2. Below are balance sheet and income statement data for Yu Simon Company. Note: For the balance sheet data, the end-of-year information is in the left column. Accounts Payable Accounts Receivable.. Accumulated Depreciation.. Cash Common Stock Equipment Inventory Long-term Debt Prepaid Insurance.. Balance Sheet Data 20X2 20X1 70. 85 150 .......... 120 300. 240 120. 80 450. 410 700. 800 100 145 0. 355 40. 0 290 55 Retained Earnings (ending balance, after closing). Income Statement Data (for 20X2) Sales Gain on Sale of Equipment.. Cost of Goods Sold Insurance Expense..... Depreciation Expense... Total Expenses Net Income Additional Information: i. Equipment with a book value of $300 was sold during 20X2. ii. Equipment was purchased during the year iii. All accounts payable relate to inventory purchases. 3,000 35 .2,000 655 100 2,755 280 Part A. Complete the following matrix to calculate Operating Cash Flows for 20X2. Income Statement Adjustments Statement of Cash Flows Sales $ 3,000 Gain on Sale of Equipment 35 Cost of Goods Sold (2,000) Insurance Expense (655) Depreciation Expense (100) Net Income $ 280 Part B. Prepare the Investing Section of the Statement of Cash Flows for 20X2. Remember, you will need to calculate the cash PAID to purchase new equipment, and the cash RECEIVED from the sale of old equipment. Part C. Prepare the Financing Section of the Statement of Cash Flows for 20X2.
2. Below are balance sheet and income statement data for Yu Simon Company. Note: For the balance sheet data, the end-of-year information is in the left column. Accounts Payable Accounts Receivable.. Accumulated Depreciation.. Cash Common Stock Equipment Inventory Long-term Debt Prepaid Insurance.. Balance Sheet Data 20X2 20X1 70. 85 150 .......... 120 300. 240 120. 80 450. 410 700. 800 100 145 0. 355 40. 0 290 55 Retained Earnings (ending balance, after closing). Income Statement Data (for 20X2) Sales Gain on Sale of Equipment.. Cost of Goods Sold Insurance Expense..... Depreciation Expense... Total Expenses Net Income Additional Information: i. Equipment with a book value of $300 was sold during 20X2. ii. Equipment was purchased during the year iii. All accounts payable relate to inventory purchases. 3,000 35 .2,000 655 100 2,755 280 Part A. Complete the following matrix to calculate Operating Cash Flows for 20X2. Income Statement Adjustments Statement of Cash Flows Sales $ 3,000 Gain on Sale of Equipment 35 Cost of Goods Sold (2,000) Insurance Expense (655) Depreciation Expense (100) Net Income $ 280 Part B. Prepare the Investing Section of the Statement of Cash Flows for 20X2. Remember, you will need to calculate the cash PAID to purchase new equipment, and the cash RECEIVED from the sale of old equipment. Part C. Prepare the Financing Section of the Statement of Cash Flows for 20X2.
Chapter16: Statement Of Cash Flows
Section: Chapter Questions
Problem 2TP: Use a spreadsheet and the following financial information from Mineola Companys financial statements...
Question

Transcribed Image Text:2. Below are balance sheet and income statement data for Yu Simon Company. Note: For the
balance sheet data, the end-of-year information is in the left column.
Accounts Payable
Accounts Receivable..
Accumulated Depreciation..
Cash
Common Stock
Equipment
Inventory
Long-term Debt
Prepaid Insurance..
Balance Sheet Data
20X2
20X1
70.
85
150
.......... 120
300.
240
120.
80
450.
410
700.
800
100
145
0.
355
40.
0
290
55
Retained Earnings (ending balance, after closing).
Income Statement Data (for 20X2)
Sales
Gain on Sale of Equipment..
Cost of Goods Sold
Insurance Expense.....
Depreciation Expense...
Total Expenses
Net Income
Additional Information:
i. Equipment with a book value of $300 was sold during 20X2.
ii.
Equipment was purchased during the year
iii. All accounts payable relate to inventory purchases.
3,000
35
.2,000
655
100
2,755
280

Transcribed Image Text:Part A. Complete the following matrix to calculate Operating Cash Flows for 20X2.
Income
Statement
Adjustments
Statement
of Cash
Flows
Sales
$ 3,000
Gain on Sale of Equipment
35
Cost of Goods Sold
(2,000)
Insurance Expense
(655)
Depreciation Expense
(100)
Net Income
$ 280
Part B. Prepare the Investing Section of the Statement of Cash Flows for 20X2. Remember, you will need
to calculate the cash PAID to purchase new equipment, and the cash RECEIVED from the sale of old
equipment.
Part C. Prepare the Financing Section of the Statement of Cash Flows for 20X2.
Expert Solution
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