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equired: Complete a T-account worksheet. Based on the T-account worksheet, prepare the statement of cash flows for the current year. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Complete a

equired: Complete a T-account worksheet. Based on the T-account worksheet, prepare the statement of cash flows for the current year. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Complete a

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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GolfGear & More, Incorporated is a regional and online golf equipment retailer. The company reported the following for the current year: Purchased a long-term investment for cash, $21,000. Paid cash dividend, $13,000. Sold equipment for $11,000 cash (cost, $31,000, accumulated depreciation, $20,000). Issued shares of no-par stock, 600 shares at $10 per share cash. Net income was $25,200. Depreciation expense was $4,000. Its comparative balance sheet is presented below. Cash Ac nts rece Merchandise inventory Investments Equipment Accumulated depreciation Total Accounts payable Wages payable Income taxes payable. Notes payable Common stock and additional paid-in capital Retained earnings. Total Balances Balances 12/31/Current 12/31/Prior Year Year 24,500 22,200 32,000 81,000 21,000 88,500 (17,000) 227,700 $ 15,000 2,500 6,500 64,000 106,000 33,700 $ 227,700 32,000 73,000 0 119,500 (33,000) 216,000 $ 22,000 4,500 4,000 64,000 100,000 21,500 $ 216,000
Transcribed Image Text:GolfGear & More, Incorporated is a regional and online golf equipment retailer. The company reported the following for the current year: Purchased a long-term investment for cash, $21,000. Paid cash dividend, $13,000. Sold equipment for $11,000 cash (cost, $31,000, accumulated depreciation, $20,000). Issued shares of no-par stock, 600 shares at $10 per share cash. Net income was $25,200. Depreciation expense was $4,000. Its comparative balance sheet is presented below. Cash Ac nts rece Merchandise inventory Investments Equipment Accumulated depreciation Total Accounts payable Wages payable Income taxes payable. Notes payable Common stock and additional paid-in capital Retained earnings. Total Balances Balances 12/31/Current 12/31/Prior Year Year 24,500 22,200 32,000 81,000 21,000 88,500 (17,000) 227,700 $ 15,000 2,500 6,500 64,000 106,000 33,700 $ 227,700 32,000 73,000 0 119,500 (33,000) 216,000 $ 22,000 4,500 4,000 64,000 100,000 21,500 $ 216,000
#equired: . Complete a T-account worksheet. . Based on the T-account worksheet, prepare the statement of cash flows for the current year. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Complete a T-account worksheet.
Transcribed Image Text:#equired: . Complete a T-account worksheet. . Based on the T-account worksheet, prepare the statement of cash flows for the current year. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Complete a T-account worksheet.
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