FRANK CORPORATIONStatement of Cash FlowsFor the Year Ended December 31, 2020Cash flows from operating activities:Net earningsAdd (deduct) items not affecting cash:Decrease in accounts payableNet cash flow from operating activitiesCash flows from investing activities:Net cash flow from investing activitiesCash flows from financing activities:Borrowing on long-term noteNet cash inflow from financing activitiesNet increase in cash during 2020Cash, beginning of 2020Cash, end of 20206600000 Selected 2020 transactions are as follows:a. Purchased investment securities for $6,000 cash.b. Borrowed $17,000 on a two-year, 8 percent interest-bearing note.c. During 2020, sold machinery for its carrying amount; received $12,500 in cash.d. Purchased machinery for $52,000; paid $10,000 in cash and signed a four-year note payable to the dealer for $42,000.e. Declared and paid a cash dividend of $11,000 on December 31, 2020.Selected account balances at December 31, 2019 and 2020 are as follows:CashAccounts receivableInventoryAccounts payableAccrued wages payableIncome taxes payableOne-fourth of the sales and one-third of the purchases were made on credit.FRANK CORPORATIONStatement of EarningsFor the Year Ended December 31, 2020Sales revenueCost of salesGross profitExpensesSalaries and wagesDepreciationRent (no accruals)December 3120202019$83,000 $22,00018,000 12,50053,00062,0008,000 12,0001,300 2,0006,000 3,500Interest (no accruals)Income taxTotal expensesNet earnings$52,00010,2006,80013,20012,800$420,000278,000142,00095,000$ 47,000

A cash flow statement is an important tool used to manage finances by tracking the cash flow for an…

TRANK CORPORATION Statement of Cash Flows For the Year Ended December 31, 2020 Cash flows from operating activities: Net earnings Add (deduct) items not affecting cash: Decrease in accounts payable Net cash flow from operating activities Cash flows from investing activities: Net cash flow from investing activities Cash flows from financing activities: Borrowing on long-term note Net increase in cash during 2020 Cash, beginning of 2020 Cash, end of 2020 Net cash inflow from financing activities FA 0 0 0 0 O

TRANK CORPORATION Statement of Cash Flows For the Year Ended December 31, 2020 Cash flows from operating activities: Net earnings Add (deduct) items not affecting cash: Decrease in accounts payable Net cash flow from operating activities Cash flows from investing activities: Net cash flow from investing activities Cash flows from financing activities: Borrowing on long-term note Net increase in cash during 2020 Cash, beginning of 2020 Cash, end of 2020 Net cash inflow from financing activities FA 0 0 0 0 O

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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