Select financial statement information and additional data for Stanislaus C.

Statement of cash flow preparationSelect financial statement information and additional data for Stanislaus C. is presented below. Prepare a statement of cash flow for the year ending December 31, 2014December 312013 2014Cash $ 42,300 $ 65,000Account receivable (net) 84,000 144,000Inventory 168,000 206,000Land 58,800 21,000Equipment 504,000 789,600TOTAL $856,800 $1.226400Accumulated depreciation $84,000 $115,600 Account payable 50,400 86,000Note payable-short term 67,200 29,400Note payable-long term 168,000 302,400Common stock 420,000 487,200Retained earnings 67,200 205,800TOTAL $856,800 $1.226400Additional data for 20141. net income was 220,0002. Depreciation was 31,6003. Land was sold at its original cost4. Dividends of 81,600 were paid5. Equipment was purchased for 84,000 cash6. A long- term note for 201,600 was used to paid for an equipment purchase7. Common stock was issued to pay a 67,200 long term note payableExercise 2Income statement and retained earnings statement.Porter corp capital structure consists of 50,000 shares of common stock. At December 31, 2014 an analyst of the account and discussions with company officials revealed the following information:Sale revenue $1,200,000Earthquake loss(net of tax) (extraordinary item) 56,000Selling expenses 128,000Cash 60,000Account receivable 90,000Common stock 200,000Cost of goods sold 701,000Accumulated depreciation –machinery 180,000Dividend revenue 8,000Unearned service revenue 4,400Interest payable 1,000Land 370,000Patents 100,000Retained earnings, january1,2014 290,000Interest expense 17,000Administrative expenses 170,000Dividends declared 24,000Allowance for doubtful account 5,000Note payable (maturity 7/1/17) 200,000Machinery 450,000Materials 40,000Account payable 60,000The amount of income taxes applicable to ordinary income was $57,600, excluding the tax effect of the earthquake loss which amounted to $24,000Instructions1. prepare a multiple-step income statement2- prepare a retained earnings statement.

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