Account 121
BACC122 M3 COMP PROBLEM - A x WileyPLUS + X - - C D edugen.wileyplus.com/edugen/Iti/main.uni GACO Apps New Tab . 0 Appen Login S Search results for.. Movies123 | Watch... Disney+ | Movies a... at Coronavirus in the... W United States Coro. O Support | The Elder.. DP Coronavirus in Colo... We Coronavirus Updat.. a, Amazon.com: Onlin... WileyPLUS Weygandt, Accounting Principles, 13e Help | System Announcements CALCULATOR PRINTER VERSION 4 BACK NEXT ASSIGNMENT RESOURCES ACC122 M3 COMP PROBLEM Question 1 Question 2 Review Score Review Results by Study. Objective Type here to search 6:39 PM P 11/7/2020BACC122 M3 COMP PROBLEM - A x WileyPLUS + X - - C D edugen.wileyplus.com/edugen/Iti/main.uni GACO : Apps New Tab . 0 Appen Login S Search results for. Movies123 | Watch... Disney+ | Movies a... at Coronavirus in the... W United States Coro.. Support | The Elder.. DP Coronavirus in Colo.. We Coronavirus Updat.. a, Amazon.com: Onlin.. WileyPLUS Weygandt, Accounting Principles, 13e Help | System Announcements CALCULATOR PRINTER VERSION 1 BACK NEXT ASSIGNMENT RESOURCES ACC122 M3 COMP Question 1 PROBLEM Question 1 Waterways prepared the balance sheet and income statement for the irrigation installation division for 2020. Now the company also needs to prepare a statement of cash flows for the same division. The comparative balance sheets for Waterways Corporation's Irrigation Installation Division for the years 2019 and 2020 and the income statement for the year 2020 are presented below. Question 2 Additional information: Review Score Review Results by Study 1. Waterways sold a company vehicle for $24,100. The vehicle had been used for 10 years. It cost $79,700 when purchased and had a 10-year life and a $6,000 salvage value. Straight-line depreciation was used. Objective 2. Waterways purchased with cash new equipment costing $209,900 3. Prepaid expenses increased by $34,000. All changes in accounts payable relate to inventory purchases. WATERWAYS CORPORATION-INSTALLATION DIVISION Balance Sheets December 31 Assets 2020 2019 Current assets Cash $840,300 $741,700 Accounts receivable 680,300 544,600 Work in process 704,300 inventory 16,600 7,600 Prepaid expenses 76,400 42,40 Total current assets 2,317,900 1,336,300 Property, plant, and equipment Land 301,000 301,000 Buildings 451,000 451,000 Equipment 25,300 795,100 Furnishings 40,500 40,500 Accumulated depreciation (486,000) (481,000) Total property, plant, and equipment 1,231,800 1,106,600 Total assets $3,549,700 $2,442,900 Liabilities and Stockholders' Equity Current liabilities Accounts payable $157,300 $128,800 Income taxes payable 100,700 80,100 Wages payable 4,500 2,000 Interest payable 1,200 Other current liabilities 14,300 15,100 Revolving bank loan payable 15,100 Total current liabilities 293,100 226,000 Long-term liabilities Note payable 143,000 Total liabilities 436,100 226,000 Stockholders' equity Type here to search 3) 6:38 PM 11/7/2020BACC122 M3 COMP PROBLEM - A x WileyPLUS + X - - C D edugen.wileyplus.com/edugen/Iti/main.uni GACO : Apps New Tab . 0 Appen Login S Search results for. Movies123 | Watch... Disney+ | Movies a... at Coronavirus in the... W United States Coro. O Support | The Elder.. DP Coronavirus in Colo... We Coronavirus Updat.. a, Amazon.com: Onlin... WileyPLUS Weygandt, Accounting Principles, 13e Help | System Announcements CALCULATOR PRINTER VERSION 4 BACK NEXT ASSIGNMENT RESOURCES Stockholders' equity ACC122 M3 COMP PROBLEM Common stock 1,250,000 1,250,000 Question 1 Retained earnings 1,863,600 966,900 Question 2 Total stockholders' equity 3,113,600 2,216,900 $3,549,700 $2,442,900 Review Score Total liabilities and stockholders' equity Review Results by Study. Objective WATERWAYS CORPORATION-INSTALLATION DIVISION Income Statement For the Year Ending December 31, 2020 Sales $5,536,300 Less: Cost of goods sold 3,124,300 Gross profit 2,412,000 Operating expenses Advertising $50,100 Insurance 400,400 Salaries and wages 586,400 Depreciation 78,70 Other operating expenses 21,200 Total operating expenses 1,136,800 Income from operations 1,275,200 Other income Gain on sale of equipment 18,100 Other expenses Interest expense (12,300) Net other income and expenses 5,800 Income before income tax ,281,000 Income tax expense 384,300 Net income $896,700 (a) Prepare a statement of cash flows using the indirect method for the year 2020. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) WATERWAYS CORPORATION-Installation Division Statement of Cash Flows-Indirect Method or the Year Ended December 31, 2020 Adjustments to reconcile net income to Type here to search 6:38 PM 11/7/2020BACC122 M3 COMP PROBLEM - A x WileyPLUS + X - - C D edugen.wileyplus.com/edugen/Iti/main.uni GACO : Apps New Tab . 0 Appen Login S Search results for. Movies123 | Watch... Disney+ | Movies a... at Coronavirus in the... W United States Coro. O Support | The Elder.. DP Coronavirus in Colo... We Coronavirus Updat.. a, Amazon.com: Onlin... WileyPLUS Weygandt, Accounting Principles, 13e Help | System Announcements CALCULATOR PRINTER VERSION 4 BACK NEXT ASSIGNMENT RESOURCES ACC122 M3 COMP PROBLEM Question 1 Question 2 Review Score Review Results by Study. Objective (c) Determine free cash flow for the year 2020. (Enter negative amount using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Free cash flow Click if you would like to Show Work for this question: Open Show Work LINK TO TEXT LINK TO TEXT LINK TO TEXT Question Attempts: 0 of 2 used SAVE FOR LATER SUBMIT ANSWER Type here to search 6:39 PM P 11/7/2020
