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Comparative balance sheet accounts of Buffalo Company are presented below BUFFALO COMPANY COMPARATIVE BALANCE SHEET ACCOUNTS AS OF DECEMBER 31 Debit Balances Cash Accounts Receivable Inventory 2020 $69,300 155,400 75,400 2019 $51.100 130,600 60,800

Comparative balance sheet accounts of Buffalo Company are presented below BUFFALO COMPANY COMPARATIVE BALANCE SHEET ACCOUNTS AS OF DECEMBER 31 Debit Balances Cash Accounts Receivable Inventory 2020 $69,300 155,400 75,400 2019 $51.100 130,600 60,800

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Current Attempt in Progress Comparative balance sheet accounts of Buffalo Company are presented below Debit Balances Cash Accounts Receivable Inventory Debt investments (available-for-sale) Equipment Buildings Land Totals Credit Balances Allowance for Doubtful Accounts Accumulated Depreciation-Equipment Accumulated Depreciation-Buildings Accounts Payable Income Taxes Payable Long-Term Notes Payable Common Stock Retained Earnings Totals Additional data 1 BUFFALO COMPANY COMPARATIVE BALANCE SHEET ACCOUNTS AS OF DECEMBER 31 2 3. 4 5. 2020 $69,300 155,400 75,400 54,600 69,800 146.300 39,800 $610,600 $9.900 20,900 36,800 65.800 12,000 62,000 310,000 93.200 $610,600 2019 $51,100 130,600 60,800 85,700 48,100 146,300 25,300 $547,900 $7,900 13.900 27,800 60,200 9,900 70,000 260,000 98.200 $547.900 Equipment that cost $10,000 and was 60% depreciated was sold in 2020. Cash dividends were declared and paid during the year Common stock was issued in exchange forland Investments that cost $34,900 were sold during the year There were no write-offs of uncollectible accounts during the year 2
Transcribed Image Text:Current Attempt in Progress Comparative balance sheet accounts of Buffalo Company are presented below Debit Balances Cash Accounts Receivable Inventory Debt investments (available-for-sale) Equipment Buildings Land Totals Credit Balances Allowance for Doubtful Accounts Accumulated Depreciation-Equipment Accumulated Depreciation-Buildings Accounts Payable Income Taxes Payable Long-Term Notes Payable Common Stock Retained Earnings Totals Additional data 1 BUFFALO COMPANY COMPARATIVE BALANCE SHEET ACCOUNTS AS OF DECEMBER 31 2 3. 4 5. 2020 $69,300 155,400 75,400 54,600 69,800 146.300 39,800 $610,600 $9.900 20,900 36,800 65.800 12,000 62,000 310,000 93.200 $610,600 2019 $51,100 130,600 60,800 85,700 48,100 146,300 25,300 $547,900 $7,900 13.900 27,800 60,200 9,900 70,000 260,000 98.200 $547.900 Equipment that cost $10,000 and was 60% depreciated was sold in 2020. Cash dividends were declared and paid during the year Common stock was issued in exchange forland Investments that cost $34,900 were sold during the year There were no write-offs of uncollectible accounts during the year 2
Buffalo's 2020 income statement is as follows. Sales revenue Less: Cost of goods sold Gross profit Less: Operating expenses (includes depreciation expense and bad debt expense) Income from operations Other revenues and expenses Gain on sale of investments Loss on sale of equipment Income before taxes Income taxes Net income Net cash flow from operating activities Show Transcribed Text BUFFALO COMPANY Statement of Cash Flows For 200 Cau Opering Ad He Abtretst concle net income t $15,200 100 (3,000) $945,100 596,800 (a) Compute net cash provided by operating activities under the direct method. (Enter negative amounts using either a negative sign preceding the number eg.-45 or parentheses eg. (45)) 348,300 250,600 97,700 12,200 109,900 44,900 $65,000
Transcribed Image Text:Buffalo's 2020 income statement is as follows. Sales revenue Less: Cost of goods sold Gross profit Less: Operating expenses (includes depreciation expense and bad debt expense) Income from operations Other revenues and expenses Gain on sale of investments Loss on sale of equipment Income before taxes Income taxes Net income Net cash flow from operating activities Show Transcribed Text BUFFALO COMPANY Statement of Cash Flows For 200 Cau Opering Ad He Abtretst concle net income t $15,200 100 (3,000) $945,100 596,800 (a) Compute net cash provided by operating activities under the direct method. (Enter negative amounts using either a negative sign preceding the number eg.-45 or parentheses eg. (45)) 348,300 250,600 97,700 12,200 109,900 44,900 $65,000
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