Can you tell me how to properly prepare this statement of cashflows? It says for additional information for 2021:1) purchase additional investment in stocks for 79,0002) sell land costing 47,000 for 56,000 resulting in a $9000 gain on sale of land3) Purchase $14,000 in equipment by issuing a $14,000 long-term note payable to the seller no cash is exchanged4) Declare and pay cash dividends of $104,0005) issue common stock for $44,000 VIRTUAL GAMING SYSTEMSBalance SheetsDecember 3120212020AssetsCurrent assets:Cash$ 114,56069,600136,0003,04055,72084,000129,000Accounts receivableInventoryPrepaid rentLong-term assets:4,680Investments189,000205,000218,000(119,000)$ 816,200110,000252,000204,000(102,000)$ 737,400LandEquipmentAccumulated depreciationTotal assetsLiabilities and Stockholders' EquityCurrent liabilities:Accounts payableInterest payable$27,0003,60029,60082,0002,40032,000IncomepayableLong-term liabilities:Notes payableStockholders' equity:255,000241,000Common stockRetained earnings284,000240,000217,000$ 816,200140,000Total liabilities and stockholders' equity$ 737,400Additional Information for 2021:1. Purchase additional investment in stocks for $79,000.< Prey1 of 4出Next >APR27WF4FS44F6%23%2$&3 1,000Increase in interest payableDecrease in income tax payable(2,800)$145,880Net cash flows from operating activitiesCash Flows from Investing Activities53,000Proceeds from sale of landNet cash flows from investing activities53,000Cash Flows from Financing Activities83,00048,000Purchase investment in stockIssue common stockPayment of cash dividends(108,000)Net cash flows from financing activities23,00094,240127,640Net increase in cashCash at the beginning of the periodCash at the end of the period$221,880Note: Noncash Activities2$18,000Purchase equipment issuing a note payablePrev1 of 4Next >APRW2780F3888F417F7

Working Notes cash collected from the customers Amount Net the sales…

Answered: VIRTUAL GAMING SYSTEMS Balance Sheets…

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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Can you tell me how to properly prepare this statement of cashflows? It says for additional information for 2021: 1) purchase additional investment in stocks for 79,000 2) sell land costing 47,000 for 56,000 resulting in a $9000 gain on sale of land 3) Purchase $14,000 in equipment by issuing a $14,000 long-term note payable to the seller no cash is exchanged 4) Declare and pay cash dividends of $104,000 5) issue common stock for $44,000

VIRTUAL GAMING SYSTEMS
Balance Sheets
December 31
2021
2020
Assets
Current assets:
Cash
$ 114,560
69,600
136,000
3,040
55,720
84,000
129,000
Accounts receivable
Inventory
Prepaid rent
Long-term assets:
4,680
Investments
189,000
205,000
218,000
(119,000)
$ 816,200
110,000
252,000
204,000
(102,000)
$ 737,400
Land
Equipment
Accumulated depreciation
Total assets
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable
Interest payable
$
27,000
3,600
29,600
82,000
2,400
32,000
Income
payable
Long-term liabilities:
Notes payable
Stockholders' equity:
255,000
241,000
Common stock
Retained earnings
284,000
240,000
217,000
$ 816,200
140,000
Total liabilities and stockholders' equity
$ 737,400
Additional Information for 2021:
1. Purchase additional investment in stocks for $79,000.
< Prey
1 of 4
出
Next >
APR
27
W
F4
FS
44
F6
%23
%2$
&
3

1,000
Increase in interest payable
Decrease in income tax payable
(2,800)
$
145,880
Net cash flows from operating activities
Cash Flows from Investing Activities
53,000
Proceeds from sale of land
Net cash flows from investing activities
53,000
Cash Flows from Financing Activities
83,000
48,000
Purchase investment in stock
Issue common stock
Payment of cash dividends
(108,000)
Net cash flows from financing activities
23,000
94,240
127,640
Net increase in cash
Cash at the beginning of the period
Cash at the end of the period
$
221,880
Note: Noncash Activities
2$
18,000
Purchase equipment issuing a note payable
Prev
1 of 4
Next >
APR
W
27
80
F3
888
F4
17
F7

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