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Analysts following the Ivanhoe Golf Company were given the following balance sheet information for the years ended June 30, 2020, and June 30, 2019:

Analysts following the Ivanhoe Golf Company were given the following balance sheet information for the years ended June 30, 2020, and June 30, 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 Ivanhoe Golf Company were given the following balance sheet information for the years ended June 30, 2020, and June 30, 2019. Construct a 2020 cash flow statement. Pictures follow. Analysts following the Ivanhoe 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 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 $33,561 260,355 424,044 41,476 $759,436 1,932,019 (419,269) $1,512,750 382,295 $2,654,481 2020 $378,461 14,712 21,350 $414,523 680,131 680,131 10,000 975,615 587,696 (13,484) $1,559,827 2019 $2,654,481 $16,716 318,993 352,890 30,062 $718,661 1,610,048 (206,828) $1,403,220 412,790 $2,534,671 2019 $1,094,654 $1,150,871 $332,154 8,012 16,965 $357,131 793,740 793,740 10,000 975,615 398,185 $1,383,800 $2,534,671 In addition, it was reported that the company had a net income of $3,155,998 and that depreciation expenses were equal to $212,441 during 2020. Assume amortization expense was $0 in 2020.
Transcribed Image Text:Analysts following the Ivanhoe Golf Company were given the following balance sheet information for the years ended June 30, 2020, and June 30, 2019. Construct a 2020 cash flow statement. Pictures follow. Analysts following the Ivanhoe 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 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 $33,561 260,355 424,044 41,476 $759,436 1,932,019 (419,269) $1,512,750 382,295 $2,654,481 2020 $378,461 14,712 21,350 $414,523 680,131 680,131 10,000 975,615 587,696 (13,484) $1,559,827 2019 $2,654,481 $16,716 318,993 352,890 30,062 $718,661 1,610,048 (206,828) $1,403,220 412,790 $2,534,671 2019 $1,094,654 $1,150,871 $332,154 8,012 16,965 $357,131 793,740 793,740 10,000 975,615 398,185 $1,383,800 $2,534,671 In addition, it was reported that the company had a net income of $3,155,998 and that depreciation expenses were equal to $212,441 during 2020. Assume amortization expense was $0 in 2020.
Cash Flows from Operating Activities Net Income Additions (sources of cash) Ivanhoe Golf Company Statement of Cash Flows Subtractions (uses of cash) V $ $
Transcribed Image Text:Cash Flows from Operating Activities Net Income Additions (sources of cash) Ivanhoe Golf Company Statement of Cash Flows Subtractions (uses of cash) V $ $
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