Q 11 -Here are comparative balance sheets for Obaid Company.Obaid CompanyComparative Balance SheetsDecember 31Assets20212020Cash$ 85,000$ 22,000Accounts receivable85,00076,000Inventory175,000189,000Land80,000100,000Equipment250,000200,000Accumulated depreciation – equipment(61,000)(32,000)Total$ 614,000$ 555,000Liabilities and Stockholders’ EquityAccounts payableBonds payable$ 39,000$ 47,000150,000200,000Common stock ($1 par)226,000174,000Retained earnings199,000134,000Total$ 614,000$ 555,000Additional information:(1). Net income for 2021 was $99,000.(2). Cash dividends of $34,000 were declared and paid.(3). Bonds payable amounting to $50,000 were redeemed for cash $50,000.4(4). Common stock was issued for $52,000 cash.(5). No equipment was sold during 2021, but land was sold at cost.InstructionsPrepare a statement of cash flows for 2021 using the indirect method.

Name: Q 11 -Here are comparative balance sheets for Obaid Company.Obaid Com
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Description: Q 11 -Here are comparative balance sheets for Obaid Company.Obaid CompanyComparative Balance SheetsDecember 31Assets20212020Cash$ 85,000$ 22,000Accounts receivable85,00076,000Inventory175,000189,000Land80,000100,000Equipment250,000200,000Accumulated

The cash flows statement shows how the entity generates and uses cash during the year. It can be…

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II -Here are comparative balance sheets for Obaid Company. Obaid Company Comparative Balance Sheets December 31 Assets 2021 2020 Cash $ 85,000 $ 22,000 Accounts receivable 85,000 76,000 Inventory 175,000 189,000 Land 80,000 100,000 Equipment 250,000 200,000 Accumulated depreciation – equipment (61,000) (32,000) Total $ 614,000 $ 555,000 Liabilities and Stockholders’ Equity Accounts payable $ 39,000 $ 47,000 Bonds payable 150,000 200,000 Common stock ($1 par) 226,000 174,000 Retained earnings 199,000 134,000 Total $ 614,000 $ 555,000 Additional information: (1). Net income for 2021 was $99,000. (2). Cash dividends of $34,000 were declared and paid. (3). Bonds payable amounting to $50,000 were redeemed for cash $50,000. 4 (4). Common stock was issued for $52,000 cash. (5). No equipment was sold during 2021, but land was sold at cost. Instructions Prepare a statement of cash flows for 2021 using the indirect method.

II -Here are comparative balance sheets for Obaid Company. Obaid Company Comparative Balance Sheets December 31 Assets 2021 2020 Cash $ 85,000 $ 22,000 Accounts receivable 85,000 76,000 Inventory 175,000 189,000 Land 80,000 100,000 Equipment 250,000 200,000 Accumulated depreciation – equipment (61,000) (32,000) Total $ 614,000 $ 555,000 Liabilities and Stockholders’ Equity Accounts payable $ 39,000 $ 47,000 Bonds payable 150,000 200,000 Common stock ($1 par) 226,000 174,000 Retained earnings 199,000 134,000 Total $ 614,000 $ 555,000 Additional information: (1). Net income for 2021 was $99,000. (2). Cash dividends of $34,000 were declared and paid. (3). Bonds payable amounting to $50,000 were redeemed for cash $50,000. 4 (4). Common stock was issued for $52,000 cash. (5). No equipment was sold during 2021, but land was sold at cost. Instructions Prepare a statement of cash flows for 2021 using the indirect method.

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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