Answered step by step
Verified Expert Solution
Question
1 Approved Answer
-725 Question 5 of 8 View Policies Current Attempt in Progress Information from the Balance Sheet and Statement of Income are given below for Marigold
-725 Question 5 of 8 View Policies Current Attempt in Progress Information from the Balance Sheet and Statement of Income are given below for Marigold Inc., a private company reporting under ASPE, for the year ended December 31. Comparative Balance Sheet 2021 2020 Cash $ 93,320 $ 46,050 90,680 36050 Accounts receivable Inventory 121,880 102.450 Investments in land 84,980 107,050 Property, plant and equipment 285,080 200,900 Accumulated depreciation (48,110) (38.900) $627,830 $453,600 Accounts payable $52,580 $48,290 Accrued expenses payable 11.580 18.990 Activ Bonds payable 140,000 69,500 common shares 2009 1920 search 28C Weather alert -/25 Question 5 of 8 kou Free 11,500 18,990 Accrued expenses payable 140,000 69,500 Bonds payable 250.000 194,000 Common shares 173,670 122,820 Retained earnings $627,830 $453,600 Revenues $286,000 Sales 7.700 Gain on disposal of equipment 293.700 Expenses Cost of goods sold $ 95,600 Depreciation expense 56,000 Operating expenses 14.170 Income tax expense 36.700 Interpstenense 62.690 2051160 C 28C West -/25 E Question 5 of 8 Operating expenses 14.170 Income tax expense 36,700 2,690 205,160 Interest expense $ 88,540 Profit Additional Information: 1 Investments in land were sold at cost during 2021 2 Equipment costing 555,080 was sold for $15.990, resulting in a gain. 3 Common shares were issued in exchange for some equipment during the year. No other shares were issued. The remaining purchases of equipment were paid for in cash Prepare a Cash Flow Statement for the year ended December 31, 2021 using the direct method. (Show amounts that decrease cash flow with either o-signs45,000 or in parenthesis es (45,000 Activate MARIGOLD INC. Cash Flow Statement - Direct Method o to search 28C Weather alert
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started