The 2021 and 2020 comparative balance sheets and 2021 income statement of Mercedes Supply Corp. follow: Mercedes
Question:
The 2021 and 2020 comparative balance sheets and 2021 income statement of Mercedes Supply Corp. follow:
Mercedes Supply had no noncash investing and financing transactions during 2021. During the year, there were no sales of land or equipment, no payment of notes payable, no retirements of stock, and no treasury stock transactions.
Requirements
1. Prepare Mercedes Supply’s 2021 statement of cash flows. Use the indirect method to format operating activities.
2. How can the concepts used in this problem help you evaluate an investment?
Transcribed Image Text:
123456 2 3 A1 Mercedes Supply Corp. Comparative Balance Sheets 4 Current assets: Cash and cash equivalents Accounts receivable Inventories 7 8 9 Plant assets: 10 Land Equipment, net Prepaid expenses 11 12 Total assets 13 Current liabilities: 14 15 Accounts payable Salary payable Other accrued liabilities 16 17 Long-term liabilities: 18 Notes payable 19 Stockholders' equity: 20 Common stock, no-par 21 Retained earnings 22 Total liabilities and stockholders' equity 23 $ December 31, 2021 17,600 38,500 48,200 1,600 61,700 63,200 $ $36,000 $ 21,000 21,300 56,000 88,500 8,000 2020 1,000 43,500 47,000 4,800 23,700 49,400 $ 230,800 $ 169,400 $ Increase (Decrease) $16,600 (5,000) 1,200 (3,200) 31,300 $ 13,000 24,500 34,000 63,700 2,900 38,000 13,800 61,400 4,700 8,000 (3,200) 22,000 24,800 5,100 $ 230,800 $ 169,400 $ 61,400
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Statement of Cash Flows Mercedes Supply Corp Statement of Cash Flows For the Year Ended December 31 2021 Cash flows from operating activities Net inco...View the full answer
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