Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

image text in transcribed

image text in transcribed

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. METAGROBOLIZE INDUSTRIES Comparative Balance Sheets December 31, 2021 and zeze (5 in thousands) 2021 2020 Print 5 190 250 Assets Cash Accounts receivable Inventory Land Building Less: Accumulated depreciation Equipment Less: Accumulated depreciation Patent $ 440 47a 620 625 see (200) 2.see (451 1,500 56.784 380 575 see (170) 2, 510 (420 1.see $5,915 5 $ Liabilities Accounts payable Accrued liabilities Lease liability land Shareholders' Equity Common stock Paid in capital excess of par Retained carnings 720 210 138 470 165 @ 2,650 5ee 2.494 $ 6,784 2.500 470 2,310 $ 5,915 ME TAGROBOLIZE INDUSTRIES Income Statement For the Year Ended December 31, 2021 (5 in thousands Revenues Sales revenue $2,807 Gain on sale of land 60 32,867 Expenses Cost of goods sold $ 920 Depreciation expense-building 13 Depreciation expenso equipment 329 Loss on sale of cquipment 18 Amortization of patent 208 Operating expenses Gee 2,088 Net income 773 II Additional information from the accounting records a. Annual payments of $20,000 on the finance lease liability are paid each January 1, beginning in 2021. b. During 2021, equipment with a cost of $330,000 (909 depreciated) was sold. c. The statement of shareholders' equity reveals reductions of $180.000 and $415,000 for stock dividends and cash dividends, respectively Required: Prepare the statement of cash flows of Metagrobolize for the year ended December 31, 2021. Present cash flows from operating activities by the direct method. (Enter your answers in thousands (I.e., 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 the year ended December 31, 2021 is in thousands) Cash flows from operating activities Cashindows Casa outOws Nel cash flows from operating activities Cash flows from investing activities. Net cash flows from investing activities Cash flows from financing activities. Het cash flow from financing activities Net increase (decrease) in cash Cash balance, January 1 Dash balance. December 31 Noncash investing and financing activities

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 A Managerial Emphasis

Authors: Charles T. Horngren, George Foster, Srikant M. Datar, Howard D. Teall, Foster Horngren, Data Horngren

3rd Canadian Edition

0130355801, 978-0130355805

More Books

Students also viewed these Accounting questions

Question

Define Management or What is Management?

Answered: 1 week ago

Question

What do you understand by MBO?

Answered: 1 week ago

Question

What is meant by planning or define planning?

Answered: 1 week ago

Question

Define span of management or define span of control ?

Answered: 1 week ago