Problem 11-55A (Algorithmic) Preparing a Statement of Cash Flows Erie Company reported the following comparative balance sheets: Assets: 2019 2018 Cash $33,200 $12,750 Accounts receivable 53,000 44,800 Inventory 29,500 27,500 Prepaid rent 2,200 6,200 Investments (long-term) 17,600 31,800 Property, plant, and equipment 162,000 149,450 Accumulated depreciation (61,600) (56,200) Total assets $235,900 $216,300 Liabilities and Equity: Accounts payable $16,900 $19,500 Interest payable 3,500 4,800 Wages payable 9,600 7,100 Income taxes payable 5,500 3,600 Notes payable 28,000 53,000 Common stock 100,000 68,500 Retained earnings 72,400 59,800 Total liabilities and equity $235,900 $216,300 Additional Information: 1. Net income for 2019 was $22,000.
Problem 11-55A (Algorithmic) Preparing a Statement of Cash Flows Erie Company reported the following comparative balance sheets: Assets: 2019 2018 Cash $33,200 $12,750 Accounts receivable 53,000 44,800 Inventory 29,500 27,500 Prepaid rent 2,200 6,200 Investments (long-term) 17,600 31,800 Property, plant, and equipment 162,000 149,450 Accumulated depreciation (61,600) (56,200) Total assets $235,900 $216,300 Liabilities and Equity: Accounts payable $16,900 $19,500 Interest payable 3,500 4,800 Wages payable 9,600 7,100 Income taxes payable 5,500 3,600 Notes payable 28,000 53,000 Common stock 100,000 68,500 Retained earnings 72,400 59,800 Total liabilities and equity $235,900 $216,300 Additional Information: 1. Net income for 2019 was $22,000.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Preparing a Statement of Cash Flows
Erie Company reported the following comparative balance sheets:
Transcribed Image Text:Problem 11-55A (Algorithmic)
Preparing a Statement of Cash Flows
Erie Company reported the following comparative balance sheets:
Assets:
2019
2018
Cash
$33,200
$12,750
Accounts receivable
53,000
44,800
Inventory
29,500
27,500
Prepaid rent
2,200
6,200
Investments (long-term)
17,600
31,800
Property, plant, and equipment
162,000
149,450
Accumulated depreciation
(61,600)
(56,200)
Total assets
$235,900
$216,300
Liabilities and Equity:
Accounts payable
$16,900
$19,500
Interest payable
3,500
4,800
Wages payable
9,600
7,100
Income taxes payable
5,500
3,600
Notes payable
28,000
53,000
Common stock
100,000
68,500
Retained earnings
72,400
59,800
Total liabilities and equity
$235,900
$216,300
Additional Information:
1. Net income for 2019 was $22,000.
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