Maples group Comparative Balance Sheet December 31, 2020 and 2019 2020 2019 Increase/(Decrease Assets Cash and cash equivalent 64,990 61,895 ? Accounts receivable 95,100 88,500 ? Inventories 72,500 79,855 ? Fixed Assets, net ? ? ? Total Assets 442,590 395,800 46,790 Liabilities Accounts payable 45,000 58,350 ? Accrued liabilities ? ? ? Long –term notes payable 99,500 128,550 ? Stockholder’ Equity: Common Stock 143,050 105,110 37,940 Retained earnings 43,540 24,290 19,250 Total liabilities and stockholders’ equity 442, 590 395, 800 46, 790 Maple Group Limited Income Statement Year Ended December 31, 2020 Revenues and gains Sales revenue 499,000 Interest revenue 11,800 Total revenues and gains 510, 800 Expenses Cost of goods sold 205, 500 Depreciation expense 28, 500 Other operating expense 126, 000 Interest expenses 24, 300 Total expenses 384, 300 Income before income taxes 126, 500 Income tax expense 16, 300 Net Income 110, 200 Notes Acquisition of fixed assets during 2020 72, 950 Sale proceed from sale of plant asset - Receipt for issuance of notes payable - Payment for note payable 29,050 Dividend paid 90, 950 Net income - Requirements (1) How can the owners use the cash flow information or what can the statement of cash flows helps the owners to do? (2) Reconstruct the company’s comparative balance sheet for 2019/2020. Compute and show the missing figures to include the appropriate sign as a positive or negative figure. (3) Prepare a complete statement of cash flows for 2020 using the indirect method.
Maples group
Comparative Balance Sheet
December 31, 2020 and 2019
|
|
2020 |
2019 |
Increase/(Decrease |
|
Assets |
|
|
|
|
Cash and cash equivalent |
64,990 |
61,895 |
? |
|
|
95,100 |
88,500 |
? |
|
Inventories |
72,500 |
79,855 |
? |
|
Fixed Assets, net |
? |
? |
? |
|
Total Assets |
442,590 |
395,800 |
46,790 |
|
Liabilities |
|
|
|
|
Accounts payable |
45,000 |
58,350 |
? |
|
Accrued liabilities |
? |
? |
? |
|
Long –term notes payable |
99,500 |
128,550 |
? |
|
Stockholder’ Equity: |
|
|
|
|
Common Stock |
143,050 |
105,110 |
37,940 |
|
|
43,540 |
24,290 |
19,250 |
|
Total liabilities and stockholders’ equity |
442, 590 |
395, 800 |
46, 790 |
Maple Group Limited
Income Statement
Year Ended December 31, 2020
Revenues and gains
Sales revenue 499,000
Interest revenue 11,800
Total revenues and gains 510, 800
Expenses
Cost of goods sold 205, 500
Other operating expense 126, 000
Interest expenses 24, 300
Total expenses 384, 300
Income before income taxes 126, 500
Income tax expense 16, 300
Net Income 110, 200
Notes
Acquisition of fixed assets during 2020 72, 950
Sale proceed from sale of plant asset -
Receipt for issuance of notes payable -
Payment for note payable 29,050
Dividend paid 90, 950
Net income -
Requirements
(1) How can the owners use the cash flow information or what can the statement of
(2) Reconstruct the company’s comparative balance sheet for 2019/2020. Compute and show the missing figures to include the appropriate sign as a positive or negative figure.
(3) Prepare a complete statement of cash flows for 2020 using the indirect method.
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