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CURO.com/secured lockdown Lock & Key Inc. began operations on January 1, 2019. Its post-closing trial balance at December 31, 2019 and 2020, is shown belo
CURO.com/secured lockdown Lock & Key Inc. began operations on January 1, 2019. Its post-closing trial balance at December 31, 2019 and 2020, is shown belo along with some other information. Lock & Key Inc. Income Statement For Year Ended December 31, 2020 (ees) Revenues : Sales Cost of goods sold Gross Profit Expenses: Other expenses $ 750 Depreciation expense 240 Total expenses Loss $ 3,270 2,900 370 990 $ 620 Lock & Key Inc. Post-Closing Trial Balance (eees) December 31 Account 2020 2019 Cash $ 1,660 $ 1,210 Receivables 2, e5e 1,390 Merchandise inventory 1,99 2,230 Property, plant and equipment 3,578 3,910 Accumulated depreciation 1,390 1,330 Accounts payable 1,390 1, e3e Accrued liabilities 240 360 Bonds payable 1,230 1,750 Common shares 3,034 1,500 2,77e Lock & Key Inc. Post-Closing Trial Balance (eees) December 31 Account 2020 2019 Cash $ 1,660 $ 1,210 Receivables 2,050 1,390 Merchandise inventory 1,990 2,23e Property, plant and equipment 3,670 3,910 Accumulated depreciation 1,390 1,330 Accounts payable 1,390 1,03e Accrued liabilities 240 360 Bonds payable 1,230 1,750 Common shares 3,034 1,5ee Retained earnings 2,086 2,776 7 38 Other information regarding Lock & Key Inc. and its activities during 2020: 1. Assume all accounts have normal balances. 2. Cash dividends were declared and paid during the year. 3. Equipment was sold for cash equal to its book value. Required: Using the information provided, prepare a statement of cash flows (applying the indirect method) for the year ended December 31, 2020. (List any deduction in cash and cash outflows and loss as negative amounts. Enter amounts in thousands, not in dollar.) LOCK & KEY INC. Statement of Cash Flows For Year Ended December 31, 2020 Statement of Cash Flows For Year Ended December 31, 2020 (000s) Cash flows from operating activities: Adjustments to reconcile profit to net cash inflows from operating activities: S 0 Cash flows from investing activities: 0 Cash flows from financing activities: 0 $ 0
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