FANCY FOOTWORK COMPANY Comparative Balance Sheet 12/31/2013 and 2012 Assets 2013 Cash Receivables Inventory (ending) Plant Assets Accumulated Depreciation Long Term Investments Total Assets
$260,000 $156,000 $180,000 $160,000 ($80,000) $80,000 $756,000

2012
$230,000 $120,000 $220,000 $135,000 ($76,000) $93,000 $722,000

Difference
$30,000 $36,000 ($40,000) $25,000 ($4,000) ($13,000) $34,000

Change
Increase Increase Decrease Increase Increase Decrease Increase

Liabilities and Stockholders’ Equity 2013 Accounts Payable Accrued Liabilities Bonds Payable Common Stock Retained Earnings Total Liabilities and Stockholders’ Equity
$135,000 $30,000 $135,000 $180,000 $276,000 $756,000

2012
$122,000 $33,100 $166,000 $165,000 $235,900 $722,000

Difference
$13,000 ($3,100) ($31,000) $15,000 $40,100 $34,000

Change
Increase Decrease Decrease Increase Increase Increase

FANCY FOOTWORK COMPANY Income Statement For the Year Ended December 31, 2013 Sales Revenue Cost of goods sold Gross Margin Selling & Administrative Expenses Income From Operations Other Revenues and Gains Gain On Sale Of Investments Income Before Tax Income Tax Expense Net Income $750,000 $530,000 $220,000 $106,000 $114,000 $7,000 $121,000 $48,400 $72,600

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FANCY FOOTWORK COMPANY Statement Of Cash Flows [INDIRECT METHOD] For the Year Ended December 31, 2013 Cash Flows From Operating Activities Net Income Adjustments to reconcile net income to net cash provided by Operating Activities Depreciation Expense Gain On Sale Of Equipment Decrease In Inventory Derease In Accrued Liabilities Increase In Accounts Receivable Increase In Accounts Payable Net Cash Used By Operating Activities Cash Flows From Investing Activities Sale Of Long Term Investments [$80,000 ‐ $93,000 + $7000 Gain] Purchase of Plant Assets [($160,000 ‐ $135,000) ‐ $9,000] Net Cash Used By Investing Activities Cash Flows From Financing Activities Payment Of Bonds Payable [$135,000 ‐ $166,000] Issuance Of Common Stock [($180,000 ‐ $165,000) ‐ 9,000] Payment of Dividends Net Cash Used By Financing Activities Net Decrease In Cash Cash, Balance January 1, 2012 Cash, Balance December 31, 2012

$72,600

$4,000 ($7,000) $40,000 ($3,100) ($36,000) $13,000

$10,900 $83,500

$20,000 ($16,000) $4,000

($31,000) $6,000 ($32,500) ($57,500) $30,000 $230,000 $260,000

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