For some reason, I am having a tough time on finding Proceeds from Notes Payable/Cash Dividend
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Part 2: of a different question
2)
Vartax Manufacturing makes and sells integrated circuit boards. At the end of 2020, the income statement and comparative balance sheet were prepared as shown below. Vortex Manufacturing Balance Sheet As at June 30 2020 2019 Assets Current Assets $278,280 $129,600 Accounts Receivable $234,300 $260,200 Merchandise Inventory $518,500 $469,400 Prepaid Expenses S21.000 $21,900 Total Current Assets $1,045,950 $881,100 Long Term Assets Land S22,200 Equipment $355 400 $355.400 Less: Accumulated Depreciation 3-106,200 $-$4,600 Total Long-Term Assets $249,200 $283,000 Total Assets $1,295,160 $1,164,100 Liabilities Current Liabilities Accounts Payabia $309,500 $320,200 Notes Payabia, Current Portion S32,100 $18,600 Total Current Liabilities $341,700 $336,600 Notes Payable, Long-Term Portion S214,900 $193.800 Total Liabilities $556,500 $532,600 Shareholders' Equity Comman Shares S292,DDD $250,000 Retained Earnings $441,580 S381,500 Total Shareholders' Equity $736,560 $631,500 Total Liabilities and Equity $1,295.160 $1,164,100 Additional information During 2020, land was sold for a loss of $3,200. There was no purchase of equipment throughout the year. The company did not pay off any amount of the notes payable. As at December 31 2020 2019 Assets Current Assats Cash $134,725 $79,000 Accounts Receivable $50,300 $30,500 Merchandise Inventory S72,800 $45,200 Total Current Assets $257,825 $154,700 Land $104,000 $109,000 Equipment S107,000 $139,000 Lass: Accumulated Denreciatian $ - 44,000 $-64,000 Total Assets $420,835 $336,700 Liabilities and Equity Liabilities Current Liabilities Accounts Payable $42.100 $157, 100 Taxes Payable $29,000 $29,000 Total Current Liabilities 371,100 $96,100 Bonds Payable $131,500 $88,200 Total Liabilities $ 202,600 $184,200 Shareholders' Equity Common Shares S81 190 $67.100 Hetained Earnings $137,136 $87,200 Total Shareholders' Equity $216,235 $154,400 Total Liabilities and Equity $ 420,635 $338,700 Notrs: The company paid cash dividends during 2020. The company did not make a bonds payable payment during 2020 The company did not purchase any equipment during 2020. The company did not purchase any land during 2020. Vispara Company Income Statement For the Year Ended December 31, 2020 Salas $4210DD Cost of Goods Sold $273,650 Gross Profit 3147,350 Operating Expenses Depreciation Expense $9,000 Other Operating Expenses $29.800 Total Operating Expenses $38,800 Income from Operations $108,550 Other Income and Expenses Interest Expense 3-7,9001 Lassan Sale af Equipment $-5,500 Gain on Sale of Land $5.900 Operating Income before Tax 5101,050 Income Tax $30,31 Net Income Loss $70,736 Prepare the cash flow statement for December 31, 2020 using the indirect method. Vispara Company Cash Flow Statement For the Year Ended December 31, 2020 Cash Flow from Operating Activities Net Income 70725 Adjustments to Reconcile Net Income to Cash Depreciation Expense 9000 Lassan Saln af Fquipment 5500 Gain on Sale of Land -5900 Changes in Operating Assets and Liabilities ___ Increase in Accounts Receivable -19800 Increase in Merchandise Inventory -27600 Decrease in Accounts Payable -25000 Change in Cash Dun ta Operating Activities Cash Flow from Investing Activities Sale of Equipment Sale of Land * 10900 Net Cash Provided (Used) by Investing Activities Cash Flow from Financing Activities Proceeds fram issuance of Cammon Shares Proceeds from Bonds Payable 43300 Payment of Dividends Net Cash Provided (Used) loy Financing Activities 55735 Not increase (decrease in cash Cash at the Beginning of the Year Cash at the End of the Year 79000 134735 Vartax Manufacturing makes and sells integrated circuit boards. At the end of 2020, the income statement and comparative balance sheet were prepared as shown below. Vortex Manufacturing Balance Sheet As at June 30 2020 2019 Assets Current Assets $278,280 $129,600 Accounts Receivable $234,300 $260,200 Merchandise Inventory $518,500 $469,400 Prepaid Expenses S21.000 $21,900 Total Current Assets $1,045,950 $881,100 Long Term Assets Land S22,200 Equipment $355 400 $355.400 Less: Accumulated Depreciation 3-106,200 $-$4,600 Total Long-Term Assets $249,200 $283,000 Total Assets $1,295,160 $1,164,100 Liabilities Current Liabilities Accounts Payabia $309,500 $320,200 Notes Payabia, Current Portion S32,100 $18,600 Total Current Liabilities $341,700 $336,600 Notes Payable, Long-Term Portion S214,900 $193.800 Total Liabilities $556,500 $532,600 Shareholders' Equity Comman Shares S292,DDD $250,000 Retained Earnings $441,580 S381,500 Total Shareholders' Equity $736,560 $631,500 Total Liabilities and Equity $1,295.160 $1,164,100 Additional information During 2020, land was sold for a loss of $3,200. There was no purchase of equipment throughout the year. The company did not pay off any amount of the notes payable. As at December 31 2020 2019 Assets Current Assats Cash $134,725 $79,000 Accounts Receivable $50,300 $30,500 Merchandise Inventory S72,800 $45,200 Total Current Assets $257,825 $154,700 Land $104,000 $109,000 Equipment S107,000 $139,000 Lass: Accumulated Denreciatian $ - 44,000 $-64,000 Total Assets $420,835 $336,700 Liabilities and Equity Liabilities Current Liabilities Accounts Payable $42.100 $157, 100 Taxes Payable $29,000 $29,000 Total Current Liabilities 371,100 $96,100 Bonds Payable $131,500 $88,200 Total Liabilities $ 202,600 $184,200 Shareholders' Equity Common Shares S81 190 $67.100 Hetained Earnings $137,136 $87,200 Total Shareholders' Equity $216,235 $154,400 Total Liabilities and Equity $ 420,635 $338,700 Notrs: The company paid cash dividends during 2020. The company did not make a bonds payable payment during 2020 The company did not purchase any equipment during 2020. The company did not purchase any land during 2020. Vispara Company Income Statement For the Year Ended December 31, 2020 Salas $4210DD Cost of Goods Sold $273,650 Gross Profit 3147,350 Operating Expenses Depreciation Expense $9,000 Other Operating Expenses $29.800 Total Operating Expenses $38,800 Income from Operations $108,550 Other Income and Expenses Interest Expense 3-7,9001 Lassan Sale af Equipment $-5,500 Gain on Sale of Land $5.900 Operating Income before Tax 5101,050 Income Tax $30,31 Net Income Loss $70,736 Prepare the cash flow statement for December 31, 2020 using the indirect method. Vispara Company Cash Flow Statement For the Year Ended December 31, 2020 Cash Flow from Operating Activities Net Income 70725 Adjustments to Reconcile Net Income to Cash Depreciation Expense 9000 Lassan Saln af Fquipment 5500 Gain on Sale of Land -5900 Changes in Operating Assets and Liabilities ___ Increase in Accounts Receivable -19800 Increase in Merchandise Inventory -27600 Decrease in Accounts Payable -25000 Change in Cash Dun ta Operating Activities Cash Flow from Investing Activities Sale of Equipment Sale of Land * 10900 Net Cash Provided (Used) by Investing Activities Cash Flow from Financing Activities Proceeds fram issuance of Cammon Shares Proceeds from Bonds Payable 43300 Payment of Dividends Net Cash Provided (Used) loy Financing Activities 55735 Not increase (decrease in cash Cash at the Beginning of the Year Cash at the End of the Year 79000 134735
