Please do not give solution in image format thanku GolfGear & More, Incorporated is a regional and online golf equipment retailer. The company reported the following for the currentyear:Purchased a long-term investment for cash, $19,800.Paid cash dividend, $12,800.Sold equipment for $10,000 cash (cost, $29,000, accumulated depreciation, $19,000).Issued shares of no-par stock, 400 shares at $12 per share cash.Net income was $24,200.Depreciation expense was $3,800.Its comparative balance sheet is presented below.CashAccounts receivableMerchandise inventory.InvestmentsEquipmentAccumulated depreciationTotalAccounts payableKages payableIncose taxes payabloNotes payableCommon stock and additional paid-in capitalRetained earningsTotalBalancesBalances12/31/Current 12/31/PriorYearYear20,40023,70030,00030,00079,80072,00019,80089,500(17,600)221,900$ 14,8002,3006,10062,000104,80031,900$ 221,9000118,500(32,800)211,400$ 21,0004,1003,80062,000100,000.20,500$ 211,400Required:1. Complete a T-account worksheet.2. 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 2Complete a T-account worksheet.OperatingNet incomeDepreciation expenseIncome taxes payableInvestingSale of equipmentPurchase investmentFinancingProceeds from stock issuanceDebitNote: List cash outflows as negative amounts.Cash flows from operating activities:CashGOLFGEAR & MORE, INCORPORATEDStatement of Cash FlowsFor the Year Ended December 31, Current YearChanges in current assets and current liabilities:Cash flows from investing activities:0Cash flows from financing activities:o$Credit0000

Cash Flow Statement - Cash Flow Statement includes inflow and outflow of cash during the financial…

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, $19,800. Paid cash dividend, $12,800. Sold equipment for $10,000 cash (cost, $29,000, accumulated depreciation, $19,000). Issued shares of no-par stock, 400 shares at $12 per share cash. Net Income was $24,200. Depreciation expense was $3,800. Its comparative balance sheet is presented below. Cash Accounts receivable Merchandise inventory Investments Equipment Accumulated depreciation Total Accounts payable Kages payable Income taxes payable i Notes payable Common stock and additional paid-in capital Retained earnings Total Balances Balances 12/31/Current 12/31/Prior Year Year 23,700 20,400 30,000 79,800 19,800 89,500 (17,600) 221,900 $ 14,800 2,300 6,100 30,000 72,000 0 118,500 (32,800) 211,400 $ 21,000 4,100 3,800 62,000 62,000 104,800 100,000 31,900 20,500 $ 221,900 $ 211,400 Required: 1. Complete a T-account worksheet.. 2. Based on the T-account worksheet, prepare the statement of cash flows for the current year.

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, $19,800. Paid cash dividend, $12,800. Sold equipment for $10,000 cash (cost, $29,000, accumulated depreciation, $19,000). Issued shares of no-par stock, 400 shares at $12 per share cash. Net Income was $24,200. Depreciation expense was $3,800. Its comparative balance sheet is presented below. Cash Accounts receivable Merchandise inventory Investments Equipment Accumulated depreciation Total Accounts payable Kages payable Income taxes payable i Notes payable Common stock and additional paid-in capital Retained earnings Total Balances Balances 12/31/Current 12/31/Prior Year Year 23,700 20,400 30,000 79,800 19,800 89,500 (17,600) 221,900 $ 14,800 2,300 6,100 30,000 72,000 0 118,500 (32,800) 211,400 $ 21,000 4,100 3,800 62,000 62,000 104,800 100,000 31,900 20,500 $ 221,900 $ 211,400 Required: 1. Complete a T-account worksheet.. 2. Based on the T-account worksheet, prepare the statement of cash flows for the current year.

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 63P: Mike Sanders is considering the purchase of Kepler Company, a firm specializing in the manufacture...

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