Vision Consulting Inc. began operations on January 1, 2019. Its adjusted trial balance at December 31, 2020 and 2021 is shown below.Other information regarding Vision Consulting Inc. and its activities during 2021 follow in (a) through (f):a. Assume all accounts have normal balances.b. $6,000 of the long-term notes payable will be paid during 2022.c. Equipment was sold for cash of $14,900.d. Old machinery was sold for cash of $32,200. New machinery was purchased for $28,000 cash.e. Common shares were issued for cash.f. Cash dividends were declared and paid.Using the information provided, prepare a statement of cash flows (using the indirect method) for the year ended December 31, 2021. Assume that interest is treated as an operating activity anddividends paid as a financing activity. For simplicity, ignore the required supplementary disclosures for cash flows associated with interest paid and received, dividends paid and received and incometaxes as well as any non-cash disclosures that may have occurred in the current year. Be sure to include the two subheadings in the operating activities section regarding the adjustments to net incomefor non-cash items and the cash in (out) from the working capital accounts. Please make sure your final answer(s) are accurate to 2 decimal places.Vision Consulting Inc.Adjusted Trial BalanceAccountAccounts payable...Accounts receivableDividendsEquipmentMachinery.Accumulated depreciation, equipmentAccumulated depreciation, machineryAllowance for doubtful accountsDepreciation expense, equipmentDepreciation expense, machinery...CashInventoryLong-term notes payable.Other expenses (including losses)..Retained earnings.Revenues (including gains)..Common sharesUnearned revenueDecember 312021 202066,180 60,00096,200 84,8752,300 78,00013,300 36,0006,200 10,87511,100 11,1009,300 9,300264,480 250,00066,000 66,00015,200 118,00086,000 121,000105,040 87,00048,570 57,000740,000 10,00070,000 65,000809,400 101,400352,000 322,00025,370 27,000X X X X X X+ + + + + +↑ ↑ ↑ ↑ ↑↑↑↑↑↑↑↑Vision Consulting Inc.Statement of Cash FlowsFor the Year Ended December 31, 2021

The cash flow statement is prepared at the end of the period to know the cash position. It reflects…

Vision Consulting Inc. began operations on January 1, 2019. Its adjusted trial balance at December 31, 2020 and 2021 is shown below. Other information regarding Vision Consulting Inc. and its activities during 2021 follow in (a) through (f): a. Assume all accounts have normal balances. b. $6,000 of the long-term notes payable will be paid during 2022. c. Equipment was sold for cash of $14,900. d. Old machinery was sold for cash of $32,200. New machinery was purchased for $28,000 cash. e. Common shares were issued for cash. f. Cash dividends were declared and paid.

Vision Consulting Inc. began operations on January 1, 2019. Its adjusted trial balance at December 31, 2020 and 2021 is shown below. Other information regarding Vision Consulting Inc. and its activities during 2021 follow in (a) through (f): a. Assume all accounts have normal balances. b. $6,000 of the long-term notes payable will be paid during 2022. c. Equipment was sold for cash of $14,900. d. Old machinery was sold for cash of $32,200. New machinery was purchased for $28,000 cash. e. Common shares were issued for cash. f. Cash dividends were declared and paid.

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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