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Assets Cash Accounts receivable Inventory Land Equipment Accumulated depreciation-equipment Total PINA COLADA INDUSTRIES INC. Statement of Financial Position December 31, 2020 Liabilities and Shareholders' Equity Accounts payable Bonds payable Common shares Retained earnings Total Additional information: N 2. 3. 4. 5. December 31 2020 $22,000 122,000 227,000 91,000 261,000 (69,200 ) $653,800 $52,900 182,200 220,000 198,700 $653,800 2019 $35,000 54,900 201,000 119,000 218,000 (43,400) 1. Net income for the fiscal year ending December 31, 2020, was $146,000. Cash dividends of $70,000 were declared and paid. Dividends paid are treated as financing activities. Bonds payable amounting to $41,000 were retired through issuance of common shares. Land was sold at a gain of $3,000. No equipment was sold during the year. $584,500 $59,600 223,200 179,000 122,700 $584,500

Assets Cash Accounts receivable Inventory Land Equipment Accumulated depreciation-equipment Total PINA COLADA INDUSTRIES INC. Statement of Financial Position December 31, 2020 Liabilities and Shareholders' Equity Accounts payable Bonds payable Common shares Retained earnings Total Additional information: N 2. 3. 4. 5. December 31 2020 $22,000 122,000 227,000 91,000 261,000 (69,200 ) $653,800 $52,900 182,200 220,000 198,700 $653,800 2019 $35,000 54,900 201,000 119,000 218,000 (43,400) 1. Net income for the fiscal year ending December 31, 2020, was $146,000. Cash dividends of $70,000 were declared and paid. Dividends paid are treated as financing activities. Bonds payable amounting to $41,000 were retired through issuance of common shares. Land was sold at a gain of $3,000. No equipment was sold during the year. $584,500 $59,600 223,200 179,000 122,700 $584,500

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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A comparative statement of financial position for Pina Colada Industries Inc. follows: Assets Cash PINA COLADA INDUSTRIES INC. Statement of Financial Position December 31, 2020 Accounts receivable Inventory Land Equipment Accumulated depreciation-equipment Total Liabilities and Shareholders' Equity Accounts payable Bonds payable Common shares Retained earnings Total Additional information: 1. 2. 3. 4. 5. December 31 2020 $22,000 122,000 227,000 91,000 261,000 (69,200 ) $653,800 $52,900 182,200 220,000 198,700 $653,800 2019 $35,000 54,900 201,000 119,000 218,000 (43,400 ) $584,500 $59,600 223,200 179,000 122,700 $584,500 Net income for the fiscal year ending December 31, 2020, was $146,000. Cash dividends of $70,000 were declared and paid. Dividends paid are treated as financing activities. Bonds payable amounting to $41,000 were retired through issuance of common shares. Land was sold at a gain of $3,000. No equipment was sold during the year. (a) Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)
Transcribed Image Text:A comparative statement of financial position for Pina Colada Industries Inc. follows: Assets Cash PINA COLADA INDUSTRIES INC. Statement of Financial Position December 31, 2020 Accounts receivable Inventory Land Equipment Accumulated depreciation-equipment Total Liabilities and Shareholders' Equity Accounts payable Bonds payable Common shares Retained earnings Total Additional information: 1. 2. 3. 4. 5. December 31 2020 $22,000 122,000 227,000 91,000 261,000 (69,200 ) $653,800 $52,900 182,200 220,000 198,700 $653,800 2019 $35,000 54,900 201,000 119,000 218,000 (43,400 ) $584,500 $59,600 223,200 179,000 122,700 $584,500 Net income for the fiscal year ending December 31, 2020, was $146,000. Cash dividends of $70,000 were declared and paid. Dividends paid are treated as financing activities. Bonds payable amounting to $41,000 were retired through issuance of common shares. Land was sold at a gain of $3,000. No equipment was sold during the year. (a) Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)
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