Following are selected balance sheet accounts of Skysong Bros. Corp. at December 31, 2020 and 2019, and the increases or decreases in each account from 2019 to 2020. Also presented is selected income statement information for the year ended December 31, 2020, and additional information. Selected balance sheet accounts Assets Accounts receivable Property, plant, and equipment Accumulated depreciation-plant assets Liabilities and stockholders' equity Bonds payable Dividends payable Common stock, $1 par Additional paid-in capital Retained earnings Depreciation Gain on sale of equipment Net income Additional information: 1. 2. 2020 3. $33,700 276,400 (177,600 ) 2020 $ 49,200 8,100 21,700 9,100 103,600 2019 $24,100 248,700 (168,000) 2019 $46,300 5,100 19,000 Selected income statement information for the year ended December 31, 2020: Sales revenue $155,400 38,000 14,400 31,200 3,000 91,100 Increase (Decrease) $9,600 27,700 (9,600 ) Increase $2,900 3,000 2,700 6,100 12,500 During 2020, equipment costing $45,400 was sold for cash. Accounts receivable relate to sales of merchandise. During 2020, $19,900 of bonds payable were issued in exchange for property, plant, and equipment. There was no
Following are selected balance sheet accounts of Skysong Bros. Corp. at December 31, 2020 and 2019, and the increases or decreases in each account from 2019 to 2020. Also presented is selected income statement information for the year ended December 31, 2020, and additional information. Selected balance sheet accounts Assets Accounts receivable Property, plant, and equipment Accumulated depreciation-plant assets Liabilities and stockholders' equity Bonds payable Dividends payable Common stock, $1 par Additional paid-in capital Retained earnings Depreciation Gain on sale of equipment Net income Additional information: 1. 2. 2020 3. $33,700 276,400 (177,600 ) 2020 $ 49,200 8,100 21,700 9,100 103,600 2019 $24,100 248,700 (168,000) 2019 $46,300 5,100 19,000 Selected income statement information for the year ended December 31, 2020: Sales revenue $155,400 38,000 14,400 31,200 3,000 91,100 Increase (Decrease) $9,600 27,700 (9,600 ) Increase $2,900 3,000 2,700 6,100 12,500 During 2020, equipment costing $45,400 was sold for cash. Accounts receivable relate to sales of merchandise. During 2020, $19,900 of bonds payable were issued in exchange for property, plant, and equipment. There was no
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
B#5
Transcribed Image Text:Following are selected balance sheet accounts of Skysong Bros. Corp. at December 31, 2020 and 2019, and the increases or decreases
in each account from 2019 to 2020. Also presented is selected income statement information for the year ended December 31, 2020,
and additional information.
Selected balance sheet accounts
Assets
Accounts receivable
Property, plant, and equipment
Accumulated depreciation-plant assets
Liabilities and stockholders' equity
Bonds payable
Dividends payable
Common stock, $1 par
Additional paid-in capital
Retained earnings
Depreciation
Gain on sale of equipment
Net income
Additional information:
1.
2.
3.
(a)
(b)
(c)
(d)
2020
Selected income statement information for the year ended December 31, 2020:
Sales revenue
$155,400
38,000
$33,700
276,400
(177,600)
Proceeds from the sale of equipment.
2020
$ 49,200
8,100
21,700
9,100
103,600
Cash dividends paid.
Redemption of bonds payable.
14,400
31,200
2019
$24,100
248,700
(168,000)
2019
$46,300
5,100
19,000
Determine the category (operating, investing, or financing) and the amount that should be reported in the statement of cash flows for
the following items.
Payments for purchase of property, plant, and equipment.
3,000
91,100
Increase
(Decrease)
$9,600
27,700
(9,600)
During 2020, equipment costing $45,400 was sold for cash.
Accounts receivable relate to sales of merchandise.
During 2020, $19,900 of bonds payable were issued in exchange for property, plant, and equipment. There was no
amortization of bond discount or premium.
Increase
$2,900
3,000
2,700
6,100
12,500
Activity
Financing
Investing
Operating
SA
SA
$
$
SA
$
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