2023 Olive Corporation manufactures food processing equipment Use Olive Corporation s two most recent balance sheets | Assignments Online

        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