Question
1. What were the company's cash flows for operating activities for January 2021? 2. What were the company's cash flows for investing activities for January
1. What were the company's cash flows for operating activities for January 2021?
2. What were the company's cash flows for investing activities for January 2021?
3. What were the company's cash flows for financing activities for January 2021?
4. What was the company's net income for January 2021?
5. What was the company's ending cash balance for January 2021?
6. What was the company's ending accounts receivable balance for January 2021?
7. What was the company's ending supplies balance for January 2021?
8. What was the company's equipment balance for January 2021?
9. What was the company's ending accounts payable balance for January 2021?
10. What was the company's ending notes payable balance for January 2021?
11. What was the company's ending retained earnings balance for January 2021?
The Kobe Company was founded on January 1, 2017; since then, the company has been fairly successful; however, in an effort to save some money, the president has been keeping track of the financial records rather than hiring a professional accountant. Although some data is missing, a comparative report of year-end account balances appears below; all numbers are as of December 31st unless noted otherwise. 2020 2019 3,400 ? 465,806 ? 14,089 15,945 ? Dividends Retained earnings, Jan. 1 Revenues Notes payable Accounts payable Selling and administrative expenses Rent expense Common stock Payroll expense Cash Equipment Retained earnings, Dec. 31 Supplies Accounts receivable 2,500 ? 421,619 18,700 12,765 15,392 92,713 38,000 305,246 16,489 57,937 22,267 890 40,500 358,416 14,342 64,513 22,192 1,210 18,612 ? Required: a. Prepare an income statement, statement of retained earnings and a balance sheet for each year and determine the missing values. b. During January of 2021, the company had the following transactions: Jan. 1 Owner invested another $14,000 into the company Jan. 2 Purchased $8,100 of equipment Jan. 3 Paid $250 for advertising Jan. 6 Purchased $400 of supplies on account Jan. 10 Paid rent of $8,000 Jan. 14 Sold services to customers for $52,400 Jan. 18 Borrowed $4,500 from a bank Jan. 24 Paid employee payroll of $4,400 Jan. 26 Received a $300 utility bill for January; will be paid next month Jan. 31 A $680 dividend is paid to the owner Jan. 31 Paid employee payroll of $14,000 Prepare a tabular analysis for January, record the transactions and then prepare a statement of cash flows, income statement, statement of retained earnings and balance for the companyStep by Step Solution
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