15 the bbq barn went into business on january 1 2007 the following selected informat 4352228

15.The BBQ Barn went into business on January 1, 2007. The following selected information is available at December 31, 2007.  There are no other payables other than wages at December 31, 2007.

Sales revenue for the year$300,000

Cash on hand at 31-20078,000

Contributed capital50,000

Wages payable at year end15,000

Cash received from customers during the year190,000

Dividends paid during the year8,000

Expenses incurred during the year (depreciation expense = $0)195,000

Cash paid to buy long-term assets during the year25,000

Accounts receivable at year end?

Determine the correct amount for each of the following:

a.What is the amount of net income?

b.What is the amount of cash paid for expenses during the year?

c.What is the net cash flow from operating activities for the year?

16.Sportsmans’, Inc., has the following account balances. Identify the future cash flow implications of each account balance. The first one is completed as an example.

Account BalanceImplication for Future Cash Flow

a.Accounts receivable, $40,000$40,000 of cash should be received from customers during the next fiscal year.

b.Wages payable, $6,000

c.Retained earnings, $9,000

d.Inventory, $45,000

e.Buildings, $95,000

f.Unearned revenue, $7,500

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