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. Uponcelose examinason Maple Group Ltd Income Statement of the financial information received, it was discovered that some figures in the balance sheet t Year Ended December 31,2020 were erroneously omitted due to an oversight by the accountant who is not available to fix the Revenues and gains: problem due to his unavoidable absence from work. In addition, the owners were concermed Sales revenue 369,500 11,800 Interest revenue Total revenues and gains Expenses Costof goods sold Depreciation expense Other operating expense Interest expense about the movement in the company's cashand cash equivalent given that the balance sheet does 381,300 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 prepara the statement of cash flows and it is expected 205,500 15,500 126,000 that this should be able to provide the needed clarity required by the owmers. The owners have asked each student from youraccounting course to assist with the needed clarification and have put forward the following financial information. 24,300 Total expenses 371,300 Income before incometaxes 10,000 16.300 (6,300) Incometax expense Maple Group Ltd Comparative Balance Sheet December 31, 2020 and 2019 Net Loss 2020 2019 Increasel(Decrease) Notes Acquisition offixed asset during 2020 65,400 Assets Cash and cash equivalent Accounts Receivable Sale proceed from sale of plant asset Receipt for issuance of notes payable Payment for note payable Dividend paid Book value of equipment sold ? ? 87,550 93,900 160,400 373,350 1,550 Inventories 98,540 58,500 Fixed Assets, net ? 2,900 49,900 56.460 Total Assets 316,890 Liabilities Accounts payable Accrued liabilities Requirements ? ? 950 22,850 82,000 24,940 140,500 1. How can the owners use the cash flow information or what can the statement of cash flows helps the owners to do? Long-term notes payable Stockholders Equity: Common Stock (58,500) 2. Reconstruct the company's comparative balance sheet for 2019/2020using the information given and compute and show the missing figures to include the appropriate signas a positive or negative figure. ? 61,500 125,300 Retained earnings 54,800 (9.200) Total liabilities and stockholders' equity 373,350 316,890 56,460 3. Prepareacomplate statement of cash flows for 2020 using the indirect method using the information given.
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. Uponcelose examinason Maple Group Ltd Income Statement of the financial information received, it was discovered that some figures in the balance sheet t Year Ended December 31,2020 were erroneously omitted due to an oversight by the accountant who is not available to fix the Revenues and gains: problem due to his unavoidable absence from work. In addition, the owners were concermed Sales revenue 369,500 11,800 Interest revenue Total revenues and gains Expenses Costof goods sold Depreciation expense Other operating expense Interest expense about the movement in the company's cashand cash equivalent given that the balance sheet does 381,300 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 prepara the statement of cash flows and it is expected 205,500 15,500 126,000 that this should be able to provide the needed clarity required by the owmers. The owners have asked each student from youraccounting course to assist with the needed clarification and have put forward the following financial information. 24,300 Total expenses 371,300 Income before incometaxes 10,000 16.300 (6,300) Incometax expense Maple Group Ltd Comparative Balance Sheet December 31, 2020 and 2019 Net Loss 2020 2019 Increasel(Decrease) Notes Acquisition offixed asset during 2020 65,400 Assets Cash and cash equivalent Accounts Receivable Sale proceed from sale of plant asset Receipt for issuance of notes payable Payment for note payable Dividend paid Book value of equipment sold ? ? 87,550 93,900 160,400 373,350 1,550 Inventories 98,540 58,500 Fixed Assets, net ? 2,900 49,900 56.460 Total Assets 316,890 Liabilities Accounts payable Accrued liabilities Requirements ? ? 950 22,850 82,000 24,940 140,500 1. How can the owners use the cash flow information or what can the statement of cash flows helps the owners to do? Long-term notes payable Stockholders Equity: Common Stock (58,500) 2. Reconstruct the company's comparative balance sheet for 2019/2020using the information given and compute and show the missing figures to include the appropriate signas a positive or negative figure. ? 61,500 125,300 Retained earnings 54,800 (9.200) Total liabilities and stockholders' equity 373,350 316,890 56,460 3. Prepareacomplate statement of cash flows for 2020 using the indirect method using the information given.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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