Cash Accounts receivables Prepaid Rent Inventory Current Assets ABC Corp Balance Sheet as of December 31st 2020 $ 10,000 $ 34,000 $ 4,000 $ 60,000 $ 108,000 Property, Plant and Equipment $200,000 PPE Accumulated depreciation $ (40,000) Non Current Assets $ 160,000 Total Assets $ 268,000 Accounts Payable Wages Payable Income Tax Payable Notes Payables Total Liabilities Common Shares Retained Earnings Shareholders equity $ 19,000 $ 4,000 $ 1,000 $ 80,000 $ 104,000 $ 100,000 $ 64,000 $ 164,000 Total Liabilities and Equity $268,000 During 2021 ABC Corp operated normally and only had the following transactions: 1. Had healthy sales, but all were on account. Total amount of sales is $253,700 2. Collected accounts receivable for $251,280 3. Purchased on account goods for resale for $134,000 4. Cost of goods sold for the year was determined at $140,000 5. Paid to XYZ Corp $143,000 (XYZ is a supplier of goods for resale) 6. Property, Plant and Equipment depreciation expense is $10,000 7. Paid rent in advance for $18,000 to ensure the same location will be used during three years and allocated $5,000 of prepaid rent to rent expense. 8. Paid wages to employees for $52,500 and Accrued wages expense (and wages payable) for $1,500 at December 31st, 2021. 9. Recorded 2021 total income tax expense (and income tax payable) for $13,000 10. Paid income taxes to government for $11,500 (this represents the final portion of 2020 taxes and initial installments of 2021). You are required to prepare the cash flow statement for the year 2021 and the following pieces of data are needed: How much is the net income (loss) of the year? $[ What is the ending balance of Retained Earnings at the end of 2021? $ What is the ending balance of Accounts Receivables at the end of 2021? $ What is the amount of cash generated (used) by accounts receivables? $ What is the amount of Cash received from customers? $[ What is amount of cash generated (used) by Operations in the Year? $ What is the ending balance of Cash at the end of 2021? $ |