Skysong Inc., a greeting card company, had the following statements prepared as of December 31, 2020.SKYSONG INC.COMPARATIVE BALANCE SHEETAS OF DECEMBER 31, 2020 AND 201912/31/2012/31/19Cash$6,100$6.900Accounts receivable61.90050,500Short-term debt investments (available-for-sale)34,80018,200Inventory39,90059,800Prepaid rent4,9004.000Equipment155,500131,200Accumulated depreciation-equipment(34,800 )(25,300 )Copyrights45,70050.200Total assets$314,000$295,500Accounts payable$46,200$39,700Income taxes payable4,0006,100Salaries and wages payable7,9004,000Short-term loans payable7,90010,000Long-term loans payable59.80068,600Common stock, $10 par100,000100,000Contributed capital, common stock30,00030,000Retained earnings58,20037,100Total liabilities & stockholders' equity$314,000$295,500 SKYSONG INC.INCOME STATEMENTFOR THE YEAR ENDING DECEMBER 31, 2020Sales revenue$335,575Cost of goods sold173.200Gross profit162.375Operating expenses119.100Operating income43,275Interest expense$11.400Gain on sale of equipment2.0009.400Income before tax33,875Income tax expense6,775Net income$27,100Additional information:1.Dividends in the amount of $6,000 were declared and paid during 2020.2.Depreciation expense and amortization expense are included in operating expenses.3.No unrealized gains or losses have occurred on the investments during the year.4.Equipment that had a cost of $20,100 and was 70% depreciated was sold during 2020.Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a- sign eg.-15,000 or in parenthesis eg. (15,000))SKYSONG INC.Statement of Cash FlowsAdjustments to reconcile net income to

Skysong Inc, a greeting card company, had the following statements prepared as of December 31, 2020. SKYSONG INC. COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2020 AND 2019 12/31/20 12/31/19 Cash $6,100 $6.900 Accounts receivable 61.900 50.500 Short-term debt investments (available-for-sale) 34,800 18.200 Inventory 39,900 59,800 Prepaid rent 4,900 4.000 Equipment 155.500 131.200 Accumulated depreciation-equipment (34,800 ) (25,300 ) Copyrights 45,700 50.200 Total assets $314,000 $295,500 Accounts payable $46.200 $39.700 Income taxes payable 4,000 6,100 Salaries and wages payable 7,900 4.000 Short-term loans payable 7,900 10.000 Long-term loans payable 59,800 68.600 Common stock, $10 par 100,000 100,000 Contributed capital, common stock 30,000 30.000 Retained earnings 58,200 37,100 Total liabilities & stockholders' equity $314,000 $295,500

Skysong Inc, a greeting card company, had the following statements prepared as of December 31, 2020. SKYSONG INC. COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2020 AND 2019 12/31/20 12/31/19 Cash $6,100 $6.900 Accounts receivable 61.900 50.500 Short-term debt investments (available-for-sale) 34,800 18.200 Inventory 39,900 59,800 Prepaid rent 4,900 4.000 Equipment 155.500 131.200 Accumulated depreciation-equipment (34,800 ) (25,300 ) Copyrights 45,700 50.200 Total assets $314,000 $295,500 Accounts payable $46.200 $39.700 Income taxes payable 4,000 6,100 Salaries and wages payable 7,900 4.000 Short-term loans payable 7,900 10.000 Long-term loans payable 59,800 68.600 Common stock, $10 par 100,000 100,000 Contributed capital, common stock 30,000 30.000 Retained earnings 58,200 37,100 Total liabilities & stockholders' equity $314,000 $295,500

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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