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XYZ, Inc. has prepared the following financial statements for the current year ending December 31, 2020: Income Statement Sales $582,500 Cost of Sales 285,000 Gross Profit 297,500 Operating Expenses Depreciation 20,750 Other Expense 132,400 Total Expenses $153,150 Loss on Sale of Equip. (5,125) Income Tax Expense 24,250 Net Income $114,975 Balance Sheet 2020 2019 Cash $49,800 $73,500 Accounts Rec. 65,810 50,625 Inventory 275,656 251,800 Prepaid Expense 1,250 1,875 Total Current $392,516 $377,800 157,500 108,000 (36,625) (46,000) $ 513,391 Equipment Accum. Depr. Total Assets Account. Pay. $ 53,141 Short-Term Note $ 10,000 Total Curr. Llab. $439,800 $ 114,675 $ 6,000 63,141 120,675 Notes Payable Total Liabilities 65,000 $128,141 48,750 $169,425 Common stock Paid-In Capital 162,750 37,500 150,250 0 Retained Earnings 185,000 120,125 Total Liab. & Equity $513,391 $439,800 Additional Information: a. Sold equipment for $11,625 cash, which cost $46,875 with $30,125 accumulate depreciation. b. Purchased equipment costing $96,375 by paying $30,000 cash and signing a note payable for the balance. Borrowed $4,000 cash by signing a short-term note. d. Paid $50,125 cash to reduce the long-term note payable. e. Issued 2,500 share of common stock for $20 cash per share. f. Paid a cash dividend of $50,100. Prepare the Statement of Cash Flow as of December 31, 2020. Show the net cash flow from (a) Operating activities; (b) Investing activities; (c) Financing activities; (d) net cash flow for the year. Q Search F6 F5 FA 4- F7 4 + F3 F8 hp F9 meelp D 144 FO 114 NEW 447 F12 Sa

XYZ, Inc. has prepared the following financial statements for the current year ending December 31, 2020: Income Statement Sales $582,500 Cost of Sales 285,000 Gross Profit 297,500 Operating Expenses Depreciation 20,750 Other Expense 132,400 Total Expenses $153,150 Loss on Sale of Equip. (5,125) Income Tax Expense 24,250 Net Income $114,975 Balance Sheet 2020 2019 Cash $49,800 $73,500 Accounts Rec. 65,810 50,625 Inventory 275,656 251,800 Prepaid Expense 1,250 1,875 Total Current $392,516 $377,800 157,500 108,000 (36,625) (46,000) $ 513,391 Equipment Accum. Depr. Total Assets Account. Pay. $ 53,141 Short-Term Note $ 10,000 Total Curr. Llab. $439,800 $ 114,675 $ 6,000 63,141 120,675 Notes Payable Total Liabilities 65,000 $128,141 48,750 $169,425 Common stock Paid-In Capital 162,750 37,500 150,250 0 Retained Earnings 185,000 120,125 Total Liab. & Equity $513,391 $439,800 Additional Information: a. Sold equipment for $11,625 cash, which cost $46,875 with $30,125 accumulate depreciation. b. Purchased equipment costing $96,375 by paying $30,000 cash and signing a note payable for the balance. Borrowed $4,000 cash by signing a short-term note. d. Paid $50,125 cash to reduce the long-term note payable. e. Issued 2,500 share of common stock for $20 cash per share. f. Paid a cash dividend of $50,100. Prepare the Statement of Cash Flow as of December 31, 2020. Show the net cash flow from (a) Operating activities; (b) Investing activities; (c) Financing activities; (d) net cash flow for the year. Q Search F6 F5 FA 4- F7 4 + F3 F8 hp F9 meelp D 144 FO 114 NEW 447 F12 Sa

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter22: Accounting For Changes And Errors.
Section: Chapter Questions
Problem 4RE: Refer to RE22-2. Assume Heller Company had sales revenue of 510,000 in 2019 and 650,000 in 2020....
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XYZ, Inc. has prepared the following financial statements for the current year ending December 31, 2020: Income Statement Sales $582,500 Cost of Sales 285,000 Gross Profit 297,500 Operating Expenses Depreciation 20,750 Other Expense 132,400 Total Expenses $153,150 Loss on Sale of Equip. (5,125) Income Tax Expense 24,250 Net Income $114,975 Balance Sheet 2020 2019 Cash $49,800 $73,500 Accounts Rec. 65,810 50,625 Inventory 275,656 251,800 Prepaid Expense 1,250 1,875 Total Current $392,516 $377,800 157,500 108,000 (36,625) (46,000) $ 513,391 Equipment Accum. Depr. Total Assets Account. Pay. $ 53,141 Short-Term Note $ 10,000 Total Curr. Llab. $439,800 $ 114,675 $ 6,000 63,141 120,675 Notes Payable Total Liabilities 65,000 $128,141 48,750 $169,425 Common stock Paid-In Capital 162,750 37,500 150,250 0 Retained Earnings 185,000 120,125 Total Liab. & Equity $513,391 $439,800 Additional Information: a. Sold equipment for $11,625 cash, which cost $46,875 with $30,125 accumulate depreciation. b. Purchased equipment costing $96,375 by paying $30,000 cash and signing a note payable for the balance. Borrowed $4,000 cash by signing a short-term note. d. Paid $50,125 cash to reduce the long-term note payable. e. Issued 2,500 share of common stock for $20 cash per share. f. Paid a cash dividend of $50,100. Prepare the Statement of Cash Flow as of December 31, 2020. Show the net cash flow from (a) Operating activities; (b) Investing activities; (c) Financing activities; (d) net cash flow for the year. Q Search F6 F5 FA 4- F7 4 + F3 F8 hp F9 meelp D 144 FO 114 NEW 447 F12 Sa
Transcribed Image Text:XYZ, Inc. has prepared the following financial statements for the current year ending December 31, 2020: Income Statement Sales $582,500 Cost of Sales 285,000 Gross Profit 297,500 Operating Expenses Depreciation 20,750 Other Expense 132,400 Total Expenses $153,150 Loss on Sale of Equip. (5,125) Income Tax Expense 24,250 Net Income $114,975 Balance Sheet 2020 2019 Cash $49,800 $73,500 Accounts Rec. 65,810 50,625 Inventory 275,656 251,800 Prepaid Expense 1,250 1,875 Total Current $392,516 $377,800 157,500 108,000 (36,625) (46,000) $ 513,391 Equipment Accum. Depr. Total Assets Account. Pay. $ 53,141 Short-Term Note $ 10,000 Total Curr. Llab. $439,800 $ 114,675 $ 6,000 63,141 120,675 Notes Payable Total Liabilities 65,000 $128,141 48,750 $169,425 Common stock Paid-In Capital 162,750 37,500 150,250 0 Retained Earnings 185,000 120,125 Total Liab. & Equity $513,391 $439,800 Additional Information: a. Sold equipment for $11,625 cash, which cost $46,875 with $30,125 accumulate depreciation. b. Purchased equipment costing $96,375 by paying $30,000 cash and signing a note payable for the balance. Borrowed $4,000 cash by signing a short-term note. d. Paid $50,125 cash to reduce the long-term note payable. e. Issued 2,500 share of common stock for $20 cash per share. f. Paid a cash dividend of $50,100. Prepare the Statement of Cash Flow as of December 31, 2020. Show the net cash flow from (a) Operating activities; (b) Investing activities; (c) Financing activities; (d) net cash flow for the year. Q Search F6 F5 FA 4- F7 4 + F3 F8 hp F9 meelp D 144 FO 114 NEW 447 F12 Sa
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