Question no 5Condensed balance sheet and income statement data for Micerodisc Industries Itd appear belowMicrodisc Industries Ltd.Balance Sheet31-Dec201720182019AssetsCash$50,000$55,000$60,500Short Term Invest ment2000022,00024,200Account Receivable1500016,50018,150Inventories3500038,50042,350Plant asset440,000484,000532,000Acc. Dep Plant assets(40000)(44000)(48000 )Total Assets$520,000$572.000 $629.200Liabilities and Stockholders' EquityLiabiliiesNotes payable (short term)Accounts PayableAccrued ExpensesMortgage payableBond payable$50000$55,000$60,5001000011,00012,10050005,5006,050200000220,000242,0002000022,00024,200Toatl Liabilities285000$313,500$344,850Stockholders' Equity$120000Common stock($5 par)Retained EarningsTotal Stockholders' EquityTotal Liabilities and Stockholders' Equity $520,000$132,000 $145,200115000126,500139,150$235000$258,500$572.000$284.350$629.200 Microdisc Industries Ltd.Income StatementFor the year ended, December3120182019Sales450000500000Gain on sale of Land50,00025000ExpensesCost of goods soldSelling and administrative expenses2000002100005000052500Utilities expense10001250Depreciation expense40004000Income tax expense20002100Total Expense257000269850Net Income243000255150**Here plant asset include both land, building and equipment.Additional information for the year 20191. Equipment costing $60,000 was purchased for cash during the year.2. Land costing $12,000 was sold for $37,000 cash, resulting in gain of $25,000.3.22,000 mortgage loan have been taken.4. A cash dividend was declared and paid during the year.5.Issued bond for cash.6.Issued common stock for cash.InstructionsPrepare a statement of cash flows for the year ended December 31, 2019,

Cash flow statements are the statements that determine the inflow and outflow of cash from three…

Answered: Condensed balance sheet and income…

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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Here is financi:l information for Glitter Inc. December 31, 2020 December 31, 2019 Current assets $123,000 $100,000 Plant assets (nat) 394,471 329,000 Current liabilities 87,472 71,000 Long-term liabilities 137,192 88,000 Common stock, $1 par 166,833 111,000 Retained earning 125,974 159,000 Prepare a schedule shoving a horizontal analysis for 2020, using 2019 as the base year. (Enter negative amounts and percentages using either a negative sign preceding the number eg. -45, -45% or parentheses eg. (45). (45%). Round percentages to 1 decimal place, eg 12.3%)

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