Balance SheetsDec. 31, 2020Dec. 31, 2021Cash152,400139,500Accounts receivable33,20035,000Inventory200,600175,500Prepaid Expenses22,00025,000Long term Investments300,000420,000Plant, Property andEquipment (net)250,000205,000Accounts payable98.600105,000Short term notes payable62,00040,000Taxes payable35.60013.500Long term liabilities134,000140,000Stockholders Equity628.000701.500 Income statementSales revenue$ 570,000Cost of goods sold300,000Gross profit$270,000Depreciation Expense13,000Other operating costs156,500Loss on sale of plant assets2,000Net Income for the year$ 98,500Required: Calculate the cash flow from operating activities,for the year ended December 31, 2021, using the Indirectmethod.(Note: write your answer as a number only, with No dollarsigns or commas)

When there is changes in working capital When there is increase in current asset and decrease in…

Dec. 31, 2020 Dec. 31, 2021 Cash 152,400 139,500 Accounts receivable 33,200 35,000 Inventory 200,600 175,500 Prepaid Expenses 22,000 25,000 Long term Investments 300,000 420,000 Plant, Property and Equipment (net) 250.000 205,000 Accounts payable 98.600 105,000 Short term notes payable 62,000 40,000 Taxes payable 35.600 13.500 Long term liabilities 134,000 140,000 Stockholders' Equity 628.000 701.500

Dec. 31, 2020 Dec. 31, 2021 Cash 152,400 139,500 Accounts receivable 33,200 35,000 Inventory 200,600 175,500 Prepaid Expenses 22,000 25,000 Long term Investments 300,000 420,000 Plant, Property and Equipment (net) 250.000 205,000 Accounts payable 98.600 105,000 Short term notes payable 62,000 40,000 Taxes payable 35.600 13.500 Long term liabilities 134,000 140,000 Stockholders' Equity 628.000 701.500

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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You have been provided with the following information for Bee Ltd, a closely-held private company: Bee Ltd Income Statement for the year ending 31/03/2021 $ Sales 1,400,000 Less: Cost of sales 550,000 Gross profit 850,000 Interest on Government Bonds 2,100 Less: 380,000 Depreciation Interest expense 35,600 10,000 Bad Debts 5,000 Loss on sale – equipment 4,000 Insurance 12,200 Other expenses 312,800 472,100 185,295 286,805 70,000 Net Profit before tax Taxation Net Profit after tax Revaluation of Land Comprehensive Net Profit 356,805 Note during the 2021 year: $ Equipment with accumulated depreciation of 11,000 was sold for cash 20,000 Land was revalued upward by The company re-purchased shares at 70,000 100,000 Marketable securities were sold for cash.
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What should be the age of receivables in 2021?
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This Information will be used for all questions: Selected Balance Sheet Information Year 2020 Year 2021 Cash 40,000 ? Accounts Receivable 10,000 14,000 Prepaid Rent 5,000 6,000 Inventory 35,000 30,000 Accounts Payable 3,000 2,000 Unearned Revenue 5,000 7,000 Income Taxes Payable 14,000 12,000 Other Relevant Information for 2021 Beginning Cash Balance 40,000 Net Income 65,000 Depreciation Expense 40,000 Cash Paid for Dividends 10,000 Cash Received for Loan 40,000 Cash Repaying Loan 10,000 Cash Payment to Purchase Land 12,000 Cash Received for Sale of Equipment 15,000 Gain on Sale of Equipment 5,000 Cash Received for Issuance of Stock…
What is net income ?