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
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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
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