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Cash 45,100 15,000 6,800 (2,000) 21,000 27,500 72,600 Accounts Receivable Inventory prepaid expenses Equipment 32,600 47,600 48,000 54,800 7,200 5,200 56,000 77,000 Accum. Depr- Equipment (6,000) (32,500) 224,700 (26,500) total assets 144,800 Liabilities: Accounts Payable accrued Liabilities Bonds Payable 13,000 1,200 (32,000) 12,700 25,700 3,800 5,000 40,000 70,700 72,000 total liabilities 88,500 shareholders Equity: Common Stock Retained Earnings 20,000 20,000 36,300 134,000 97,700 total equity 56,300 154,000 total liabilities and shareholder equity 144,800 224,700 other info: new equipment purchase of 46,000

Cash 45,100 15,000 6,800 (2,000) 21,000 27,500 72,600 Accounts Receivable Inventory prepaid expenses Equipment 32,600 47,600 48,000 54,800 7,200 5,200 56,000 77,000 Accum. Depr- Equipment (6,000) (32,500) 224,700 (26,500) total assets 144,800 Liabilities: Accounts Payable accrued Liabilities Bonds Payable 13,000 1,200 (32,000) 12,700 25,700 3,800 5,000 40,000 70,700 72,000 total liabilities 88,500 shareholders Equity: Common Stock Retained Earnings 20,000 20,000 36,300 134,000 97,700 total equity 56,300 154,000 total liabilities and shareholder equity 144,800 224,700 other info: new equipment purchase of 46,000

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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Based on the following information, prepare the cash flow statement using the indirect method. income statement Sales cost of goods sold 480,000 243,200 salaries expense 55,200 depreciation expense interest expense rent expense 24,000 4,500 36,000 loss on equipment disposal 1,400 364,300 115,700 net income Statement of Retained Earnings Beginning Balance - Retained Earnings Plus - Net Income 36,300 115,700 (18,000) 134,000 Less - Dividends Ending Balance - Retained Earnings 24 Balance sheets 2020 2021 change Assets: Cash 45,100 15,000 6,800 (2,000) 27,500 72,600 Accounts Receivable 32,600 47,600 Inventory prepaid expenses Equioment 48,000 54,800 7,200 5,200 56 000
Transcribed Image Text:Based on the following information, prepare the cash flow statement using the indirect method. income statement Sales cost of goods sold 480,000 243,200 salaries expense 55,200 depreciation expense interest expense rent expense 24,000 4,500 36,000 loss on equipment disposal 1,400 364,300 115,700 net income Statement of Retained Earnings Beginning Balance - Retained Earnings Plus - Net Income 36,300 115,700 (18,000) 134,000 Less - Dividends Ending Balance - Retained Earnings 24 Balance sheets 2020 2021 change Assets: Cash 45,100 15,000 6,800 (2,000) 27,500 72,600 Accounts Receivable 32,600 47,600 Inventory prepaid expenses Equioment 48,000 54,800 7,200 5,200 56 000
TEnding Balance - Retained Earnings 134,000 Balance sheets 2020 2021 change Assets: Cash 45,100 15,000 6,800 (2,000) 21,000 27,500 72,600 Accounts Receivable 32,600 47,600 Inventory prepaid expenses Equipment 48,000 54,800 7,200 5,200 56,000 77,000 Accum. Depr - Equipment (32,500) (6,000) (26,500) 144,800 total assets 224,700 Liabilities: Accounts Payable accrued Liabilities Bonds Payable 13,000 1,200 (32,000) 12,700 25,700 3,800 5,000 72,000 88,500 40,000 70,700 total liabilities shareholders Equity: Common Stock Retained Earnings total equity 20,000 20,000 36,300 134,000 97,700 56,300 154,000 total liabilities and shareholder equity 144,800 224,700 other info: new equipment purchase of 46,000
Transcribed Image Text:TEnding Balance - Retained Earnings 134,000 Balance sheets 2020 2021 change Assets: Cash 45,100 15,000 6,800 (2,000) 21,000 27,500 72,600 Accounts Receivable 32,600 47,600 Inventory prepaid expenses Equipment 48,000 54,800 7,200 5,200 56,000 77,000 Accum. Depr - Equipment (32,500) (6,000) (26,500) 144,800 total assets 224,700 Liabilities: Accounts Payable accrued Liabilities Bonds Payable 13,000 1,200 (32,000) 12,700 25,700 3,800 5,000 72,000 88,500 40,000 70,700 total liabilities shareholders Equity: Common Stock Retained Earnings total equity 20,000 20,000 36,300 134,000 97,700 56,300 154,000 total liabilities and shareholder equity 144,800 224,700 other info: new equipment purchase of 46,000
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