Maple Group Ltd Comparative Balance Sheet December 31, 2020 and 2019   2020 2019 Increase/(Decrease)         Assets          Cash and cash equivalent  ?           15,300  ?    Accounts Receivable  ?  ?                        2,250    Inventories      102,000         109,700  ? Fixed Assets, net      142,300           94,300  ? Total Assets      299,050         262,500                      36,550       Liabilities          Accounts payable        25,600           26,600  ?    Accrued liabilities        24,000           22,800  ? Long-term notes payable        54,350  ?  ?       Stockholders' Equity:       Common Stock      140,300  ?                        8,900 Retained earnings        54,800           19,700                      35,100 Total liabilities and stockholders' equity      299,050         262,500                      36,550                 -                    -                               -                                   Maple Group Ltd   Income Statement   Year Ended December 31,2020   Revenues and gains:          Sales revenue      439,000         Interest revenue        11,800           Total revenues and gains           450,800   Expenses          Cost of goods sold      205,500        Depreciation expense        15,500        Other operating expense      126,000         Interest expense        24,300           Total expenses           371,300   Income before income taxes             79,500   Income tax expense             16,300   Net Income             63,200                   Notes       Acquisition of fixed asset during 2020             63,500   Sale proceed from sale of plant asset                    -     Receipt for issuance of notes payable                    -     Payment for note payable               7,650   Dividend paid             28,100   Book value of equipment sold                    -       Requirements How can the owners use the cash flow information or what can the statement of cash flows helps the owners to do?   Reconstruct the company’s comparative balance sheet for 2019/2020 using the information in line with your first name initial and compute and show the missing figures to include the appropriate sign as a positive or negative figure.   Prepare a complete statement of cash flows for 2020 using the indirect method using the information in line with your first name initial.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Maple Group Ltd

Comparative Balance Sheet

December 31, 2020 and 2019

 

2020

2019

Increase/(Decrease)

        Assets

 

 

 

   Cash and cash equivalent

 ?

          15,300

 ?

   Accounts Receivable

 ?

 ?

                       2,250

   Inventories

     102,000

        109,700

 ?

Fixed Assets, net

     142,300

          94,300

 ?

Total Assets

     299,050

        262,500

                     36,550

      Liabilities

 

 

 

   Accounts payable

       25,600

          26,600

 ?

   Accrued liabilities

       24,000

          22,800

 ?

Long-term notes payable

       54,350

 ?

 ?

      Stockholders' Equity:

 

 

 

Common Stock

     140,300

 ?

                       8,900

Retained earnings

       54,800

          19,700

                     35,100

Total liabilities and stockholders' equity

     299,050

        262,500

                     36,550

 

              -  

                 -  

                            -  

 

 

 

 

 

 

 

 

 

 

 

 

 

     

Maple Group Ltd

 

Income Statement

 

Year Ended December 31,2020

 

Revenues and gains:

 

 

 

   Sales revenue

     439,000

 

 

    Interest revenue

       11,800

 

 

      Total revenues and gains

 

        450,800

 

Expenses

 

 

 

   Cost of goods sold

     205,500

 

 

   Depreciation expense

       15,500

 

 

   Other operating expense

     126,000

 

 

    Interest expense

       24,300

 

 

      Total expenses

 

        371,300

 

Income before income taxes

 

          79,500

 

Income tax expense

 

          16,300

 

Net Income

 

          63,200

 
       
       

Notes

 

 

 

Acquisition of fixed asset during 2020

 

          63,500

 

Sale proceed from sale of plant asset

 

                 -  

 

Receipt for issuance of notes payable

 

                 -  

 

Payment for note payable

 

            7,650

 

Dividend paid

 

          28,100

 

Book value of equipment sold

 

                 -  

 

 

Requirements

  1. How can the owners use the cash flow information or what can the statement of cash flows helps the owners to do?

 

  1. Reconstruct the company’s comparative balance sheet for 2019/2020 using the information in line with your first name initial and compute and show the missing figures to include the appropriate sign as a positive or negative figure.

 

  1. Prepare a complete statement of cash flows for 2020 using the indirect method using the information in line with your first name initial.

 

 

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