Olive Corporation manufactures food processing equipment. Use Olive Corporation’s two most recent balance sheets and most recent income statement to prepare a statement of cash flows for 2015. The company paid dividends of $6,250 during 2015. Balance Sheet As of December 31, 2015 2014 Assets: Cash and cash equivalents $41,900 $25,000 Accounts Receivable 24,000 6,250 Inventory 30,000 36,000 Current Assets 95,900 67,250 Equipment – Gross 42,000 38,500 Less: Accumulated depreciation -14,000 -7,000 Land 25,000 10,000 Total assets $148,900 $108,750 Liabilities Accounts Payable $17,500 $22,500 Accrued Salaries Payable 5,500 8,000 Rent Expense Payable 2,200 1,000 Income Tax Payable 6,900 4,000 Current Liabilities 32,100 35,500 Long-term note payable 50,000 30,000 Total Liabilities 82,100 65,500 Stockholders’ Equity: Common stock 42,000 30,000 Retained earnings 24,800 13,250 Total liabilities and stockholders’ equity $148,900 $108,750 Income Statement For the year ended December 31, 2015 Revenues $147,000 Cost of goods sold -84,000 Gross Profit $63,000 Operating Expenses Depreciation expense -7,000 Salary expense -14,600 Insurance Expense -2,500 Rent Expense -10,000 Interest Expense -4,200 Total Operating Expenses -38,300 Income from Operations 24,700 Income Tax Expense -6,900 Net income $17,800
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