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...
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