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Analysts following the Blossom Golf Company were given the following balance sheet information for the years ended June 30, 2020, and June 30, 2019: Assets Cash and marketable securities Accounts receivable Inventory Other current assets Total current assets Plant and equipment Less: Accumulated depreciation Net plant and equipment Goodwill and other assets Total assets Liabilities and Equity 2020 $33,641 260,435 424,164 41,596 $759,836 1,932,179 (419,389) $1,512,790 382,375 $2,655,001 2020 2019 $16,796 319,113 352,970 30.142 $719,021 1,610,128 (206,908) $1,403,220 412,910 $2,535,151 2019

Analysts following the Blossom Golf Company were given the following balance sheet information for the years ended June 30, 2020, and June 30, 2019: Assets Cash and marketable securities Accounts receivable Inventory Other current assets Total current assets Plant and equipment Less: Accumulated depreciation Net plant and equipment Goodwill and other assets Total assets Liabilities and Equity 2020 $33,641 260,435 424,164 41,596 $759,836 1,932,179 (419,389) $1,512,790 382,375 $2,655,001 2020 2019 $16,796 319,113 352,970 30.142 $719,021 1,610,128 (206,908) $1,403,220 412,910 $2,535,151 2019

FINANCIAL ACCOUNTING
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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Analysts following the Blossom Golf Company were given the following balance sheet information for the years ended June 30, 2020, and June 30, 2019: Assets Cash and marketable securities Accounts receivable Inventory Other current assets. Total current assets. Plant and equipment Less: Accumulated depreciation Net plant and equipment Goodwill and other assets Total assets Liabilities and Equity Accounts payable and accruals Notes payable Accrued income taxes Total current liabilities Long-term debt Total liabilities Preferred stock Common stock (10,000 shares) Additional paid-in capital Retained earnings Less: Treasury stock Total common equity Total liabilities and equity 2020 $33,641 260,435 424,164 41,596 $759,836 1,932,179 (419,389) $1,512,790 382,375 $2,655,001 2020 $378,581 14,832 21,470 $414,883 680,211 $1,095,094 10,000 975,695 587,776 (13,564) $1,559,907 $2.655.001 2019 $16,796 319,113 352,970 30,142 $719,021 1,610,128 (206,908) $1,403,220 412,910 $2,535,151 2019 $332,234 8,092 17,045 $357,371 793,860 $1,151,231 10,000 975,695 398,225 $1,383,920 $2,535,151 In addition, it was reported that the company had a net income of $3,156,078 and that depreciation expenses were equal to $212,481 during 2020. Assume amortization expense was $0 in 2020.
Transcribed Image Text:Analysts following the Blossom Golf Company were given the following balance sheet information for the years ended June 30, 2020, and June 30, 2019: Assets Cash and marketable securities Accounts receivable Inventory Other current assets. Total current assets. Plant and equipment Less: Accumulated depreciation Net plant and equipment Goodwill and other assets Total assets Liabilities and Equity Accounts payable and accruals Notes payable Accrued income taxes Total current liabilities Long-term debt Total liabilities Preferred stock Common stock (10,000 shares) Additional paid-in capital Retained earnings Less: Treasury stock Total common equity Total liabilities and equity 2020 $33,641 260,435 424,164 41,596 $759,836 1,932,179 (419,389) $1,512,790 382,375 $2,655,001 2020 $378,581 14,832 21,470 $414,883 680,211 $1,095,094 10,000 975,695 587,776 (13,564) $1,559,907 $2.655.001 2019 $16,796 319,113 352,970 30,142 $719,021 1,610,128 (206,908) $1,403,220 412,910 $2,535,151 2019 $332,234 8,092 17,045 $357,371 793,860 $1,151,231 10,000 975,695 398,225 $1,383,920 $2,535,151 In addition, it was reported that the company had a net income of $3,156,078 and that depreciation expenses were equal to $212,481 during 2020. Assume amortization expense was $0 in 2020.
Construct a 2020 cash flow statement for this firm. (If an amount reduces the cash flow then enter with negative sign preceding the number e.g.-45 or parentheses e.g. (45).) Additions (sources of cash) Subtractions (uses of cash) Blossom Golf Company Statement of Cash Flows > > < LA
Transcribed Image Text:Construct a 2020 cash flow statement for this firm. (If an amount reduces the cash flow then enter with negative sign preceding the number e.g.-45 or parentheses e.g. (45).) Additions (sources of cash) Subtractions (uses of cash) Blossom Golf Company Statement of Cash Flows > > < LA
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