Dec 31, 2019 METRU MUVING COMPANY Comparative Statement of Financial Position Dec. 31, 2020 Assets Cash $68,600 Accounts receivable 96,900 Prepaid insurance 28.100 Total current assets 193,600 Property, equipment, and vehicles 400,000 Accumulated depreciation (110,400) Total non-current assets 289,600 Total assets $483,200 Liabilities and shareholders' equity Accounts payable $21,500 Wages payable 3,000 Total current liabilities 24,500 Bank loan 50,000 Total liabilities 74,500 Common shares 200,000 Retained earnings 208,700 Total shareholders' equity 408,700 Total liabilities and shareholders' equity $483,200 $49,100 61,300 18,100 128,500 345,000 (105,900) 239.100 $367,600 4 $18,600 4,000 22,600 60,000 82,600 200,000 85,000 285,000 $367,600 METRO MOVING COMPANY Statement of Income For the year ended December 31, 2020 Moving revenue $450,800 Gain on sale of vehicles 4,000 454,800 Expenses Vehicle operating expenses $103,200 Wages expense 133,300 Depreciation expense 59,500 Interest expense 5,400 Total expenses 301,400 Net income $153,400 Additional information: 1. 2. Vehicles that cost $65,000 and had a net carrying amount of $10,000 were sold for $14,000. A cash payment was made to reduce the bank loan. Dividends were declared and paid during the year. 3. Worms Company Statement of Cash Flows For the Year Ended December 31, 2020 Cash Flows from Operating Activities Net Income V Depreciation Expense Gain on Sale of Vehicles Increase in Accounts Receivable Increase in Prepaid Insurance Increase in Accounts Payable Decrease in Wages Payable Net Cash Provided by Operating Activities Cash Flows from Investing Activities Purchase of Property, Plant & Equipment $ Proceeds from the sale of Vehicles v Net Cash Provided by Investing Activities Cash Flows from Financing Activities Repayment of Bank Loan Dividend Paid Question 2 of 3 - /5 E Purchase of Property, Plant & Equipment Proceeds from the sale of Vehicles v Net Cash Provided by Investing Activities Cash Flows from Financing Activities Repayment of Bank Loan Dividend Paid Net Cash Provided by Financing Activities v Net Cash Provided by Financing Activities V $ Net Change in Cash $ Opening Cash Ending Cash $ Supplementary disclosures Cash paid for interest $ Save for Later Last saved 3 minutes ago. Attempts: 0 of 2 used Submit