Please do not give solution in image format thanku AssetsCashAccounts receivableShort-term investmentInventoryLandBuildings and equipmentLess: Accumulated depreciationLiabilitiesAccounts payableSalaries payableInterest payableIncome tax payableNotes payableBonds payableShareholders' EquityCommon stockPaid-in capital-excess of parRetained earningsGA$SA$GA202142 73 407550550(115)71582590160250126135715$GA$20203075157060400(75)575553236123010020010090575 Revenues:Sales revenueExpenses:Cost of goods soldSalaries expenseDepreciation expenseInterest expenseLoss on sale of landIncome tax expenseNet income$130454012370$38030080Additional information from the accounting records:a. Land that originally cost $10,000 was sold for $7,000.b. The common stock of Microsoft Corporation was purchased for $25,000 as a short-term investment not classified as a cash equivalent.c. New equipment was purchased for $150,000 cash.d. A $30,000 note was paid at maturity on January 1.e. On January 1, 2021, bonds were sold at their $60,000 face value.f. Common stock ($50,000 par) was sold for $76,000.g. Net income was $80,000 and cash dividends of $35,000 were paid to shareholders.Prepare the statement of cash flows ofWright Company for the year endedDecember 31, 2021. Prepare a cash flowsfrom operating activities by the directmethod.

Cash Flow Statement - Cash Flow Statement is dividend into two methods 1) Direct Method and 2)…

Revenues: Sales revenue Expenses: Cost of goods sold Salaries expense Depreciation expense Interest expense Loss on sale of land Income tax expense Net income PRE 130 45 OWNBA 40 12 70 $ d. A $30,000 note was paid at maturity on January 1. e. On January 1, 2021, bonds were sold at their $60,000 face value. f. Common stock ($50,000 par) was sold for $76,000. g. Net income was $80,000 and cash dividends of $35,000 were paid to shareholders. 380 300 80 Additional information from the accounting records: a. Land that originally cost $10,000 was sold for $7,000. b. The common stock of Microsoft Corporation was purchased for $25,000 as a short-term investment not classified as a cash equivalent. c. New equipment was purchased for $150,000 cash. Prepare the statement of cash flows of Wright Company for the year ended December 31, 2021. Prepare a cash flows from operating activities by the direct method.

Revenues: Sales revenue Expenses: Cost of goods sold Salaries expense Depreciation expense Interest expense Loss on sale of land Income tax expense Net income PRE 130 45 OWNBA 40 12 70 $ d. A $30,000 note was paid at maturity on January 1. e. On January 1, 2021, bonds were sold at their $60,000 face value. f. Common stock ($50,000 par) was sold for $76,000. g. Net income was $80,000 and cash dividends of $35,000 were paid to shareholders. 380 300 80 Additional information from the accounting records: a. Land that originally cost $10,000 was sold for $7,000. b. The common stock of Microsoft Corporation was purchased for $25,000 as a short-term investment not classified as a cash equivalent. c. New equipment was purchased for $150,000 cash. Prepare the statement of cash flows of Wright Company for the year ended December 31, 2021. Prepare a cash flows from operating activities by the direct method.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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