Current Assets Cash F Accounts Receivable Inventory Balance Sheet and Income Statement Data December 31, 2021 Total Current Assets Property, Plant, and Equipment Less: Accumulated Depreciation Total Assets Current Liabilities Accounts Payable Notes Payable Income Taxes Payable Total Current Liabilities Bonds Payable Total Liabilities Stockholders' Equity Common Stock Retained Earnings $193,000 383,000 206,000 782,000 1,241,000 (476,000) 765,000 $1.547.000 $155,000 61,000 107.CO 323,000 340,000 663,000 510,000 374,000 884,000 Total Stockholders' Equity Total Liabilities & Stockholders' Equity $1.547.000 Additional Information: 1. Net Income for the year ending December 31, 2021 was $164,000 December 31, 2020 $115,000 316,000 334,000 765,000 1,122,000 (442,000) 680,000 $1.445,000 $102,000 68,000 76,500 246,500 391,000 637,500 467,500 340,000 807,500 $1.445.000 2. During the year, the company sold equipment with an original cost of $147,000 and accumulated depreciation of $119,000. 3. They purchased new equipment for $266,000. Required: Prepare a statement of cash flows in proper form for the year ending December 31, 2021.

Current Assets Cash F Accounts Receivable Inventory Balance Sheet and Income Statement Data December 31, 2021 Total Current Assets Property, Plant, and Equipment Less: Accumulated Depreciation Total Assets Current Liabilities Accounts Payable Notes Payable Income Taxes Payable Total Current Liabilities Bonds Payable Total Liabilities Stockholders' Equity Common Stock Retained Earnings $193,000 383,000 206,000 782,000 1,241,000 (476,000) 765,000 $1.547.000 $155,000 61,000 107.CO 323,000 340,000 663,000 510,000 374,000 884,000 Total Stockholders' Equity Total Liabilities & Stockholders' Equity $1.547.000 Additional Information: 1. Net Income for the year ending December 31, 2021 was $164,000 December 31, 2020 $115,000 316,000 334,000 765,000 1,122,000 (442,000) 680,000 $1.445,000 $102,000 68,000 76,500 246,500 391,000 637,500 467,500 340,000 807,500 $1.445.000 2. During the year, the company sold equipment with an original cost of $147,000 and accumulated depreciation of $119,000. 3. They purchased new equipment for $266,000. Required: Prepare a statement of cash flows in proper form for the year ending December 31, 2021.

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

Chapter12: Intangibles

Section: Chapter Questions

Problem 10MC

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Net Sales COGS Depreciation EBIT Interest Taxable Income Taxes Net Income 2019 Income Statement Dividends Additions to Retained Earnings 147 647.74 3,456 1,895 235 1,326 320 1,006 211.26 794.74
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