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Module 7 Assignment:
Amy’s Fashions ended the year 20XX with the following balance:

Amy’s Fashions					Amy’s Fashions
Comparative Balance Sheet					Comparative Income Statement
December 31, 20XX					For the Year Ended 20XX
		20XX	20WW	Increase (Decrease)		20XX
ASSETS					Revenues:
Current Assets:					sales		1,100,000
Cash and cash equivalents		140,350	95,900	44,450	Cost of Goods Sold		710,000
Accounts receivable		95,300	102,300	7,000	Gross Profit		390,000
Inventory		165,200	157,900	7,300	Operating Expenses:
Prepaid expenses		6,240	5,860	380	Depreciation	23,500
Investments (long term)		35,700	84,700	49,000	Patent Amortization	7,000
Plant Assets:					Other operating expenses	196,000
Land		75,000	90,000	15,000	Total Operating Expenses:		226,500
Buildings (net)		303,700	201,700	102,000	Income from operations		163,500
Equipment, net		279,800	290,300	10,500	Other Income:
Patents		58,000	65,000	7,000	Gain on sale of investments	11,000
Total Assets		1,159,290	1,093,660	65,630	Other Expenses:
					Interest Expense	26,000	15,000
LIABILITIES					Income before income tax		148,500
Current Liabilities:					Income tax expense		50,000
Accounts Payable		43,500	46,700	3,200	Net Income		98,500
Accrued Liabilities		14,000	12,500	1,500			98,500
Income Taxes Payable		7,900	8,400	500
Dividends Payable		14,000	10,000	4,000
Long Term Liabilities:				0
Mortgage note payable		40,000		40,000
Bonds Payable		150,000	250,000	100,000
Total Liabilities		269,400	327,600	58,200

STOCKHOLDER’S EQUITY				0
Common Stock		450,000	375,000	75,000
Additional paid in capital common		66,250	41,250	25,000
Retained Earnings		373,640	349,810	23,830
Total Stockholders’ Equity		889,890	766,060	123,830
Total Liabilities and Stockholders’ Equity		1,159,290	1,093,660	65,630



1	Using the direct method, prepare the cash flows from operations for Amy’s Fashions for the year ended 20XX.
	Amy’s Fashions
	Statement of Cash Flows Direct Method
	For the Year Ended 20XX