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The Murdock Corporation reported the following balance sheet data for 2021 and 2020: Cash Available-for-sale debt securities (not cash equivalents) Accounts receivable Inventory Prepaid insurance Land, buildings, and equipment Accumulated depreciation Total assets Accounts payable Salaries payable Notes payable (current) Bonds payable Common stock Retained earnings Total liabilities and shareholders' equity. Additional information for 2021: (1) Sold available-for-sale debt securities costing $71,500 for $76,400. (2) Equipment costing $20,000 with a book value of $5,400 was sold for $6,600. (3) Issued 6% bonds payable at face value, $204,000. (4) Purchased new equipment for $149,000 cash. (5) Paid cash dividends of $22,000. (6) Net income was $54,000. Show Transcribed Text MURDOCK CORPORATION Statement of Cash Flows For the Year Ended December 31, 2021 2021 81,815 17,500 84,000 169,000 1,860 1,258,000 (614,000) 998,175 2020 25,355 89,000 71,850 300,000 364,035 $ 998,175 148,600 2,400 1,129,000 (576,000) $ 890,205 $ S 79,940 $152,670 21,600 28,600 204,000 26,500 79,000 0 300,000 332,035 $ 890,205

The Murdock Corporation reported the following balance sheet data for 2021 and 2020: Cash Available-for-sale debt securities (not cash equivalents) Accounts receivable Inventory Prepaid insurance Land, buildings, and equipment Accumulated depreciation Total assets Accounts payable Salaries payable Notes payable (current) Bonds payable Common stock Retained earnings Total liabilities and shareholders' equity. Additional information for 2021: (1) Sold available-for-sale debt securities costing $71,500 for $76,400. (2) Equipment costing $20,000 with a book value of $5,400 was sold for $6,600. (3) Issued 6% bonds payable at face value, $204,000. (4) Purchased new equipment for $149,000 cash. (5) Paid cash dividends of $22,000. (6) Net income was $54,000. Show Transcribed Text MURDOCK CORPORATION Statement of Cash Flows For the Year Ended December 31, 2021 2021 81,815 17,500 84,000 169,000 1,860 1,258,000 (614,000) 998,175 2020 25,355 89,000 71,850 300,000 364,035 $ 998,175 148,600 2,400 1,129,000 (576,000) $ 890,205 $ S 79,940 $152,670 21,600 28,600 204,000 26,500 79,000 0 300,000 332,035 $ 890,205

FINANCIAL ACCOUNTING
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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The Murdock Corporation reported the following balance sheet data for 2021 and 2020: Cash Available-for-sale debt securities (not cash equivalents) Accounts receivable Inventory Prepaid insurance Land, buildings, and equipment Accumulated depreciation Total assets Accounts payable Salaries payable Notes payable (current) Bonds payable Common stock Retained earnings Total liabilities and shareholders' equity Additional information for 2021: (1) Sold available-for-sale debt securities costing $71,500 for $76,400. (2) Equipment costing $20,000 with a book value of $5,400 was sold for $6,600. (3) Issued 6% bonds payable at face value, $204,000. (4) Purchased new equipment for $149,000 cash. (5) Paid cash dividends of $22,000. (6) Net income was $54,000. Show Transcribed Text MURDOCK CORPORATION Statement of Cash Flows For the Year Ended December 31, 2021 2021 81,815 17,500 84,000 169,000 1,860 1,258,000 (614,000) 998,175 $ $ 79,940 21,600 28,600 204,000 300,000 364,035 $ 998,175 $ 2020 25,355 89,000 71,850 148,600 2,400 1,129,000 (576,000) $ 890,205 $ 152,670 26,500 79,000 8 300,000 332,035 $ 890,205
Transcribed Image Text:The Murdock Corporation reported the following balance sheet data for 2021 and 2020: Cash Available-for-sale debt securities (not cash equivalents) Accounts receivable Inventory Prepaid insurance Land, buildings, and equipment Accumulated depreciation Total assets Accounts payable Salaries payable Notes payable (current) Bonds payable Common stock Retained earnings Total liabilities and shareholders' equity Additional information for 2021: (1) Sold available-for-sale debt securities costing $71,500 for $76,400. (2) Equipment costing $20,000 with a book value of $5,400 was sold for $6,600. (3) Issued 6% bonds payable at face value, $204,000. (4) Purchased new equipment for $149,000 cash. (5) Paid cash dividends of $22,000. (6) Net income was $54,000. Show Transcribed Text MURDOCK CORPORATION Statement of Cash Flows For the Year Ended December 31, 2021 2021 81,815 17,500 84,000 169,000 1,860 1,258,000 (614,000) 998,175 $ $ 79,940 21,600 28,600 204,000 300,000 364,035 $ 998,175 $ 2020 25,355 89,000 71,850 148,600 2,400 1,129,000 (576,000) $ 890,205 $ 152,670 26,500 79,000 8 300,000 332,035 $ 890,205
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