Sketchers Corporation's recent comparative balance sheet and income statement follow. Balance Sheets, December 31 Assets Cash and cash equivalents Accounts receivable (net) Merchandise inventory Investments, long-term Plant assets Accumulated depreciation Total assets Liabilities and Stockholders' Equity Accounts payable Salaries payable Income taxes payable Interest payable Bonds payable, issued at face value Common stock, no-par Retained earnings Total liabilities and stockholders' equity Income Statement For Year Ended December 31, 2020 Sales revenue Cost of goods sold Gross margin Depreciation expense Salaries expense Income tax expense Interest expense Net income 2019 $39,000 68,000 156,000 337,000 (88,000) $512,000 $45,000 3,000 4,000 5,000 200,000 240,000 15,000 $512,000 Additional information: 1. Purchased a plant asset, $60,000; issued capital stock in full payment. 2. Purchased a long-term investment in equity securities accounted for cash, $20,000. 3. Declared and paid a cash dividend, $20,000. 4. Sold plant asset for $10,000 cash (cost, $36,000; accumulated depreciation, $26,000). 5. Sold capital stock, 1,000 shares at $11 per share cash. Note: Do not use either the positive/negative sign or the dollar sign with your answers. Required: 1 Net cash provided by operating activities using the indirect method is $. 2 Net cash used by financing activities is $. 3 Cash paid to suppliers, under the direct method, is $. 4 Cash paid for interest, under the direct method, is $ 2020 $63,800 72,200 152,000 20,000 361,000 (74,000) $595,000 $40,000 1,000 7,000 5,000 200,000 311,000 31,000 $595,000 $240,000 (144,000) $96,000 (12,000) (24,000) (20,000) (4,000) $36,000
Sketchers Corporation's recent comparative balance sheet and income statement follow. Balance Sheets, December 31 Assets Cash and cash equivalents Accounts receivable (net) Merchandise inventory Investments, long-term Plant assets Accumulated depreciation Total assets Liabilities and Stockholders' Equity Accounts payable Salaries payable Income taxes payable Interest payable Bonds payable, issued at face value Common stock, no-par Retained earnings Total liabilities and stockholders' equity Income Statement For Year Ended December 31, 2020 Sales revenue Cost of goods sold Gross margin Depreciation expense Salaries expense Income tax expense Interest expense Net income 2019 $39,000 68,000 156,000 337,000 (88,000) $512,000 $45,000 3,000 4,000 5,000 200,000 240,000 15,000 $512,000 Additional information: 1. Purchased a plant asset, $60,000; issued capital stock in full payment. 2. Purchased a long-term investment in equity securities accounted for cash, $20,000. 3. Declared and paid a cash dividend, $20,000. 4. Sold plant asset for $10,000 cash (cost, $36,000; accumulated depreciation, $26,000). 5. Sold capital stock, 1,000 shares at $11 per share cash. Note: Do not use either the positive/negative sign or the dollar sign with your answers. Required: 1 Net cash provided by operating activities using the indirect method is $. 2 Net cash used by financing activities is $. 3 Cash paid to suppliers, under the direct method, is $. 4 Cash paid for interest, under the direct method, is $ 2020 $63,800 72,200 152,000 20,000 361,000 (74,000) $595,000 $40,000 1,000 7,000 5,000 200,000 311,000 31,000 $595,000 $240,000 (144,000) $96,000 (12,000) (24,000) (20,000) (4,000) $36,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Sketchers Corporation's recent comparative balance sheet and income statement follow.
Balance Sheets, December 31
Assets
Cash and cash equivalents
Accounts receivable (net)
Merchandise inventory
Investments, long-term
Plant assets
Accumulated depreciation
Total assets
Liabilities and Stockholders' Equity
Accounts payable
Salaries payable
Income taxes payable
Interest payable
Bonds payable, issued at face value
Common stock, no-par
Retained earnings
Total liabilities and stockholders' equity
Income Statement
For Year Ended December 31, 2020
Sales revenue
Cost of goods sold
Gross margin
Depreciation expense
Salaries expense
Income tax expense
Interest expense
Net income
2019
$39,000
68,000
156,000
337,000
(88,000)
$512,000
$45,000
3,000
4,000
5,000
200,000
240,000
15,000
$512,000
Additional information:
1. Purchased a plant asset, $60,000; issued capital stock in full payment.
2. Purchased a long-term investment in equity securities accounted for cash, $20,000.
3. Declared and paid a cash dividend, $20,000.
4. Sold plant asset for $10,000 cash (cost, $36,000; accumulated depreciation, $26,000).
5. Sold capital stock, 1,000 shares at $11 per share cash.
Note: Do not use either the positive/negative sign or the dollar sign with your answers.
Required:
1 Net cash provided by operating activities using the indirect method is $.
2 Net cash used by financing activities is $.
3 Cash paid to suppliers, under the direct method, is $.
4 Cash paid for interest, under the direct method, is $
2020
$63,800
72,200
152,000
20,000
361,000
(74,000)
$595,000
$40,000
1,000
7,000
5,000
200,000
311,000
31,000
$595,000
$240,000
(144,000)
$96,000
(12,000)
(24,000)
(20,000)
(4,000)
$36,000
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