Please answer the incorrect questions. Thanks! Required information[The following information applies to the questions displayed below.]The following information for the year ended December 31, 2021, was reported by Nice Bite, Incorporated$ 45,00022,800Accounts PayableAccounts ReceivableCash (balance on January 1, 2021)Cash (balance on December 31, 2020)Common StockDividends103,500102,800180,500EquipmentIncome Tax Expense136,70010,10029,50017,200Interest ExpenseInventoryNotes PayableOffice ExpensePrepaid RentRetained Earnings (beginning)Salaries and Wages ExpenseService RevenueUtilities ExpenseSalaries and Wages Payable23,60014,3007,0006,30035,700137,80025,1008,000Other cash flow information:$ 21,000Cash from issuing common stockCash paid to reacquire common stockCash paid for income taxesCash paid to purchase long-term assetsCash paid to suppliers and employees23,50011,00041,00083,200137,000Cash received from customers 4. Prepare a statement of cash flows for 2021. (Cash outflows should be entered as negative amounts.)NICE BITE IncorporatedStatement of Cash FlowsFor the Year Ended December 31, 2021Cash Flows from Operating ActivitiesCash Received from Customers$ 137,00083,200 X11,000 XCash Paid to Suppliers and EmployeesCash Paid for Income TaxesCash Provided by Operating Activities$ 231,200Cash Flows from Investing ActivitiesCash Paid to Purchase Long-Term Assets41,000Cash Used in Investing Activities41,000Cash Flows from Financing ActivitiesCash from Issuing Common StockCash Paid to Reacquire Common Stock21,00023,500 XCash Provided by Financing ActivitiesDecrease in CashCash at January 1, 202144,5002$25,000 X103,5002$128,500Cash at December 31, 2021*Red text indicates no response was expected in a cell or a formula-based calculation is incorrect; nopoints deducted.

Financial statements can be defined as the financial reports that are used to indicate the financial…

The following information for the year ended December 31, 2021, was reported by Nice Bite, Incorporated Accounts Payable Accounts Receivable Cash (balance on January 1, 2021) Cash (balance on December 31, 2020) $ 45,000 22,800 103,500 102,800 180,500 Common Stock Dividends Equipment Income Tax Expense Interest Expense Inventory Notes Payable Office Expense Prepaid Rent Retained Earnings (beginning) Salaries and Wages Expense Service Revenue Utilities Expense Salaries and Wages Payable 136,700 10,100 29,500 17,200 23,600 14,300 7,000 6,300 35,700 137,800 25,100 8,000 Other cash flow information: $ 21,000 Cash from issuing common stock Cash paid to reacquire common stock Cash paid for income taxes Cash paid to purchase long-term assets Cash paid to suppliers and employees Cash received from customers 23,500 11,000 41,000 83,200 137,000

The following information for the year ended December 31, 2021, was reported by Nice Bite, Incorporated Accounts Payable Accounts Receivable Cash (balance on January 1, 2021) Cash (balance on December 31, 2020) $ 45,000 22,800 103,500 102,800 180,500 Common Stock Dividends Equipment Income Tax Expense Interest Expense Inventory Notes Payable Office Expense Prepaid Rent Retained Earnings (beginning) Salaries and Wages Expense Service Revenue Utilities Expense Salaries and Wages Payable 136,700 10,100 29,500 17,200 23,600 14,300 7,000 6,300 35,700 137,800 25,100 8,000 Other cash flow information: $ 21,000 Cash from issuing common stock Cash paid to reacquire common stock Cash paid for income taxes Cash paid to purchase long-term assets Cash paid to suppliers and employees Cash received from customers 23,500 11,000 41,000 83,200 137,000

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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