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Inches Manufacturings trial balances a

Inches Manufacturings trial balances 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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Inches Manufacturings trial balances at December 31, 2019, and December 31, 2020, (after temporary accounts were closed) are shown below. All accounts have normal t accounts have normal balances Cast Alures vitichet Inventory Prepaid expenses Apment Accumulated depreciation Accounts payable Solares pale Cument portion of long-term deb Capital stick Beared earnings Select one O2,400) 06.03.2001 Dec. 31. 2019 Dec. 31. 2030 $15,400 $35,000 70.000 83.100 125.000 141.000 1,200 4.500 545.000 $95.000 216.000 236.000 BA000 50.000 1.000 You have the following additional information (quipment with a net book value of $10,000 was sold for $12,000, cash during the year. The equipment, originally cost $50.000 During 2020, Inches paid $5,000 down on equipment purchase and financed the balance. That was the only purchase of equipment made during the year. The company issued common stock during the year, for cash. O 125,000 12.500 26000 250.000 No dividends were declared during the year. inches used the indirect method in its Statement of cash flows What was reported as net cash from operating activities in inches Statement of cash flows for 20202 $37,000 d$22.4001 15.000 32,000 283.000 75.000 190.000
Transcribed Image Text:Inches Manufacturings trial balances at December 31, 2019, and December 31, 2020, (after temporary accounts were closed) are shown below. All accounts have normal t accounts have normal balances Cast Alures vitichet Inventory Prepaid expenses Apment Accumulated depreciation Accounts payable Solares pale Cument portion of long-term deb Capital stick Beared earnings Select one O2,400) 06.03.2001 Dec. 31. 2019 Dec. 31. 2030 $15,400 $35,000 70.000 83.100 125.000 141.000 1,200 4.500 545.000 $95.000 216.000 236.000 BA000 50.000 1.000 You have the following additional information (quipment with a net book value of $10,000 was sold for $12,000, cash during the year. The equipment, originally cost $50.000 During 2020, Inches paid $5,000 down on equipment purchase and financed the balance. That was the only purchase of equipment made during the year. The company issued common stock during the year, for cash. O 125,000 12.500 26000 250.000 No dividends were declared during the year. inches used the indirect method in its Statement of cash flows What was reported as net cash from operating activities in inches Statement of cash flows for 20202 $37,000 d$22.4001 15.000 32,000 283.000 75.000 190.000
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