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 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. 3. 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
Section: Chapter Questions
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10:13 M
N ull 60% i
File Assignment 3B – Read-only
Refresh recommended – A newer version o...
auriereu.
Scenario:
The 2020 comparative balance sheet and 2020 income statement of Maple Group Ltd, have just
been prepare and presented to the owners by the company's Accountant. Upon close examination
of the financial information received, it was discovered that some figures in the balance sheet
were erroneously omitted due to an oversight by the accountant who is not available to fix the
problem due to his unavoidable absence from work. In addition, the owners were concerned
about the movement in the company's cash and cash equivalent given that the balance sheet does
not show or explain the reason or reasons why there was an increase or decrease in this area.
The company uses the indirect method to prepare the statement of cash flows and it is expected
that this should be able to provide the needed clarity required by the owners.
The owners have asked each student from your accounting course to assist with the needed
clarification and have put forward the following financial information grouped according to your
first name initial. (Hint!!!! Example first name Brad will use the initial B and that person
should only use the info presented in line with the heading with their first name initial. You
are not allowed to use info associated with initials other than that of your own as this will
result in the forfeiture of the grade.)
Having identified the information in line with your first name you are next required to address
the requirements outlined below.
Financial info to be used by first names with initials (K, Q, M, F)
Maple Group Ltd
Comparative Balance Sheet
December 31, 2020 and 2019
2020
2019 Increase/(Decrease)
Assets
Cash and cash equivalent
?
Accounts Receivable
87,550
1,550
Inventories
93,900
98,540
Fixed Assets, net
160,400
49,900
Total Assets
373,350
316,890
56,460
Liabilities
Accounts payable
?
?
950
Accrued liabilities
22,850
24,940
Long-term notes payable
Stockholders' Equity:
82,000
140,500
(58,500)
Common Stock
?
61,500
125,300
Retained earnings
(9,200)
56,460
54,800
Total liabilities and stockholders' equity
373,350
316,890
Meple Cr IA
II
Transcribed Image Text:10:13 M N ull 60% i File Assignment 3B – Read-only Refresh recommended – A newer version o... auriereu. Scenario: The 2020 comparative balance sheet and 2020 income statement of Maple Group Ltd, have just been prepare and presented to the owners by the company's Accountant. Upon close examination of the financial information received, it was discovered that some figures in the balance sheet were erroneously omitted due to an oversight by the accountant who is not available to fix the problem due to his unavoidable absence from work. In addition, the owners were concerned about the movement in the company's cash and cash equivalent given that the balance sheet does not show or explain the reason or reasons why there was an increase or decrease in this area. The company uses the indirect method to prepare the statement of cash flows and it is expected that this should be able to provide the needed clarity required by the owners. The owners have asked each student from your accounting course to assist with the needed clarification and have put forward the following financial information grouped according to your first name initial. (Hint!!!! Example first name Brad will use the initial B and that person should only use the info presented in line with the heading with their first name initial. You are not allowed to use info associated with initials other than that of your own as this will result in the forfeiture of the grade.) Having identified the information in line with your first name you are next required to address the requirements outlined below. Financial info to be used by first names with initials (K, Q, M, F) Maple Group Ltd Comparative Balance Sheet December 31, 2020 and 2019 2020 2019 Increase/(Decrease) Assets Cash and cash equivalent ? Accounts Receivable 87,550 1,550 Inventories 93,900 98,540 Fixed Assets, net 160,400 49,900 Total Assets 373,350 316,890 56,460 Liabilities Accounts payable ? ? 950 Accrued liabilities 22,850 24,940 Long-term notes payable Stockholders' Equity: 82,000 140,500 (58,500) Common Stock ? 61,500 125,300 Retained earnings (9,200) 56,460 54,800 Total liabilities and stockholders' equity 373,350 316,890 Meple Cr IA II
10:12 M
N ull 60% i
File Assignment 3B – Read-only
Refresh recommended – A newer version o...
Maple Group Ltd
Income Statement
Year Ended December 31,2020
Revenues and gains:
Sales revenue
Interest revenue
369,500
11,800
Total revenues and gains
Expenses
Cost of goods sold
Depreciation expense
Other operating expense
Interest expense
Total expenses
381,300
205,500
15,500
126.000
24,300
371,300
Income before income taxes
10,000
Income tax expense
16,300
|Net Loss
(6,300)
Notes
65,400
Acquisition of fixed asset during 2020
Sale proceed from sale of plant asset
Receipt for issuance of notes payable
Payment for note payable
Dividend paid
Book value of equipment sold
58,500
2,900
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 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.
3. Prepare a complete statement of cash flows for 2020 using the indirect method using the
information in line with your first name initial.
II
Transcribed Image Text:10:12 M N ull 60% i File Assignment 3B – Read-only Refresh recommended – A newer version o... Maple Group Ltd Income Statement Year Ended December 31,2020 Revenues and gains: Sales revenue Interest revenue 369,500 11,800 Total revenues and gains Expenses Cost of goods sold Depreciation expense Other operating expense Interest expense Total expenses 381,300 205,500 15,500 126.000 24,300 371,300 Income before income taxes 10,000 Income tax expense 16,300 |Net Loss (6,300) Notes 65,400 Acquisition of fixed asset during 2020 Sale proceed from sale of plant asset Receipt for issuance of notes payable Payment for note payable Dividend paid Book value of equipment sold 58,500 2,900 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 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. 3. Prepare a complete statement of cash flows for 2020 using the indirect method using the information in line with your first name initial. II
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