Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

A)total assests at 12/31/20 B)total liabilities at 12/31/20 C)Net cash provided by operating activities D) Net cash provided by financing activities E) Net cash used

image text in transcribed

A)total assests at 12/31/20

B)total liabilities at 12/31/20

C)Net cash provided by operating activities

D) Net cash provided by financing activities

E) Net cash used for investing activities

E5.17 (LO 2, 3) (Preparation of a Statement of Cash Flows and a Balance Sheet) Grant Wood Corporation's balance sheet at the end of 2019 included the following items. TOTAL ho POENTS Current assets (Cash $82,000) Land Buildings Equipment Accum. depr.-buildings Accum. depr.-equipment Patents Total $235,000 30,000 120,000 90,000 (30,000) (11,000) 40,000 $474,000 Current liabilities Bonds payable Common stock Retained earnings Total $150,000 100,000 180,000 44,000 $474,000 The following information is available for 2020. 1. Net income was $55,000. 2. Equipment (cost $20,000 and accumulated depreciation $8,000) was sold for $10,000. 3. Depreciation expense was $4,000 on the building and $9,000 on equipment 4. Patent amortization was $2,500. 5. Current assets other than cash increased by $29,000. Current liabilities increased by $13,000 6. An addition to the building was completed at a cost of $27,000. 7. A long-term investment in stock was purchased for $16,000. 8. Bonds payable of $50,000 were issued. 9. Cash dividends of $30,000 were declared and paid. 10. Treasury stock was purchased at a cost of $11,000, Instructions (Show only totals for current assets and current liabilities.) a. Prepare a statement of cash flows for 2020. b. Prepare a balance sheet at December 31, 2020

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Integrated Reporting

Authors: Chiara Mio

1st Edition

1137551488, 9781137551481

More Books

Students also viewed these Accounting questions

Question

Tell me about the other language(s) you speak.

Answered: 1 week ago