257,000 253,000 552 500 475,500 Salaries Expense General Expense Operating income Other Revenues and expenses Interest Income Gain on sale of land Loss on sale of equipment Interest expense Income before income taxes Income tax expense Net Income 141,500 54,500 18,750 - 27.500 49.750 525,250 107.000 418.250 Additional Information: a) There was a purchase of equipment during the year made by Issuing a long-term notes payable for $350,000, b) There was a repurchase of common shares of $20,000. The price paid per share equalled the average cost of the shares. Any dividends that were declared were paid during the year. d) There were no sales of long-term investments during the year, e) There were no purchases of land during the year, REQUIRED Prepare a statement of Cash Flows using the indirect method for the year ended December 31, 2020, Attach File Brow Conant Collection Bear Cub Cakes Co. Statement of Financial Position 2020 2019 Current Assets Cash Accounts receivable Interest receivable Inventories Prepaid expenses Long term investments Equipment net Land 348,500 314,500 125,500 713,500 148,000 360,500 764,500 340.500 3,115,500 225,500 310,000 119,000 689.500 151,500 174,000 625,500 476.500 2,771,500 Total Assets Current liabilities Accounts payable Salaries payable Notes payable, short-term Interest payable Accrued abilities Long Term note payable Shareholders' equity Common shares Retained earnings Total Liabilities and Shareholders' equity 414,000 112.500 155,000 127,500 194.500 720,000 456,500 110,500 115.000 121,000 240.500 762,000 784500 607.500 3.115.500 525,000 441.000 2.771.500 Bear Cub Cakes Co. Income statement 14 Bear Cub Cakes Co. Income statement For the year ended Dec 31, 2020 Sales Revenue Cost of goods sold Gross Margin 1,940,500 912,500 1,028,000 42,500 257,000 253,000 552.500 475,500 Operating expenses: Depreciation Expense Salaries Expense General Expense Operating income Other Revenues and expenses Interest Income Gain on sale of land Loss on sale of equipment Interest expense Income before income taxes Income tax expense Net Income 141,500 54,500 18.750 - 27.500 49.750 525,250 107.000 418,250 Additional Information: a) There was a purchase of equipment during the year made by issuing a long-term notes payable for $350,000 b) There was a repurchase of common shares of $20,000. The price paid per share equalled the average cost of the shares. Any dividends that were declared were paid during the year. 257,000 253,000 552 500 475,500 Salaries Expense General Expense Operating income Other Revenues and expenses Interest Income Gain on sale of land Loss on sale of equipment Interest expense Income before income taxes Income tax expense Net Income 141,500 54,500 18,750 -27.500 49.750 525,250 107.000 418,250 Additional Information: a) There was a purchase of equipment during the year made by Issuing a long-term notes payable for $350,000 b) There was a repurchase of common shares of $20,000. The price paid per share equalled the average cost of the shares. c)Any dividends that were declared were paid during the year, d) There were no sales of long-term investments during the year, c) There were no purchases of land during the year, REQUIRED Prepare a statement of Cash Flows using the indirect method for the year ended December 31, 2020, Attach File rote Cont Cortion

Answer rating: 100% (QA)

The Answer is in the image, click to view ... View the full answer