ASAP!! The account balances of the Elegant Industries Limited at the end of 2020 and 2021 are as follows:Trinity CompanyComparative Financial position SheetChange20212020Increase/Decrease47,50024,30023,200Assets21,50026,000(4,500)Cash2,5001,800700Accounts Receivable48,00045,5002,500Prepaid Insurance20,00010,00010,000Inventory230,000190,00040,000Land(85,500)(71,100)(14,400)Plant AssetsAccumulated depreciationTotal Assets284,000226,50057,500Liabilities and Equity17,20019,000(1,800)Liabilities1,9001,500400Accounts PayableSalaries Payable Notes Payable85,00075,00010,000Total Liabilities104,10095,5008,600115,00070,00045,000Equity64,90061,0003,900Common StockRetained EarningsTotal Equity179,900131,00048,900Total Liabilities and Equities284,000226,50057,500 Trinity CompanyIncome StatementYear Ended December 31,2018Sales238,000COGS(153,000)85,000Operating ExpensesInsurance Expenses(14,400)Interest Expenses(3,500)Salaries Expenses(12,000)Other Operating Expenses(42,600)Miscellaneous Expenses(11,100)(83,600)Operating Income1,400Other IncomeGain on sales of Land4,800Profit before Tax (PBIT)6,200Income Tax Expenses(1,860)Net Income4,340Additional Information:1. Trinity Company sold land with an original cost of Rs. 10,000, for Rs. 14,800 cash.2. A new parcel of land was purchased for Rs. 20,000, in exchange for a note payable.3. Plant assets were purchased for Rs. 40,000 cash.4. Trinity declared and paid a Rs. 440 cash dividend to shareholders.5. Trinity issued common stock in exchange for Rs. 45,000 cash.RequiredPrepare the Cashflow statement by using indirect method.

Cashflow Statement -It is one of the most important concepts in accounting or finance as it provides…

Trinity Company Income Statement Year Ended December 31,2018 Sales 238,000 COGS (153,000) 85,000 Operating Expenses Insurance Expenses (14,400) Interest Expenses (3,500) Salaries Expenses (12,000) Other Operating Expenses (42,600) Miscellaneous Expenses (11,100) (83,600) Operating Income 1,400 Other Income Gain on sales of Land 4,800 Profit before Tax (PBIT) 6,200 Income Tax Expenses (1,860) Net Income 4,340 Additional Information: 1. Trinity Company sold land with an original cost of Rs. 10,000, for Rs. 14,800 cash. 2. A new parcel of land was purchased for Rs. 20,000, in exchange for a note payable. 3. Plant assets were purchased for Rs. 40,000 cash. 4. Trinity declared and paid a Rs. 440 cash dividend to shareholders. 5. Trinity issued common stock in exchange for Rs. 45,000 cash. Required Prepare the Cashflow statement by using indirect method.

Trinity Company Income Statement Year Ended December 31,2018 Sales 238,000 COGS (153,000) 85,000 Operating Expenses Insurance Expenses (14,400) Interest Expenses (3,500) Salaries Expenses (12,000) Other Operating Expenses (42,600) Miscellaneous Expenses (11,100) (83,600) Operating Income 1,400 Other Income Gain on sales of Land 4,800 Profit before Tax (PBIT) 6,200 Income Tax Expenses (1,860) Net Income 4,340 Additional Information: 1. Trinity Company sold land with an original cost of Rs. 10,000, for Rs. 14,800 cash. 2. A new parcel of land was purchased for Rs. 20,000, in exchange for a note payable. 3. Plant assets were purchased for Rs. 40,000 cash. 4. Trinity declared and paid a Rs. 440 cash dividend to shareholders. 5. Trinity issued common stock in exchange for Rs. 45,000 cash. Required Prepare the Cashflow statement by using indirect method.

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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