Stockholders' Equity | $ 265,300 | $ 471,400 |
Additional information for 2021: |
1. Delilah's began business 1/1/2021 |
2. Equipment was purchased for cash in 2021 |
Additional information for 2022: |
The equipment sold in 2022 had a cost of $100,000 and accumulated depreciation of $12,500 Equipment was purchased for cash in 2022 The land was acquired by issuing stock in the amount of $50,000 and issuing a note payable for $25,000. No bonds were redeemed in 2022. If dividend paid, it is paid in cash. |
Please answer the following questions:
1. How much cash is provided by operating activities in 2022?
2. How much cash is received from the sale of equipment in 2022?
3. How much cash is used for purchasing equipment in 2022?
4. How much cash is paid for dividend in 2022?
5. There is a net ________ (please fill in "increase" or "decrease" in the blank) in cash for the year of 2022.
6. How much is the net change in cash for the year of 2022?
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