Casey Incorporated Statement of Financial Position As at December 31, 2020 2020 2019 $ Assets Cash Accounts receivable Inventory Property, plant, and equipment Accumulated depreciation 7,000 $ 52,500 13,400 840,000 (368,000) 544,900 $ 9,500 43,800 16,250 880,000 (360,000) 589,550 $ Labilities and Shareholders' Equity Accounts payable Unearned revenue Note payable Common stock Retained earnings 33,200 55,000 125,000 100,000 231,700 544,900 $ 40,590 36,420 275,000 100,000 137,540 589,550 $ Casey Incorporated Statement of Income for the Year Ended December 31, 2020 8 9 $ 1,200,000 425,000 775,000 0 Revenue Cost of Goods Sold 2 Gross margin 33 Operating expenses 4 Salaries and wages 55 Depreciation 36 Rent 87 Other 38 Operating income in on sale of machinery 40 Interest expense Net income 42 300,000 85,000 40,000 223,840 648,840 126 160 4,000 8.000 5 4.000 122. 160 Property, plant, and equipment Accumulated depreciation 840,000 (368,000) 544,900 $ 880,000 (360,000) 589,550 $ Liabilities and Shareholders' Equity Accounts payable Unearned revenue Note payable Common stock Retained earnings 33,200 55,000 125,000 100,000 231,700 544,900 S 40,590 36,420 275,000 100,000 137,540 589,550 $ 5 5 7 7 8 9 Casey Incorporated Statement of Income for the Year Ended December 31, 2020 $ 1,200,000 425,000 775,000 0 Revenue 1 Cost of Goods Sold 2 Gross margin 33 Operating expenses 34 Salaries and wages 300,000 35 Depreciation 85,000 36 Rent 40,000 Other 223,840 38 Operating income 39 Gain on sale of machinery 4,000 40 Interest expense 8,000 41 Net income 42 43 Additional Information - 44 Machinery with an original cost of $120,000 was sold during the year. 45 46 Required Prepare a statement of cash flows for the year ended December 31, 2020, 48 648,840 126,160 4,000 122,160 $ 50