Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Can I get help with this question? Ill give thumbs up if correct :) Thank you in advance! The following financial statements are available for

image text in transcribed
image text in transcribed Can I get help with this question? Ill give thumbs up if correct :)
Thank you in advance!
The following financial statements are available for Herbert Company on December 31, 2020. Herbert Company Comparative Balance Sheets Assets December 31, 2019 December 31, 2020 Current Assets: Cash and cash equivalents $52,000 $73,000 Accounts Receivable, net 168,000 157,000 Inventory 212.000 214,000 Total Current Assets 432,000 444,000 Land Property & Equipment - at cost Less Accumulated depreciation Net Property & Equipment Total Assets Liabilities and Equity Current Liabilities Accounts payable - trade Interest Payable Total Current Liabilities 97,000 300,000 (170,000) 130,000 659,000 107,000 333,000 (182,000) 151,000 702,000 78,000 8,000 86,000 83,000 7,000 90,000 Long-term debt Common Stock Retained Earnings Total Liabilities & Stockholders' Equity 100,000 350,000 123,000 659.000 100,000 375,000 137,000 702,000 Herbert Company Income Statement For year ended December 31, 2020 Revenues Cost of Goods Sold Gross Profit Operating Expenses Wages and Salaries Expense $800,000 451.800 348,200 o 200,000 i Income Statement For year ended December 31, 2020 $800,000 451.800 348,200 Revenues Cost of Goods Sold Gross Profit Operating Expenses Wages and Salaries Expense Depreciation Expense Operating income Other income (expense) Loss on sale of Equipment Interest expense Income before taxes Income tax expense Net Income 200,000 48,000 100,200 (4,000) (7,200) 89.000 25,000 64,000 Other available information During the year Herbert sold for $10,000 equipment costing $50,000 with $36,000 in Accumulated Depreciation Dividends were declared and paid to common stockholders during the year. No shares were repurchased during the year. No land was sold during 2020 New long-term debt of $20,000 was issued. Determine cash flows from operating activities. None of the other answer choices are correct Increase by $134.000 Inese by $129.000 Increase by $105,000

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

Step: 3

blur-text-image

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

Accounting Principles Volume 1 And Volume 2

Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak

9th Canadian Edition

1119786649, 978-1119786641

More Books

Students also viewed these Accounting questions

Question

=+d. Explain the difference between s and se .

Answered: 1 week ago

Question

Define Administration?

Answered: 1 week ago

Question

What are our strategic aims?pg 87

Answered: 1 week ago