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Business
Accounting
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 operating section only using the Direct 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 operating section only using the Direct Method.

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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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 operating section only using the Direct Method. (Show work for maximum credit)

 

DIRECT METHOD URGENT!!!

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