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

Statement of Cash Flows The comparative balance sheet of Merrick Equipment Co. for December 31, 20Y9 and 20Y8, is as follows: Dec. 31,20Y9 Dec. 31,20Y8 Assets Cash $256,570 $239,760 Accounts receivable (net) 92,940 86,110 Inventories 262,370 254,970 Investments 0 98,780 Land 134,580 0 Equipment 289,480 225,410 Accumulated depreciation—equipment (67,770) (60,790) Total assets $968,170 $844,240 Liabilities and Stockholders' Equity Accounts payable $175,240 $166,320 Accrued expenses payable 17,430 21,950 Dividends payable 9,680 7,600 Common stock, $10 par 52,280 41,370 Excess of paid-in capital over par 196,540 114,820 Retained earnings 517,000 492,180 Total liabilities and stockholders' equity $968,170 $844,240 Additional data obtained from an examination of the accounts in the ledger for 20Y9 are as follows: Equipment and land were…
Use the following information for VPI Co. to prepare a statement of cash flows for the year ended December 31 using the indirect method. Cash balance at prior year-end. . . . . . . . . . . . . . $40,000 Gain on sale of machinery. . . . . . . . . . . . . . . . . . $ 2,000 P2 P3 Increase in inventory. . . . . . . . . . . . . . . . . . . . . . 5,000 Cash received from sale of machinery. . . . . . . . 9,500 Depreciation expense . . . . . . . . . . . . . . . . . . . . . 4,000 Increase in accounts payable. . . . . . . . . . . . . . . 1,500 Cash received from issuing stock. . . . . . . . . . . . 8,000 Net income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,000 Cash paid for dividends. . . . . . . . . . . . . . . . . . . . 1,000 Decrease in accounts receivable . . . . . . . . . . . . 3,000
Use the following financial statements and additional information. Assets Cash STREAMLINE INCORPORATED Comparative Balance Sheets June 30, 2021 and 2020 Accounts receivable, net Inventory Prepaid expenses Total current assets Equipment Accumulated depreciation-Equipment Total assets Liabilities and Equity Accounts payable Wages payable. Income taxes payable Total current liabilities Notes payable (long term) Total liabilities Equity Common stock, $5 par value Retained earnings Total liabilities and equity STREAMLINE INCORPORATED Income Statement For Year Ended June 30, 2021 Sales Cost of goods sold Gross profit Operating expenses Depreciation expense Other expenses Total operating expenses Other gains (losses) Gain on sale of equipment Income before taxes Income taxes expense Net income 2021 $ 100,200 73,000 63,000 4,900 241,100 147,000 (36,000) $ 352,100 $ 26,000 7,000 4,700 37,700 33,000 70,700 240,000 41,400 $ 352,100 $ 66,000 74,000 195,200 136,000 (12,000) $319,200 $ 772,000…
s17-7 Prepare the operating section of Preston Media Corporation's 2020 cash flow statement using the indirect method. Use the comparative balance sheet provided and the following selected fiscal 2020 income statement information: • Net income, $19,000 Amortization expense, $11,000 PRESTON MEDIA CORPORATION Balance Sheet March 31, 2020 and 2019 Assets 2020 2019 Current assets Cash $ 5,000 $ 3,900 Accounts receivable 9,600 5,100 Company vehicle Less: Accumulated amortization-company vehicle 105,350 84,350 29,350 18,350 Total assets $90,600 $75,000 Liabilities Current liabilities Accounts payable $8,000 $ 4,500 Long-term liabilities Notes payable 9,000 12,000 Total liabilities 17,000 16,500 Shareholders' Equity Common shares 27,000 23,000 Retained earnings 46,600 35.500 Total shareholders equity Total liabilities and shareholders' equity 73,600 590,600 58,500 $25,000
Preparing a Cash Flow Worksheet Taser Corporation’s recent comparative balance sheet and income statement follow. Balance Sheets, December 31 2019 2020 Assets Cash and cash equivalents $93,600 $153,120 Accounts receivable (net) 163,200 163,200 Merchandise inventory 374,400 408,000 Investments, long-term 48,000 Plant assets 808,800 866,400 Accumulated depreciation (211,200) (163,200) Total assets $1,228,800 $1,475,520 Liabilities and Stockholders’ Equity Accounts payable $100,800 $91,200 Salaries payable 7,200 2,400 Income taxes payable 9,600 16,800 Bonds payable 480,000 480,000 Premium on bonds payable 19,200 17,760 Common stock, no-par 576,000 746,400 Retained earnings 36,000 120,960 Total liabilities andstockholders’ equity $1,228,800 $1,475,520 Income Statement,For Year Ended December 31 2020 Sales revenue $576,000 Cost of goods sold (230,400) Depreciation expense (28,800) Salaries expense (105,600) Income tax…
Required information [The following information applies to the questions displayed below.] Portions of the financial statements for Parnell Company are provided below. For the Revenues and gains: Sales Cost of goods sold Gain on sale of building Expenses and loss: Salaries Insurance Depreciation PARNELL COMPANY Income Statement Income tax expense Year Ended December 31, 2021 ($ 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
Indirect Method— Preparing a Statement of Cash Flows Kidman Corp. reported the following financial statements for the year ended December 31, 2020. Balance Sheet, December 31 2019 2020 Difference Cash and cash equivalents $14,400 $37,200 $22,800 Accounts receivable 11,400 9,000 (2,400) Merchandise inventory 18,600 35,400 16,800 Land 12,000 2,400 (9,600) Equipment 28,800 43,200 14,400 Accumulated depreciation (7,200) (14,400) (7,200) Total assets $78,000 $112,800 $34,800 Accounts payable $9,600 $10,800 $1,200 Notes payable, long-term 4,200 1,200 (3,000) Bonds payable -- 18,000 18,000 Common stock (no-par) 48,000 55,200 7,200 Retained earnings 16,200 27,600 11,400 Total liabilities and stockholders’ equity $78,000 $112,800 $34,800 Income StatementFor Year Ended December 31, 2020 Revenues $91,200 Cost of goods sold 49,200 Depreciation 7,200 Other expenses 8,400 Loss on sale of land 6,000 Net income $20,400 Required Prepare…
The financial statements of Simon Co. include the following items (amounts in thousands): For the Year Ended December 31, 2020 $840 Income Statement Net income Depreciation and amortization expense 640 At December 31 Balance Sheets 2020 2019 Accounts receivable $250 $340 340 300 Inventory Accounts payable Income taxes payable 160 180 100 30 Required: a. Calculate the net cash flow provided by operations for Simon Co. for the year ended December 31, 2020. (Enter your answer in thousands. (i.e., 20,000 should be entered as 20)) Net cash provided (used) by operating activities b. Net income and cash flows provided by operations may differ because of the timing of cash receipts and payments versus the timing of recognition on the income statement. O True O False
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.…
The item listed below belongs on the Statement of Cash Flows. Using formulas and cell links, complete the Statement of Cash Flows. Items for the Statement of Cash Flowws 01/01/21 12/31/21 Increase (Decrease) Davidson Company Statment of Cash Flow For the Year Ended Dec, 31,2021 Cash 42,000 60,000 Accounts Recevable 254,000 314,200 Cash Flows from operation activities Inventory 78,500 117,100 Accounts Payable 164,200 204,800 Net Cash Provided used by operating Activities Short-term notes Payable 65,000 27,200 Cash Flows from investing Activities Net income for 2021 230,200 Purchase of Equipment 84,000 Net Cash Provided used by investing Activities Depreciation Expense 26,600 Payments of Cash Dividends 91,600 Cash Flows from Financing…
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…
Washington Company is preparing its statement of cash flows using the indirect method. Refer to the following portion of the comparative balance sheet Washington Company Comparative Balance Sheet December 31, 2025 and 2024 2025 2024 Accounts Payable Accrued Liabilities Long-term Notes Payable Total Liabilities $9,000 2,500 56,000 $67,500 OA. $58,000 OB. $(12,000) OC. $(58,000) O D. $12,000 $6,000 1,300 68,000 $75,300 Increase/(Decrease) $3,000 1,200 (12,000) $(7,800) Additional information provided by the company includes the following: 1. During 2025, the company repaid $35,000 of long-term notes payable. 2 During 2025, the company borrowed $23,000 on a new long-term note payable.