Kinder Company Balance Sheet December 31 2020 2019 Cash $ 40,208 $ 11,424 Accounts receivable (net) 42,896 22,736 Inventory 39,200 47,040 Long-term investments 0 16,800 Property, plant & equipment 264,880 168,000 Accumulated depreciation (42,224) (28,000) $344,960 $238,000 Accounts payable $ 19,040 $ 29,680 Accrued liabilities 23,520 19,040 Long-term notes payable 78,400 56,000 Common stock 145,600 100,800 Retained earnings 78,400 32,480 $344,960 $238,000 Kinder Company Income statement December 31, 2020 Sales Revenue $ 520,285 Cost of Goods Sold (304,045) Gross Profit 216,240 Operating Expenses (137,056) Depreciation Expense (14,224) Gain on Sale of Investment 14,560 Net Income $79,520 Additional data: 1. Paid dividends of $33,600 2. Paid a $44,800 long-term note payable by issuing common stock Prepare a statement of cash flows using the Indirect Method.
Kinder Company Balance Sheet December 31 2020 2019 Cash $ 40,208 $ 11,424 Accounts receivable (net) 42,896 22,736 Inventory 39,200 47,040 Long-term investments 0 16,800 Property, plant & equipment 264,880 168,000 Accumulated depreciation (42,224) (28,000) $344,960 $238,000 Accounts payable $ 19,040 $ 29,680 Accrued liabilities 23,520 19,040 Long-term notes payable 78,400 56,000 Common stock 145,600 100,800 Retained earnings 78,400 32,480 $344,960 $238,000 Kinder Company Income statement December 31, 2020 Sales Revenue $ 520,285 Cost of Goods Sold (304,045) Gross Profit 216,240 Operating Expenses (137,056) Depreciation Expense (14,224) Gain on Sale of Investment 14,560 Net Income $79,520 Additional data: 1. Paid dividends of $33,600 2. Paid a $44,800 long-term note payable by issuing common stock Prepare a statement of cash flows using the Indirect Method.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Kinder Company | ||||
December 31 | ||||
2020 | 2019 | |||
Cash | $ 40,208 | $ 11,424 | ||
42,896 | 22,736 | |||
Inventory | 39,200 | 47,040 | ||
Long-term investments | 0 | 16,800 | ||
Property, plant & equipment | 264,880 | 168,000 | ||
(42,224) | (28,000) | |||
$344,960 | $238,000 | |||
Accounts payable | $ 19,040 | $ 29,680 | ||
Accrued liabilities | 23,520 | 19,040 | ||
Long-term notes payable | 78,400 | 56,000 | ||
Common stock | 145,600 | 100,800 | ||
78,400 | 32,480 | |||
$344,960 | $238,000 |
Kinder Company | ||
Income statement | ||
December 31, 2020 | ||
Sales Revenue | $ 520,285 | |
Cost of Goods Sold | (304,045) | |
Gross Profit | 216,240 | |
Operating Expenses | (137,056) | |
Depreciation Expense | (14,224) | |
Gain on Sale of Investment | 14,560 | |
Net Income | $79,520 |
Additional data:
1. Paid dividends of $33,600
2. Paid a $44,800 long-term note payable by issuing common stock
Prepare a statement of
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 2 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education