The comparative balance sheets for 2021 and 2020 and the statement of income for 2021 are given below for Wright Company.Additional information from Wright's accounting records is provided also.WRIGHT COMPANYComparative Balance Sheets.December 31, 2021 and 2020($ in thousands)20212020AssetsCash$$ 125Accounts receivable.149167170Short-term investment6425Inventory168165Land126155Buildings and equipment785590Less: Accumulated depreciation(229)(170)$1,230Liabilities:Accounts payable50Salaries payableInterest payableIncome tax payable5eNotes payableBonds payableShareholders' Equity.Common stockPaid-in capital-excess of parRetained earningsWRIGHT COMPANYIncome StatementFor Year Ended December 31, 2021(5 in thousands)$ 320905911Revenues:Expenses:1,060$ 5444103936829046039021919511974$1,230 $1,060397$ 650Sales revenueCost of goods soldSalaries expenseDepreciation expenseInterest expenseLoss on sale of land.Income tax expense580Net income$ 100Additional information from the accounting records Additional information from the accounting recordsa. Land that originally cost $29,000 was sold for $26.000.b. The common stock of Microsoft Corporation was purchased for $39,000 as a short-term investment not classified as a cashequivalent.c. New equipment was purchased for $195,000 cash.d. A $39,000 note was paid at maturity on January 1,e. On January 1, 2021, bonds were sold at their $78,000 face value.1 Common stock ($70,000 par) was sold for $94,000g. Net income was $100.000 and cash dividends of $55,000 were paid to shareholdersRequired:Prepare the statement of cash flows of Wright Company for the year ended December 31, 2021 Present cash flows from operatingactivities by the direct method. (Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands(ie., 10,000 should be entered as 10).)

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Description: The comparative balance sheets for 2021 and 2020 and the statement of income for 2021 are given below for Wright Company.Additional information from Wright's accounting records is provided also.WRIGHT COMPANYComparative Balance Sheets.December 31, 2

The question is based on the concept of Cash flow statement. Cash flow statement is the statement…

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The comparative balance sheets for 2021 and 2020 and the statement of income for 2021 are given below for Wright Company Additional information from Wright's accounting records is provided also. WRIGHT COMPANY Comparative Balance Sheets December 31, 2021 and 2020 ($ in thousands) 2021 2020 Assets Cash $ 149 $125 Accounts receivable. 167 170 64 25 Short-term investment. Inventory 168 165 Land 126 155 Buildings and equipment 785 590 Less: Accumulated depreciation. (229) (170) 1,060 Liabilities. 50 $ 54 Accounts payable Salaries payable Interest payable Income tax payable Notes payable $1,230 $

The comparative balance sheets for 2021 and 2020 and the statement of income for 2021 are given below for Wright Company Additional information from Wright's accounting records is provided also. WRIGHT COMPANY Comparative Balance Sheets December 31, 2021 and 2020 ($ in thousands) 2021 2020 Assets Cash $ 149 $125 Accounts receivable. 167 170 64 25 Short-term investment. Inventory 168 165 Land 126 155 Buildings and equipment 785 590 Less: Accumulated depreciation. (229) (170) 1,060 Liabilities. 50 $ 54 Accounts payable Salaries payable Interest payable Income tax payable Notes payable $1,230 $

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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