Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

14. Cash Flow Statement Required: Prepare a statement of Cash Flows For Year Ended December 31, 2021 Use Proper Format and Indirect Method The

image text in transcribed

14. Cash Flow Statement Required: Prepare a statement of Cash Flows For Year Ended December 31, 2021 Use Proper Format and Indirect Method The comparative balance sheets of Street Inc. at the beginning and end of the year 2021 are as follows: Dec 31st January 1st Cash $600,000 $320,000 Accounts Receivable 332,000 300,000 Inventory 4,100,000 4,100,000 Property, Plant and Equipment 600,000 550,000 Accumulated Depreciation (325,000) (300,000) Marketable Securities 1,250,000 1,000,000 Loan Receivable 100,000 Total Assets $6,557,000 $6,070,000 Accounts Payable $180,000 $140,000 Income Taxes Payable 45,000 46,000 Dividends Payable 10,000 Lease Liability 1,300,000 1,500,000 Common Stock 500,000 500,000 Capital in Excess of Par 1,500,000 1,500,000 Retained Earnings 3,032,000 2,374,000 Total Liabilities and Stockholders Equity $6,557,000 $6,070,000 Street, Inc. Income Statement For Year Ended December 31, 2021 Sales $4,000,000 Cost of Good Sold 2,858,400 Gross Profit 1,141,600 Depreciation Expense 25,000 Administrative Expense 50,000 Earnings Before Interest and Taxes 1,066,600 Interest Expense 130,000 Earnings Before Taxes 936,600 Taxes 278,600 Net Income $658,000

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Cost Accounting Traditions and Innovations

Authors: Barfield Jesse, Raiborn Cecily, Kinney Michael

4th edition

324026455, 978-0324026450

More Books

Students also viewed these Accounting questions

Question

How do you feel in your new situation? How do you deal with it?

Answered: 1 week ago

Question

What are our roles, expectations, goals, and behaviour standards?

Answered: 1 week ago