The 2021 and 2020 comparative balance sheets and 2021 income statement of Queen Supply Corp. follow: Queen
Question:
The 2021 and 2020 comparative balance sheets and 2021 income statement of Queen Supply Corp. follow:
Queen 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 Queen 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:
1234 2 3 A1 Queen Supply Corp. Comparative Balance Sheets 4 Current assets: 5 6 7 Cash and cash equivalents Accounts receivable Inventories 8 9 Plant assets: 10 Land Prepaid expenses Equipment, net 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 B December 31, 2021 $ 17,800 $ 50,200 56,700 2,300 68,500 53,700 $249,200 2020 9,000 42,000 43,300 5,000 88,000 12,300 Increase (Decrease) $8,800 8,200 13,400 (2,700) 30,800 37,700 49,000 4,700 $ 179,100 $ 70,100 9,200 8,900 (2,700) 38,000 23,600 (6,900) $249,200 $ 179,100 $ 70,100 $ 35,700 $ 26,500 $ 27,000 18,100 21,200 23,900 65,000 27,000 64,400 19,200
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