Assignment 3 ACC 210 Accounting Concept II Spring Semester 2022 Question 1 Sully Co. had the...

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Assignment 3 ACC 210 Accounting Concept II Spring Semester 2022 Question 1 Sully Co. had the following financial data related to the year ended: Dec 31, 2021 $ Dec 31, 2020 $ $ Cash Accounts receivable 72,740 163,880 135,250 64,220 Merchandise inventory 145,000 123,900 Long-term investments 112,000 112,800 Equipment 390,000 184,500 Less: Accumulated depreciation, 120,000 110,000 734,990 539.300 Accounts payable Income taxes payable Bonds payable Common shares 166,550 91,000 24,000 23,450 98,500 125,560 295,000 222,000 Retained earnings 150,940 77,290 734.990 539.300 Sales (all on credit) Less: Cost of goods sold Gross Profit 413,532 165,000 248,532 Add: Profit on disposal of equipment 2,000 250,532 Depreciation expenses Less: Operating expenses Other operating expenses Interest expenses Net Profit for the year 170,000 56,431 10,185 236,616 13.916 Additional information for your reference: a) There was no gain or loss on the long-term investments sold or the bonds retired. b) Old equipment with an original cost of $125,000 and accumulated depreciation of $60,000 was sold for $67,000. c) New equipment was purchased for $330,500. d) Dividends of $40,266 were paid during the year. Additional shares were issued during the year. 1 REQUIRED Prepare a statement of cash flows for the year ended December 31, 2021, using the INDIRECT METHOD. 100 L Assignment 3 ACC 210 Accounting Concept II Spring Semester 2022 Question 1 Sully Co. had the following financial data related to the year ended: Dec 31, 2021 $ Dec 31, 2020 $ $ Cash Accounts receivable 72,740 163,880 135,250 64,220 Merchandise inventory 145,000 123,900 Long-term investments 112,000 112,800 Equipment 390,000 184,500 Less: Accumulated depreciation, 120,000 110,000 734,990 539.300 Accounts payable Income taxes payable Bonds payable Common shares 166,550 91,000 24,000 23,450 98,500 125,560 295,000 222,000 Retained earnings 150,940 77,290 734.990 539.300 Sales (all on credit) Less: Cost of goods sold Gross Profit 413,532 165,000 248,532 Add: Profit on disposal of equipment 2,000 250,532 Depreciation expenses Less: Operating expenses Other operating expenses Interest expenses Net Profit for the year 170,000 56,431 10,185 236,616 13.916 Additional information for your reference: a) There was no gain or loss on the long-term investments sold or the bonds retired. b) Old equipment with an original cost of $125,000 and accumulated depreciation of $60,000 was sold for $67,000. c) New equipment was purchased for $330,500. d) Dividends of $40,266 were paid during the year. Additional shares were issued during the year. 1 REQUIRED Prepare a statement of cash flows for the year ended December 31, 2021, using the INDIRECT METHOD. 100 L