Instructions: Prepare a statement of cash flows for the year ended December 31, Problem 2 KEXLER COMPANY Comparative Balance Sheet A bDec. 2021 n Dec. 2020 $ 28,000 18,000 o7:000 25,000 efhiogitiarOT 13,000 teimos14,000 9,000 Assetsnloe 3 Cash Accounts receivable Prepaid expenses Inventory Long-term investments Equipment Accumulated depreciation equipment Total assets 15,000 18,000 mey 60,000 _(18,000) $120.000 30,000 (14,000) $85.000 Liabilities and Stockholders' Equity $ 25,000 37,000 40,000 18,000 $120.000 1. Net income for the year ending December 31, 2021, was $25,000. 2. Cash dividends of $17,000 were declared and paid during the year. Accounts payable Bonds payable Common stock Retained earnings Total liabilities and stockholders' equity $ 7,000 45,000 23,000 10,000 $85,000 Additional information: Long-term investments that had a book value of $18,000 were sold for $18.000 4. There is no sale of Equipment during the year. 5. Depreciation expense for 2018 was $4,000. 2021, using the indirect method.

Instructions: Prepare a statement of cash flows for the year ended December 31, Problem 2 KEXLER COMPANY Comparative Balance Sheet A bDec. 2021 n Dec. 2020 $ 28,000 18,000 o7:000 25,000 efhiogitiarOT 13,000 teimos14,000 9,000 Assetsnloe 3 Cash Accounts receivable Prepaid expenses Inventory Long-term investments Equipment Accumulated depreciation equipment Total assets 15,000 18,000 mey 60,000 _(18,000) $120.000 30,000 (14,000) $85.000 Liabilities and Stockholders' Equity $ 25,000 37,000 40,000 18,000 $120.000 1. Net income for the year ending December 31, 2021, was $25,000. 2. Cash dividends of $17,000 were declared and paid during the year. Accounts payable Bonds payable Common stock Retained earnings Total liabilities and stockholders' equity $ 7,000 45,000 23,000 10,000 $85,000 Additional information: Long-term investments that had a book value of $18,000 were sold for $18.000 4. There is no sale of Equipment during the year. 5. Depreciation expense for 2018 was $4,000. 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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