Assets Des 11.2021 Dec 31-2020 Cash $117,000 $19,500 24,000 21,000 Notes Receivable Supplies & Investory Prepaid expense Long-we invent 27,000 40,500 10,500 18,000 0 27,000 Machines and soo 55,500 45.000 Acumulated depeciatine equipoest 21.09 Total Ass 115.000 $213.092 Liabilities & Stackadders Lasity Ace payable $ 25,500 $ 10,500 Bouds payable (ling tema) Con Stock 35.500 70,500 60.000 34,300 Katained Earnings 72.000 43-300 Total Liabilities & Sockholder AL32.000 Equity Income Statement Information (2921 Net income for the year ending December 31, 2021 is $41500 2. Depreciation expis 16,000 3. There is a loss of $3.000 eulled from the s kongen investest Additional information (2921) L. All sales and purchases of arvessory are on accoust 2. Received cash for the sale of long-tem investments that had a cost of $27,000 yielding 31.000 1. Cach dividends paid is $15,000 4. The company purchased new machus and tools for $7.500 k Keaniced: Prepare the FIRST (Operating) and the SECOND deveting) sections of the state of cal flows for the year anded December 31, 2001. (PLEASE PROVIDE EACH AMOUNTHEM IN A SEPARATE LINE for the tobar press ALT-FPC or ALT-M The following comparative balance sheet is given for Estern Co.: Assets Dec.31.2021 Dec 31, 2020 Cash $117,000 $19,500 Notes Receivable 24,000 21,000 Supplies & Inventory 27,000 40,500 10,500 18,000 Prepaid expense Long-term investments Machines and tools 0 27,000 55,500 48,000 Accumulated depreciation-equipment Total Assets (21.000) (15,000) $213.000 $159.000 Liabilities & Stockholders' Equity Accounts payable $ 25,500 $ 10,500 Bonds payable (long-term) 55,500 70,500 Common Stock 60,000 34,500 Retained Earnings 72,000 43,500 Total Liabilities & Stockholders' $213,000 $159,000 Equity Income Statement Information (2021): 1. Net income for the year ending December 31, 2021 is $43,500. 2. Depreciation expense is $6,000. 3. There is a loss of $3,000 resulted from the sale of long-term investment. Additional information (2021); 1. All sales and purchases of inventory are on account (or credit). 2. Received cash for the sale of long-term investments that had a cost of $27,000, yielding a $3,000 loss. 3. Cash dividends paid is $15,000. 4. The company purchased new machines and tools for $7,500 cash. Required: Prepare the FIRST (Operating) and the SECOND (Investing) sections of the statement of cash flows for the year ended December 31, 2021. (PLEASE PROVIDE EACH AMOUNT/ITEM IN A SEPARATE LINE) Assets Dec 31, 2021 Dec 31, 2020 Cash $117,000 $19,500 Notes Receivable 24,000 21,000 Supplies & Inventory 27,000 40,500 Prepaid expense 10,500 18,000 Long-term investments 0 27,000 Machines and tools 55,500 48,000 Accumulated depreciation-equipment Total Assets (21.000) (15,000) $213.000 $159.000 Liabilities & Stockholders' Equity Accounts payable $ 25,500 $ 10,500 Bonds payable (long-term) 55,500 70,500 Common Stock 60,000 34,500 Retained Earnings 72,000 43,500 Total Liabilities & Stockholders' $213.000 $159.000 Equity Income Statement Information (2021): 1. Net income for the year ending December 31, 2021 is $43,500. 2. Depreciation expense is $6,000. 3. There is a loss of $3,000 resulted from the sale of long-term investment. Additional information (2021): 1. All sales and purchases of inventory are on account (or credit). 2. Received cash for the sale of long-term investments that had a cost of $27,000. yielding a $3,000 loss. 3. Cash dividends paid is $15,000. 4. The company purchased new machines and tools for $7,500 cash Required: Prepare the FIRST (Operating) and the SECOND (Investing) sections of the statement of cash flows for the year ended December 31, 2021. (PLEASE PROVIDE EACH AMOUNT/ITEM IN A SEPARATE LINE)
