Financial Accounting Assignment Help With Solution
Please prepare a summary set of financial statements for the financial year ending December 31, 2014 based on the case information below:
1. An investor made a contribution of $5,000,000 in capital to the company on January 1, 2013.
2. The company purchased a building for $500,000 and equipment for $1,000,000.
3. The company uses straight-line amortization on the equipment over 10 years.
4. The company purchased raw materials worth $75,000 on February 1, 2014 and then replenished raw materials at a rate of $25,000 per month for the remainder of the year.
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5. The company sold 1,000 units of final goods under a monthly contract to one customer starting February 15 with monthly deliveries on the 15th day of each month.
6. Each unit of product sells for $1,000
7. Salaries for the year were $250,000
8. All hourly wages are charged directly to production at an hourly rate of $20 per hour. It takes 10 hours of direct labor to complete one unit.
9. It takes $30.00 of raw materials to produce one unit of final goods.
10. All terms of sale are net 30 days
11. Terms on purchases are net 30 days
12. The company currently has no debt.
What we need to do is to prepare a cash flow statement and project it for 10 years assuming the following:
Prices go up by 5% per. Yr
Raw materials go up by 6% per Yr.
Labor go up 0.8% per Yr
Salaries (NO CHANGE)
Product Code :Acc18
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