year 2020 are as followS. CULLUMBER INC. BALANCE SHEETS Dec. 31, 2020 Jan. 1, 2020 Inc./Dec....
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
year 2020 are as followS. CULLUMBER INC. BALANCE SHEETS Dec. 31, 2020 Jan. 1, 2020 Inc./Dec. Assets Cash $46,260 $14,260 $32,000 Inc. Accounts receivable 94,980 90,720 4,260 Inc. Equipment 42,980 24,720 18,260 Inc. Less: Accumulated Depreciation-Equipment 20,980 11,000 9,980 Inc. Total $163.240 $118,700 Liabilities and Stockholders' Equity Accounts payable $ 23,980 $17,720 6.260 Inc. Common stock 101,260 82,720 18,540 Inc. Retained earnings 38,000 18,260 19,740 Inc. Total $163,240 $118,700 Net income of $47,980 was reported, and dividends of $28,240 were paid in 2020. New equipment was purchased and none was sol Prepare a statement of cash flows for the year 2020. (Show amounts that decrease cash flow with either a-sign eg -15,000 or in parenthesis eg. (15,000),) Net income of $47,980 was reported, and dividends of $28,240 were paid in 2020. New equipment was purchased and none was sold. Prepare a statement of cash flows for the year 2020. (Show amounts that decrease cash flow with elther a- sign eg -15,000 or in parenthesis eg (15,000)J CULLUMBER INC. Statement of Cash Flows For the Year Ended December 1. 2020 Cash Flows from Operating Activities Net Income 47,900 Adjustments to reconcile net income to Net Cash Provided by Operating Activities Depreciation Expense Increase in AcCounts Receivable V Increase in Accounts Payable Net Cash Provided by Operating Activities V Cash Flows from Investing Activities Purchase of Equipment Cash Flows from Financing Activities Issuance of Common Stock Payment of Cash Dividends Net Cash Used by Financing Activities Net Increase in Cash Cash at Beginning of Year Cash at End o Year year 2020 are as followS. CULLUMBER INC. BALANCE SHEETS Dec. 31, 2020 Jan. 1, 2020 Inc./Dec. Assets Cash $46,260 $14,260 $32,000 Inc. Accounts receivable 94,980 90,720 4,260 Inc. Equipment 42,980 24,720 18,260 Inc. Less: Accumulated Depreciation-Equipment 20,980 11,000 9,980 Inc. Total $163.240 $118,700 Liabilities and Stockholders' Equity Accounts payable $ 23,980 $17,720 6.260 Inc. Common stock 101,260 82,720 18,540 Inc. Retained earnings 38,000 18,260 19,740 Inc. Total $163,240 $118,700 Net income of $47,980 was reported, and dividends of $28,240 were paid in 2020. New equipment was purchased and none was sol Prepare a statement of cash flows for the year 2020. (Show amounts that decrease cash flow with either a-sign eg -15,000 or in parenthesis eg. (15,000),) Net income of $47,980 was reported, and dividends of $28,240 were paid in 2020. New equipment was purchased and none was sold. Prepare a statement of cash flows for the year 2020. (Show amounts that decrease cash flow with elther a- sign eg -15,000 or in parenthesis eg (15,000)J CULLUMBER INC. Statement of Cash Flows For the Year Ended December 1. 2020 Cash Flows from Operating Activities Net Income 47,900 Adjustments to reconcile net income to Net Cash Provided by Operating Activities Depreciation Expense Increase in AcCounts Receivable V Increase in Accounts Payable Net Cash Provided by Operating Activities V Cash Flows from Investing Activities Purchase of Equipment Cash Flows from Financing Activities Issuance of Common Stock Payment of Cash Dividends Net Cash Used by Financing Activities Net Increase in Cash Cash at Beginning of Year Cash at End o Year
Expert Answer:
Answer rating: 100% (QA)
Statement of Cash Flows For the Year Ended December 31 2017 Cas... View the full answer
Related Book For
Financial Accounting an introduction to concepts, methods and uses
ISBN: 978-0324789003
13th Edition
Authors: Clyde P. Stickney, Roman L. Weil, Katherine Schipper, Jennifer Francis
Posted Date:
Students also viewed these accounting questions
-
Prepare a statement of cash flows for the Seagull Corporation. Follow the general procedures indicated in Table your textbook. SESAGULL CORPORATION Income statement For the year ended December 31,...
-
Prepare a statement of cash flows for the Win field Corporation for 2015. WINFIELD CORPORATION Income Statement Year Ended December 31 , 2015...
-
Prepare a statement of cash flows for the internal service fund of the city of Boni ville from the following information: Cash on hand at the beginning of the year .. . . . . .. . . . . . $ 122...
-
How well employees modify their thoughts and behavior to align with and support a new or changing environment is known as Multiple Choice proactive task performance. proficient task performance....
-
What is a strategic window of opportunity? What kind of firms are most likely to discover such a window?
-
Professor Stevens obtained tenure and promotion to full-professor status many years ago. Yet he continues to publish research papers in scholarly journals to satisfy his own curiosity and to maintain...
-
What are the conflicting aspects of putting together the employee and provider surveys?
-
Petro Motors, Inc. (PMI), produces small gasoline-powered motors for use in lawn mowers. The company has been growing steadily over the past five years and is operating at full capacity. PMI recently...
-
\f
-
A survey of 100 firms found the following evidence regarding profitability and market share: Is there evidence that market share and profitability are associated? Profitability Market share <15%...
-
What conditions that can give rise to unethical business strategies and behavior
-
How do you update vendor records for changes in terms from the home page?
-
Consider this statement: QuickBooks Accountant records revenue when an invoice is generated even though cash has not been received. Is this practice acceptable? Why or why not?
-
Explain the journal entry method of recording end-of-period adjustments.
-
Give an example of asset expiration other than the example given in this chapter. Explain how your example would be adjusted using journal entries.
-
Give an example of an accrued expense other than the example given in this chapter. Explain how your example of accrued expense would be adjusted using journal entries.
-
According to Harley-Davidsons Africa country manager, Celine Gruizinga, No one who comes here is going to make a quick buck. Its no small feat. Its a type of commitment that takes decades
-
XYZ Inc. a calendar year, accrual basis corporation, had the following items during 2021: Gross revenue from operations Cost of goods sold $420,000 ($180,000) $9,000 LT capital gain .LT capital...
-
Analyzing changes in income taxes payable Kajima Corporation, a Japanese construction firm, reported a balance in Income Taxes Payable of 3,736 million at the beginning of 2007 and 4,310 million at...
-
LIFO provides opportunity for income manipulation. EKG Company, a manufacturer of medical supplies, began the year with 10,000 units of product that cost $8 each. During the year, it produced another...
-
Flow of manufacturing costs. The Sandvik Group is a Swedish-based, high-technology engineering firm. It follows IFRS and reports its results in millions of Swedish kronor (SEK). For the years ended...
-
Prepare adjusting entries for accruals and prepayments. - Accruals occur when revenues have been earned or expenses have been incurred but no cash has been received or paid. - The adjusting entry for...
-
CONTINUING PROBLEM: FRONT ROW ENTERTAINMENT} After much consideration, Cam and Anna decide to organize their company as a corporation. On January 1, 2018, Front Row Entertainment Inc. begins...
-
Identify the types of transactions that may require adjustments at the end of an accounting period. - Many business activities do not occur at a single point in time but rather continuously over...
Study smarter with the SolutionInn App