2. Selected financial statement information and additional data for Sunlight Co. is presented below. Prepare a statement of cash flows for the year ending December 31, 2020. December 31 2019 2020 Cash., Accounts receivable (net) Inventory Land $42,000 84,000 168,000 58,800 504.000 $856.800 $60,000 144,200 206,600 26,000 789,600 $1.226.400 Equipment. TOTAL Accumulated depreciation. Accounts payable Notes payable - short-term Notes payable - long-term. Common stock. Retained earnings. TOTAL $84,000 50,400 67,200 168,000 420,000 67.200 $856.800 $110,600 91,000 29,400 302,400 487,200 205.800 $1.226.400 Additional data for 2020: 1. Net income was $230,200 2. Depreciation was $26,600. 3 Land was sold at its original cost. 4. Dividends of $91,600 were paid S. Equipment was purchased for $84,000 cash. 6. A long-term note for $201,600 was used to pay for an equipment purchase. 7. Common stock was issued to pay a $67,200 long-term note payable

2. Selected financial statement information and additional data for Sunlight Co. is presented below. Prepare a statement of cash flows for the year ending December 31, 2020. December 31 2019 2020 Cash., Accounts receivable (net) Inventory Land $42,000 84,000 168,000 58,800 504.000 $856.800 $60,000 144,200 206,600 26,000 789,600 $1.226.400 Equipment. TOTAL Accumulated depreciation. Accounts payable Notes payable - short-term Notes payable - long-term. Common stock. Retained earnings. TOTAL $84,000 50,400 67,200 168,000 420,000 67.200 $856.800 $110,600 91,000 29,400 302,400 487,200 205.800 $1.226.400 Additional data for 2020: 1. Net income was $230,200 2. Depreciation was $26,600. 3 Land was sold at its original cost. 4. Dividends of $91,600 were paid S. Equipment was purchased for $84,000 cash. 6. A long-term note for $201,600 was used to pay for an equipment purchase. 7. Common stock was issued to pay a $67,200 long-term note payable

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Given the following data from company def, using the direct method of cash flows the company would have determined its cash inflow to be: $30,000.00 Accounts receivable, at 12/31/2018 $20,000.00 Accounts receivable, at 12/31/2019 $507,000.00 Sales for year 2019 $357,000.00 Gross Profit A) 497,000 B) 367,000 C) 347,000 D) 517,000
How does Accounts Payable impact Declan's Designs' 2022 Statement of Cash Flows?
Statement of cash flows for the following: The comparative balance sheet of Livers Inc. for December 31, 20Y3 and 20Y2, is shown as follows: 1 Dec. 31, 20Y3 Dec. 31, 20Y2 2 Assets 3 Cash $155,000.00 $150,000.00 4 Accounts receivable (net) 450,000.00 400,000.00 5 Inventories 770,000.00 750,000.00 6 Investments 0.00 100,000.00 7 Land 500,000.00 0.00 8 Equipment 1,400,000.00 1,200,000.00 9 Accumulated depreciation-equipment (600,000.00) (500,000.00) 10 Total assets $2,675,000.00 $2,100,000.00 11 Liabilities and Stockholders’ Equity 12 Accounts payable (merchandise creditors) $340,000.00 $300,000.00 13 Accrued expenses payable (operating expenses) 45,000.00 50,000.00 14 Dividends payable 30,000.00 25,000.00 15 Common stock, $4 par 700,000.00 600,000.00 16 Paid-in capital in excess of par—common stock 200,000.00…
Given the following financial statement information: $ in millions Income Statement Net Income: $559 Depreciation Expense: $55 Balance Sheet Dec. 31, 2022 Accounts Receivable $38 Total Inventory $122 Accounts Payable $79 Calculate the cash from operating activities. Your Answer: Dec. 31, 2023 $64 $152 $108
Given the financial data for New Electronic World, Inc. (NEW), compute the following measures of cash flows for the NEW for the year ended December 31, 2021 Required: Compute for the operating cash flow Compute for the free cash flow
Perform a horizontal analysis for the balance sheet entry "Cash" given below. That is, find the amount of increase or decrease (in $) and the associated percent (rounded to the nearest tenth). Increase/Decrease Assets 2019 2018 Amount Percent Current Assets Cash $18,400 $11,800 Accounts Receivable 22,300 18,100 Merchandise Inventory 30,100 25,900 Supplies 5,600 7,600 Total Current Assets 76,400 63,400 Property, Plant, and Equipment Machinery and Equipment 56,000 57,100 Total Assets $132,400 $120,500
Please help.
Given the following financial statement information: $ in millions Income Statement Net Income: $578 Depreciation Expense: $50 Balance Sheet Accounts Receivable Total Inventory Dec. 31, 2022 $38 $112 Accounts Payable $85 Calculate the cash from operating activities. Dec. 31, 2023 $63 $157 $108
How would you prepare a statement of Cash Flows using the following information? Maple Group Ltd Comparative Balance Sheet December 31, 2020 and 2019 2020 2019 Increase/Decrease Assets Cash and cash Equivalent $ 51,500.00 $ 45,400.00 $ 6,100.00 Accounts Receivable $ 51,100.00 $ 61,400.00 $ 10,000.00 Inventories $ 61,400.00 $ 51,900.00 $ 9,500.00 Fixed Assets, net $ 160,000.00 $ 110,000.00 $ 50,000.00 Total Assets $ 324,000.00 $ 268,700.00 $ 55,600.00 Liabilities Accounts Payable $ 35,450.00 $ 27,800.00 $ 7,650.00 Accrued liabilities $ 31,000.00 $ 37,550.00 -$ 6,550.00 Long-term notes payable $ 60,000.00 $ 78,540.00 -$ 18,540.00 Stockholders Equity: Common Stock $ 143,050.00 $ 105,110.00 $ 37,940.00 Retained Earnings $ 54,800.00 $ 19,700.00 $…
Required information [The following information applies to the questions displayed below.] Portions of the financial statements for Parnell Company are provided below. For the Revenues and gains: Sales Cost of goods sold Gain on sale of building Expenses and loss: Salaries Insurance Depreciation PARNELL COMPANY Income Statement Income tax expense Year Ended December 31, 2021 ($ in thousands) Interest expense Loss on sale of equipment Income before tax Net income $ 820 10 $310 122 42 125 52 13 $830 664 166 83 $ 83
Here are comparative balance sheets for Skysong Company. Prepare a statement of cash flows-indirect method. SKYSONG COMPANY Comparative Balance Sheets December 31 Assets 2020 2019 Cash $72,000 $22,000 Accounts receivable 86,000 77,000 Inventory 171,000 192,000 Land 72,000 101,000 Equipment 263,000 199,000 Accumulated depreciation - equipment (65,000) (32,000) Total $599,000 $559,000 Liabilities and Stockholders' Equity Accounts payable $37,000 $48,000 Bonds payable 149,000 209,000 Common stock ($1 par) 214,000 171,000 Retained earnings 199,000 131,000 Total $599,000 $559,000 Additional information: 1. Net income for 2020 was $98,000. 2. Cash dividends of $30,000 were declared and paid. 3. Bonds payable amounting to $60,000 were redeemed for cash $60,000. 4. Common stock was issued for $43,000 cash. 5. Equipment that cost $49,000 and had a book value of $28,000 was sold for $33,000 during 2020; land was sold at cost. Prepare a statement of cash flows for 2020 using the indirect method.…
Prepare a statement of cash flows for the Maness Coporation, using the infromation shown in the balance sheets. 2017 2018 Changes Assets Cash $150 $125 $(25) Accounts receiveable 350 375 25 Inventory 475 550 75 Total current assets 975 1,050 75 Gross fixed assets 2425 2750 325 Accumulated depreciation (1000) (1200) (200) Net fixed assets 1425 1550 125 TOTAL ASSETS 2400 2600…