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Can I have help please. Thank you! Show your work. MIKASA, INC COMPARATIVE BALANCE SHEETS DECEMBER 31, 2021 and 2020 2021 2020 ASSETS Cash Accounts
Can I have help please. Thank you! Show your work.
MIKASA, INC COMPARATIVE BALANCE SHEETS DECEMBER 31, 2021 and 2020 2021 2020 ASSETS Cash Accounts Receivable Merchandise Inventory Prepaid Expenses Equipment Accumulated Depreciation Total Assets $51.225 37,050 132,300 6,000 150,125 58.4875) $317,825 $ 40,000 42,275 152,530 7,500 111,000 (45,200) $ 308, 105 Liabilities &Equity Accounts Payable Short-term Notes Payable Long-term Notes Payable Common Stock, $5 par PIC excess par Retained Earnings Total Liabilities & Equity $375, 6,750 38,560 101,250 18,900 144,990 $317.825 $ 48, 100 3,500 35,780 90, 750 129,975 $308, 105 MIKASA, INC. INCOME STATEMENT YEAR ENDED 12/31/21 $325,250 179.000 $146,250 PRO SELI Sales Cost of Goods Sold Gross Profit Operating Expenses: Depreciation Expenses $19.300 Other Expenses 80,560 Total Operating Expenses Operating Income Other Gains(Losses) Gain on Sale of Equipment Income Before Taxes Income Tax Expense Net Income 99,860 $ 46.390 2.100 $48.490 11.475 $.37.015 Additional Information on Year 2021 Transactions 1. Paid $37,220 cash to reduce the long-term notes payable. 2. Declared and paid cash dividends of $22,000. 3. Sold equipment costing $22,250, with accumulated depreciation of $11,425, for $12,925 cash. 4. Borrowed $3,250 cash by signing a short-term note payable. 5. Purchased equipment costing $61,375 by paying $15,575 cash and signing a long-term note payable for the balance 6. Issued 2,100 shares of common stock for $14 cash per share. Required: 1. Prepare a complete statement of cash flows; report its operating activities using the indirect method. Disclose any noncash investing and financing activities in a note. 2. Prepare only the Operating activities of the Statement of Cash Flows according to the direct method./Step by Step Solution
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