XYZ Company Balance Sheet December 31, 20X2 Dec. 31, 20X2 Dec. 31, 20X1 Inc./Dec. Cash 25,000 22,000 3,000 Accounts Receivable 30,000 10,000 20,000 Inventories 23,000 19,000 4,000 Investments 15,000 40,000 (25,000) Land 60,000 0 60,000 Equipment 88,000 54,000 34,000 Accumulated depreciation--Equipment (8,000) (5,000) 3,000 233,000 140,000 Accounts payable 16,000 18,000 (2,000) Accrued expenses 20,000 3,000 17,000 Dividends payable 25,000 14,000 11,000 Common stock 120,000 80,000 40,000 Paid-in capital in excess of par 20,000 15,000 5,000 Retained earnings 32,000 10,000 22,000 233,000 140,000 a. The investments were sold for $24,000 cash. b. Equipment and land were acquired for cash. c. There were no disposals of equipment during the year. d. The common stock was issued for cash. e. There was a $50,000 credit to Retained Earnings for net income. f. There was a $28,000 debit to Retained Earnings for cash dividends declared. STATEMENT OF CASH FLOWS Cash flows from Operating Activities: Net Income $ Add: $ Deduct: $ Net cash flows from operating activities $ Cash flows from Investing Activities: Add: $ $ Deduct: $ Net cash flows from investing activities Cash flows from Financing Activities: Add: $ $ Deduct: $ Net cash flows from financing activities Increase or decrease in cash $ Cash at the beginning of the year Cash at the end of the year $
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XYZ Company
Balance Sheet December 31, 20X2
Dec. 31, 20X2
Dec. 31, 20X1
Inc./Dec.
Cash
25,000
22,000
3,000
Accounts Receivable 30,000
10,000
20,000
Inventories
23,000
19,000
4,000
Investments
15,000
40,000
(25,000)
Land
60,000
0
60,000
Equipment
88,000
54,000
34,000
Accumulated depreciation --Equipment(8,000)
(5,000)
3,000
233,000
140,000
Accounts payable
16,000
18,000
(2,000)
Accrued expenses
20,000
3,000
17,000
Dividends payable
25,000
14,000
11,000
Common stock
120,000
80,000
40,000
Paid-in capital in excess of par
20,000
15,000
5,000
Retained earnings 32,000
10,000
22,000
233,000
140,000
a. The investments were sold for $24,000 cash.
b. Equipment and land were acquired for cash.
c. There were no disposals of equipment during the year.
d. The common stock was issued for cash.
e. There was a $50,000 credit to Retained Earnings for net income.
f. There was a $28,000 debit to Retained Earnings for cash dividends declared.
STATEMENT OF
CASH FLOWS Cash flows from Operating Activities:
Net Income
$
Add:
$
Deduct:
$
Net cash flows from operating activities
$
Cash flows from Investing Activities:
Add:
$
$
Deduct:
$
Net cash flows from investing activities
Cash flows from Financing Activities:
Add:
$
$
Deduct:
$
Net cash flows from financing activities
Increase or decrease in cash
$
Cash at the beginning of the year
Cash at the end of the year
$
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