HI can someone tell me where I am going wrong on this homework. I can't get it to balance. Did i do numbers 1 and 2 correct?
ACC 303/503 Homework #2 (R) OL Boca Inc. Balance Sheets December 31 Assets 2020 2019 Cash 60,800 48,400 12, 400 Accounts Receivable 97,800 38,000 59, (302) Inventory 102,850 112,500 9, 650 Prepaid Expenses 28,400 25,000 31 400 Long-term Investments 138,000 109,000 29, 008 Plant Assets 347,000 242,500 104, 500 Accumulated depreciation (50,000) (52,000) 21 0250 Total 724,850 523,400 Liabilities and Stockholders' Equity Accounts Payable 77,300 72,000 5, 302 Accrued Expenses Payable 21,000 12,500 81 502 Dividends Payable 3,000 3, 020 Bonds Payable 170,000 146,000 24, 000 Common Stock 262,000 175,000 87,007 Retained Earnings 191,550 117,900 731650 Total 724,850 523,400 Additional Information: 1. Old plant assets having an original cost of $57,500 and accumulated depreciation of $48,500 were sold for $1,500 cash. 2. A new plant asset was purchased directly in exchange for common stock valued at $40,000. 3. New bonds were issued at par for $60,000. 4. 2020 Net income was $154,480. 5. A $1,000 prior period adjustment was recorded in 2020 to correct an understatement of depreciation in 2015. The 2019 balance sheet is appropriately restated. 6. Accounting for the long-term investments was appropriately using the equity method. Boca's share of investee net income was $20,000. Other changes in Long-term investments were caused by additional stock purchases. No dividends were received. Required 1. Prepare a 2020 statement of cash flows using the indirect method. Use the textbook format (pages 1,339, 1,342, 1,345). Do not submit supporting computations. Submission Instructions: Submit the assignment in Excel using one page. Include your Name, Date, ACC Course, and Homework #2 in the upper left corner. Submit your assignment through the upload feature within Moodle. Assignments should not be emailed to the instructor. PLEASE BE SURE YOUR ASSIGNMENT IS ACTUALLY SUBMITTED AND NOT IN "DRAFT" STATUS. There is a requirement to click a box to acknowledge the submission is your original work to complete the submission process.Boco Inc Statement of Cash Flows (Indirect Method) For the year Ending December 31, 2020 2020 Cash Flows from Operating Activies Net Income Transferred to Retained Earnings $154,480 Add Expenses Not Requiring Cash: Depreciation $46,500 Loss from Sab of Old Plant 7,500 Other Adjustments: Add Increase In Accrued Expensed Payable 8,500 Add Increase In Accounts Payable 5,300 Add Decrease In Inventory 9,650 Subtract Increase In Accounts Receivable (59,80 0) Subtract Increase In Preppaid Expense (3,400) $14,250 Net Cash from Operating Activites $168,730 Cash Flows from Investing Activites Sale of Fbed Assets $ 1,500 Purchase of Long Term Investments (29,00 0) Purchase of New Equipment (140,00 0) Net Cash Used for Investing Activites (167,500) Cash Flows from Financing Activites Payment from Issue of Bonds $ 60,000 Transfer towards redemption of Bonds (24,000) Proceeds from lese of Common stock 45,000 Net Cash from Financing Activites 81,000 Net Increase In Cash 82 230 Cash, Beginning of Year 48,400 Cash, End of Year 130,630
