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Below are the net changes in the balance sheet accounts of company A for the year ending December 31, 2020! I have completed some of
Below are the net changes in the balance sheet accounts of company A for the year ending December 31, 2020! I have completed some of the problem but am unsure if my solution is correct! The net income isn't provided which gave me a lot of problems! It says to determine it from the information provided but I was unsure of how to do that. Debits > Credits > Credit by: Debits by: Cash $ 51,000 Accounts Receivable 170,000 Inventory $ 63,000 Prepaid expenses 4,000 Long-term loans to subsidiaries 80,000 Long-term investments 90,000 Plant, Property, and equipment 340,000 Accumulated depreciation 65,000 Accounts payable 48,000 Accrued liabilities 5,000 Income taxes payable 9,000 Bonds payable 200,000 Common stock 120,000 Retained earnings 75,000 $ 660,000 $ 660,000 The following additional information is available about the 2020 activities: a. Net income for the year must be determined from the given data. b. The company sold equipment during the year for $35.000. The equipment originally cost the company $160,000, and it had $145,000 in accumulated depreciation at the time of sale. C. The company declared and paid $10,000 in cash dividends during the year. d. The beginning and ending balances in the Plant and Equipment and Accumulated Depreciation accounts are given below: Beginning Ending Plant and equipment $2,850,000 $3,190,000 Accumulated depreciation $ 975,000 $1,040,000 e. The balance in the Cash account at the beginning of the year was $109,000; the balance at the end of the year was $_? f. If data are not given explaining the change in an account, make the most reasonable assumption as to the cause of the change. Required: Prepare a statement of cash flows (Operating, Investing, and Financing) for the year ending
Below are the net changes in the balance sheet accounts of company A for the year ending December 31, 2020! I have completed some of the problem but am unsure if my solution is correct!
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