A comparative balance sheet for XYZ Corporation is presented below. December 31 2021 2020 $ 73,000 $ 22,000 82,000 66,000 180,000 189,000 71,000 110,000 Equipment 260,000 200,000 Accumulated depreciation equipment (69.000) (42,000) Total $597,000 $545,000 Liabilities and Stockholders' Equity Accounts payable Bonds payable Common stock ($1 par) Retained earnings Assets Cash Accounts receivable Inventory Land $ 34,000 $47,000 150,000 200,000 214,000 164,000 199,000 134,000 $597,000 $545,000 Total Additional information: . 1.Net income for 2021 was $125,000. No gains or losses were recorded in 2021. . 2.Cash dividends of $60,000 were declared and paid. • 3.Bonds payable amounting to $50,000 were retired through issuance of common sto Instructions (a) Prepare a statement of cash flows for 2017 for XYZ Corporation.
A comparative balance sheet for XYZ Corporation is presented below. December 31 2021 2020 $ 73,000 $ 22,000 82,000 66,000 180,000 189,000 71,000 110,000 Equipment 260,000 200,000 Accumulated depreciation equipment (69.000) (42,000) Total $597,000 $545,000 Liabilities and Stockholders' Equity Accounts payable Bonds payable Common stock ($1 par) Retained earnings Assets Cash Accounts receivable Inventory Land $ 34,000 $47,000 150,000 200,000 214,000 164,000 199,000 134,000 $597,000 $545,000 Total Additional information: . 1.Net income for 2021 was $125,000. No gains or losses were recorded in 2021. . 2.Cash dividends of $60,000 were declared and paid. • 3.Bonds payable amounting to $50,000 were retired through issuance of common sto Instructions (a) Prepare a statement of cash flows for 2017 for XYZ Corporation.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:A comparative balance sheet for XYZ Corporation is presented below.
December 31
2021 2020
$ 73,000 $ 22,000
82,000
66,000
180,000
189,000
71,000 110,000
Equipment
260,000 200,000
Accumulated depreciation equipment (69,000) (42,000)
Total
$597,000 $545,000
Liabilities and Stockholders' Equity
Accounts payable
Bonds payable
Common stock ($1 par)
Retained earnings
Total
Additional information:
●
1.Net income for 2021 was $125,000. No gains or losses were recorded in 2021.
. 2.Cash dividends of $60,000 were declared and paid.
• 3.Bonds payable amounting to $50,000 were retired through issuance of common stock.
Instructions
Prepare a statement of cash flows for 2017 for XYZ Corporation.
Assets
Cash
Accounts receivable
Inventory
Land
$ 34,000
$47,000
150,000 200,000
214,000 164,000
199,000 134,000
$597,000 $545,000
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