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4 Comparative balance sheets for 2021 and 2020 and a statement of income for 2021 are given below for Metagrobolize Industries. Additional information from the
4
Comparative balance sheets for 2021 and 2020 and a statement of income for 2021 are given below for Metagrobolize Industries. Additional information from the accounting records of Metagrobolize also is provided. METACROBOLIZE INDUSTRIES Comparative Balance Sheets December 31, 2021 and 2020 ($ in thounands) 2021 2020 $ 390 450 Assets Cash Accounts receivable Inventory Land building Less Accumulated depreciation Equipment Last Accumulated depreciation Patent 600 600 900 (300) 2,750 (430) 1.500 $ 6, 460 $ 190 240 375 560 900 (285) 2,450 (400) 1.650 $ 5,680 $ $ 550 700 200 130 175 0 Liabilities Accounts payable Accrued liabilities Leane liability-land Shareholders' quity Common stock Paid-in capital-excess of par Retained earnings 3, 110 550 1.220 $6,460 3.000 485 1.470 35.580 $ 2.820 METACRONOLTRE INDUSTRIES Incon atatement For the Year Ended December 31, 2021 in thousanda) Revenues sales revenue 52.765 Gain on sale of land 55 Expenses Coot of goods sold 900 Depreciation expense-building 15 Depreciation expense equipment 300 Law on sale of equipment 10 Amortization of patent Operating expenses 550 Net Income 150 1.925 $ 895 Nav Additional information from the accounting records: 3. Annual payments of $20,000 on the finance lease llability are paid each January 1, beginning in 2021 b. During 2021, equipment with a cost of $300,000 (90% depreciated) was sold. c. The statement of shareholders' equity reveals reductions of $175,000 and $420,000 for stock dividends and cash dividends, respectively Required: Prepare the statement of cash flows for Metagrobolize Industries using the Indirect method. (Enter your answers in thousands (ie. 10,000 should be entered as 10).) Amounts to be deducted should be indicated with a minus sign.) METAGROBOLIZE INDUSTRIES Statement of Cash Flows For year anded December 31, 2021 (5 in 2005) Cash flows from operating activities: Net Income Adjustments for noncash effects Changes in operating assets and liabilities: Net cash flows from investing activities Cash flows from financing activities: Net cash flows from financing activities Net increase in cash Cash balance, January 1 Cash balance, December 31 Noncash investing and financing activities
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