Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Grouper inc, had the following condensed balance sheet at the end of operations for 2019. During 2020 , the following occurred. 1 A tract of

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Grouper inc, had the following condensed balance sheet at the end of operations for 2019. During 2020 , the following occurred. 1 A tract of land was purchased for $8,900. 2. Bonds payable in the amount of $15.000 were redeemed at par. 3. An additional 510,000 in common stock was issued at par. 4. Dividends totalling $9.400 were paid to stockholders. 5. Net income was $30,300 after allowing depreciation of $13,700. 6. Land was purchased through the issuance of $22.800 in bonds 7. Grouper incisold part of its investment portfotio for $12.900. This transaction resulted in again of $1.900 tor the counpum? No unrealized gains or losses were recorded on these investments in 2020 . 7. Grouper Inc, sold part of its investment portfolio for $12,900. This transaction resulted in a gain of $1,900 for the company, No unrealized gains or losses were recorded on these investments in 2020. 8. Both current assets (other than cash) and current liabilities remained at the same amount. Your answer is partially correct. Prepare a statement of cash flows for 2020 using the indirect method, (Show amounts that decrease cash flow with either a - sign est 15,000 or in parenthesis eg. (15,000)) \begin{tabular}{l} Net Cash Used bv Ooerating Activities \\ Cash at Beginning of Period \\ Cash at End of Period \\ Cash Flows from Financing Activities \\ Cash Flows from Investing Activities \\ Cash Flows from Operating Activities \\ Net Cash Provided by Financing Activities \\ Net Cash Provided by Investing Activities \\ Net Cash Provided by Operating Activities \\ Net Cash Used by Financing Activities \\ Net Cash Used by Investing Activities \\ Net Cash Used by Operating Activities \\ \hline Net Decrease in Cash \\ Net Increase in Cash \\ Noncash Investing and Financing Activities \\ \hline Cash Flows from Financing Activities \\ \hline \end{tabular} \begin{tabular}{l} Sale of Investinents \\ Net Cash Used bv lnvestine Activities \\ Cashat Beginning of Period \\ Cashat End of Period \\ Cash Flows from Financing Activities \\ Cash Flows from Investing Activities \\ Cash Flows from Operating Activities \\ Net Cash Provided by Financing Activities \\ Net Cash Provided by Investing Activities \\ Net Cash Provided by Operating Actlivitics \\ Net Cash Used by Financing Activities \\ Net Cash Used by Investing Activities \\ \hline Net Cash Used by Operating Activities \\ Net Decrease in Cash \\ Net increase in Cash \\ Nancash investing and Financing Activities \\ Cash Flows from Financine Activities \end{tabular} Cash Flows from Financing Activities Payment of Dividends \begin{tabular}{|r|} \hline9400 \\ \hline \end{tabular} Issuance of Common Stock 10000 Cash at Beginning of Period Cash at End of Period Noncash Investing and Financing Activities Issuance of Bonds for Land Prepare the condensed balance sheet for Grouper Inc. as it would appear at December 31, 2020. Liabilities and Equities Current Liabilities $ 15200 Long-term Notes Payable 25600 Bonds Payable 32800 Common Stock 85000 Retained Earnings \begin{tabular}{|l|} \hline$5000 \\ $203600 \\ \hline \end{tabular}

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting And Reporting

Authors: Barry Elliott, Jamie Elliott

3rd Edition

0139488944, 978-0139488948

More Books

Students also viewed these Accounting questions