The balance sheets for Cosmic Company showed the following information. Additional information concerning transactions and events during 2021 are presented below.                                                                                                   Cosmic Company                                                                                                      Balance Sheet                                                                                                       December 31                                                                                                           2021                                2020                Cash                                                                      $     67,500                        $71,000            Accounts receivable (net)                                             20,000                          28,000            Inventory                                                                      42,000                          35,000            Long-term investments                                                18,000                           10,000            Property, plant & equipment                                       340,500                        270,000            Accumulated depreciation                                           (58,000)                        (43,000)                                                                                                $430,000                     $371,000              Accounts payable                                                      $  30,000                     $  33,000            Accrued liabilities                                                           20,000                         15,000            Long-term notes payable                                               50,000                         80,000            Common stock                                                               110,000                       120,000            Retained earnings                                                         220,000                       123,000                                                                                                  $430,000                       $371,000   Additional data: 1. Net income for the year 2021, $98,000. 2. Depreciation on plant assets for the year, $15,000. 3. Sold the long-term investments for $10,000 (assume gain or loss is ordinary). 4. Paid dividends of $10,000. 5. Purchased machinery costing $70,500, paid cash. 7. Paid a $30,000 long-term note payable by issuing common stock. 8. Repurchased $40,000 common stock using cash.   Required: Prepare a partial statement which contains cash flows from operating activities using indirect method for 2021 for Cosmic Company. Calculate net cash flows from investing activities for 2021 for Cosmic Company. Calculate net  cash flows from financing

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The balance sheets for Cosmic Company showed the following information. Additional information concerning transactions and events during 2021 are presented below.

                                                                                                  Cosmic Company

                                                                                                     Balance Sheet

                                                                                                      December 31          

                                                                                                2021                                2020    

           Cash                                                                      $     67,500                        $71,000

           Accounts receivable (net)                                             20,000                          28,000

           Inventory                                                                      42,000                          35,000

           Long-term investments                                                18,000                           10,000

           Property, plant & equipment                                       340,500                        270,000

           Accumulated depreciation                                           (58,000)                        (43,000)

                                                                                               $430,000                     $371,000

 

           Accounts payable                                                      $  30,000                     $  33,000

           Accrued liabilities                                                           20,000                         15,000

           Long-term notes payable                                               50,000                         80,000

           Common stock                                                               110,000                       120,000

           Retained earnings                                                         220,000                       123,000  

                                                                                               $430,000                       $371,000

 

Additional data:

1. Net income for the year 2021, $98,000.

2. Depreciation on plant assets for the year, $15,000.

3. Sold the long-term investments for $10,000 (assume gain or loss is ordinary).

4. Paid dividends of $10,000.

5. Purchased machinery costing $70,500, paid cash.

7. Paid a $30,000 long-term note payable by issuing common stock.

8. Repurchased $40,000 common stock using cash.

 

Required:

  1. Prepare a partial statement which contains cash flows from operating activities using indirect method for 2021 for Cosmic Company.
  2. Calculate net cash flows from investing activities for 2021 for Cosmic Company.
  3. Calculate net  cash flows from financing activities for 2021 for Cosmic Company.
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