The comparative balance sheets of Buffalo Corporation at the beginning and end of the year 2020 appear below.AssetsCashAccounts receivableEquipmentBUFFALO CORPORATIONBALANCE SHEETSDec. 31, 2020Less: Accumulated Depreciation-EquipmentTotalLiabilities and Stockholders' EquityAccounts payableCommon stockRetained earningsTotal$21,140107,14040,140(17,000)$151,420$21,140101,14029,140$151,420Jan. 1, 2020$14,61089,61023,610(11,000 )$116,830$16,61081,61018,610$116,830Inc./Dec.$6,530 Inc.17,530 Inc.16,530 Inc.6,000 Inc.4,530 Inc.19,530 Inc.10,530 Inc.Net income of $45,140 was reported, and dividends of $34,610 were paid in 2020. New equipment was purchased and none was sold. 5)Prepare a statement of cash flows for the year 2020. (Show amounts that decrease cash flow with either a-sign e.g.-15,000 or inparenthesis e.g. (15,000).)Cash Flows from Operating ActivitiesNet IncomeAdjustment to reconcile net income toNet Cash Provided by Operating Activities vDepreciation ExpenseIncrease in Accounts Receivable vIncrease in Accounts Payable ✓Net Cash Provided by Operating Activities ✓Cash Flows from Investing ActivitiesPurchase of EquipmentBUFFALO CORPORATIONStatement of Cash FlowsFor the Year Ended December 31, 2020Cash Flows from Financing ActivitiesIssuance of Common StockPayment of DividendsNet Increase in CashNet Cash Used by Financing ActivitiesCash at Beginning of YearCash at End of YearCurrent ratiovDecember 31, 2020Free Cash Flow $V✓✓$6,000(17,530)4,530January 1, 202019,530(34,610)$45,140(7,000)38,140(16,530)(15,080)Compute the current ratio (current assets + current liabilities) as of January 1, 2020, and December 31, 2020. (Round ratios to 1decimal place, e.g.4.5.)6,53014,61021,140Compute free cash flow for the year 2020. (Show amounts that decrease cash flow with either a-sign e.g.-15,000 or in parenthesis e.g.(15,000).)

CURRENT RATIOCurrent Ratio is the Ratio between Current Assets & Current Liabilities. Current…

5) Compute the current ratio (current assets + current liabilities) as of January 1, 2020, and December 31, 2020. (Round ratios to 1 decimal place, e.g. 4.5.) Current ratio December 31, 2020 January 1, 2020 Compute free cash flow for the year 2020. (Show amounts that decrease cash flow with either a-sign e.g. -15,000 or in parenthesis e.g. (15,000).) Free Cash Flow $

5) Compute the current ratio (current assets + current liabilities) as of January 1, 2020, and December 31, 2020. (Round ratios to 1 decimal place, e.g. 4.5.) Current ratio December 31, 2020 January 1, 2020 Compute free cash flow for the year 2020. (Show amounts that decrease cash flow with either a-sign e.g. -15,000 or in parenthesis e.g. (15,000).) Free Cash Flow $

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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