Question
ABC Company reported the following Balance Sheet comparative data and other pertinent information. Dec 31, 20x2 Dec 31, 20x1 Cash $77,375 $22,955 A/R 80,000 68,250
ABC Company reported the following Balance Sheet comparative data and other pertinent information.
Dec 31, 20x2 | Dec 31, 20x1 | |
Cash | $77,375 | $22,955 |
A/R | 80,000 | 68,250 |
Inventory | 165,000 | 145,000 |
Prepaid Insurance | 1,500 | 2,000 |
Investments: Debt, not cash equivalent | 15,500 | 85,000 |
Plant Property and Equipment | 1,250,000 | 1,125,000 |
Accumulated Depreciation | (610,000) | (572,000) |
Total Assets | $979,375 | $876,205 |
A/P | $76,340 | $148,670 |
Salaries Payable | 20,000 | 24,500 |
Notes Payable (non-trade) | 25,000 | 75,000 |
Bonds payable | 200,000 | 0 |
Common Stock | 300,000 | 300,000 |
Retained Earnings | 358,035 | 328,035 |
Total Liabilities and SE | $979,375 | $876,205 |
Additional information for 20x2:
1. Sold investment in available-for-sale debt securities costing $69,500 for $74,000.
2. Equipment costing $20,000 with a book value of $5,000 was sold for $6,000.
3. Issued 6% bonds payable at face value, $200,000.
4. Purchased new equipment for $145,000 cash.
5. Paid cash dividends of $20,000.
6. Net income was $50,000.
INSTRUCTIONS
If you find it easier, you may print out the template by right clicking and choosing "screenshot".Choose "copy", Then open a new word document, and "ctrl" "v" to paste. Then,neatly provide the answers in the following format for all 20 lines.
1a_____________ 1b___________
2a_____________ 2b___________
and so on
.
ABC Corporation Statement of Cash Flows For the Year Ended December 31, 20x2 | ||
Cash flows from operating activities: | ||
Net income | 50,000 | |
Adjustments to reconcile net Income to Net Cash: | ||
Adjustments for noncash effects: | ||
1a | 1b | |
2a | 2b | |
3a | 3a | |
Changes in operating assets and liabilities: | ||
4a | 4b | |
5a | 5b | |
6a | 6b | |
7a | 7b | |
8a | 8b | |
Net cash flows from operating activities | 9 | |
Cash flows from investing activities: | ||
10a | 10b | |
11a | 11b | |
12a | 12b | |
Net cash flows from investing activities | 13 | |
Cash flows from financing activities: | ||
14a | 14b | |
15a | 15b | |
16a | 16b | |
Net cash flows from financing activities | 17 | |
Net increase in cash | 18 | |
Cash balance, January 1 | 19 | |
Cash balance, December 31 | 20 | |
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