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Assets Cash Carla Vista Ltd. Comparative Statement of Financial Position December 31 Accounts receivable Inventory Prepaid insurance Equipment Accumulated depreciation-equipment Total assets Accounts payable Salaries and wages payable Income taxes payable Liabilities and Shareholders' Equity $ 88,800 2021 2020 $ 85,000 $ 45,400 140,000 101,600 80,000 120,500 10,400 7,700 302,000 270,500 (51,000) Mortgage payable Common shares (71,000) $546,400 $494,700 Additional information: 12,800 16,800 110,800 218,500 Retained earnings 98,700 Total liabilities and shareholders' equity $546,400 $494,700 $ 72,900 8,400 18,800 .Net Income was $54,000. New equipment was purchased and none was sold. . Common shares were issued for cash. . Cash dividends were paid to common shareholders. 120,500 210,000 64,100 Prepare the statement of cash flows using the indirect format. (Show amounts that decrease cash flow with either a-sign e.g.-15,000 c

Assets Cash Carla Vista Ltd. Comparative Statement of Financial Position December 31 Accounts receivable Inventory Prepaid insurance Equipment Accumulated depreciation-equipment Total assets Accounts payable Salaries and wages payable Income taxes payable Liabilities and Shareholders' Equity $ 88,800 2021 2020 $ 85,000 $ 45,400 140,000 101,600 80,000 120,500 10,400 7,700 302,000 270,500 (51,000) Mortgage payable Common shares (71,000) $546,400 $494,700 Additional information: 12,800 16,800 110,800 218,500 Retained earnings 98,700 Total liabilities and shareholders' equity $546,400 $494,700 $ 72,900 8,400 18,800 .Net Income was $54,000. New equipment was purchased and none was sold. . Common shares were issued for cash. . Cash dividends were paid to common shareholders. 120,500 210,000 64,100 Prepare the statement of cash flows using the indirect format. (Show amounts that decrease cash flow with either a-sign e.g.-15,000 c

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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Carla Vista Ltd. Comparative Statement of Financial Position December 31 Assets Cash Accounts receivable Inventory Prepaid insurance Equipment Accumulated depreciation-equipment Total assets $546,400 Liabilities and Shareholders' Equity $ 88,800 Accounts payable Salaries and wages payable Income taxes payable 2021 $ 85,000 140,000 80,000 10,400 302,000 (71,000) Mortgage payable Common shares $72,900 12,800 8,400 16,800 18,800 110,800 120,500 218,500 210,000 Retained earnings 98,700 64,100 Total liabilities and shareholders' equity $546,400 $494,700 Additional Information: 2020 $ 45,400 101,600 120,500 7,700 270,500 (51,000) Net Income was $54,000. New equipment was purchased and none was sold. . Common shares were issued for cash. Cash dividends were paid to common shareholders. $494,700 Prepare the statement of cash flows using the indirect format. (Show amounts that decrease cash flow with either a-sign e.g.-15,000 or in parenthesis e.. (15,000))
Transcribed Image Text:Carla Vista Ltd. Comparative Statement of Financial Position December 31 Assets Cash Accounts receivable Inventory Prepaid insurance Equipment Accumulated depreciation-equipment Total assets $546,400 Liabilities and Shareholders' Equity $ 88,800 Accounts payable Salaries and wages payable Income taxes payable 2021 $ 85,000 140,000 80,000 10,400 302,000 (71,000) Mortgage payable Common shares $72,900 12,800 8,400 16,800 18,800 110,800 120,500 218,500 210,000 Retained earnings 98,700 64,100 Total liabilities and shareholders' equity $546,400 $494,700 Additional Information: 2020 $ 45,400 101,600 120,500 7,700 270,500 (51,000) Net Income was $54,000. New equipment was purchased and none was sold. . Common shares were issued for cash. Cash dividends were paid to common shareholders. $494,700 Prepare the statement of cash flows using the indirect format. (Show amounts that decrease cash flow with either a-sign e.g.-15,000 or in parenthesis e.. (15,000))
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