Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

How do I fill out this balance sheet? Splish Corporation's balance sheet at the end of 2019 included the following items. Current assets (Cash $82,000)

How do I fill out this balance sheet?

image text in transcribed

image text in transcribed

image text in transcribed

Splish Corporation's balance sheet at the end of 2019 included the following items. Current assets (Cash $82,000) Land Buildings Equipment Accum. depr.-buildings Accum. depr.-equipment Patents Total $236,060 32,090 121,060 92,090 (31,060) (11,000) 41,060 $480,300 Current liabilities Bonds payable Common stock Retained earnings Total $151,060 101,060 182,090 46,090 $480,300 The following information is available for 2020. 1. 2. 3. 4. 5. Net income was $55.150. Equipment (cost $21.060 and accumulated depreciation $9,060) was sold for $11,060. Depreciation expense was $5.060 on the building and $10,060 on equipment. Patent amortization was $2.500. Current assets other than cash increased by $29.000. Current liabilities increased by $14,060. An addition to the building was completed at a cost of $28.060. A long-term investment in stock was purchased for $16.000. Bonds payable of $52.090 were issued. Cash dividends of $30,000 were declared and paid. Treasury stock was purchased at a cost of $11.000. 6. 7. 8. 9. 10. Prepare a statement of cash flows for 2020. (Show amounts that decrease cash flow with either a-signag-15,000 or in parenthesis es (15,000 SPLISH CORPORATION Statement of Cash Flows For the Year Ended December 31, 2020 Cash Flows from Operating Acties Net Income $ 55150 Adjustments to reconcile net income to Net Cash Provided by Operating Activities Depredation Expense 15120 Patent Amortization V 2500 Loss on Sale of Equipment 940 Increase in Current Sesets Other than Cash) -29000 3620 Net Cash Provided by Operating actitle 58770 Cash Flows from investing Activites Investment in Stock - 16000 Addition to Bullding -28060 Sale of Equipment 11060 Net Cash Lised by investing Activeles -33000 Cash Flows from Financing Actie! issuance of Bonds V 52090 tent of Dividends V S0000 Purchase of Treasury Stock -13.000 Net Cash Provided by Finance Ad vitle: M 109 fees increase in Clash 86860 Cash Bengo per BA Cor 2: End of Period 5 1986 SPLISH CORPORATION Balance Sheet Assets $ $ > Liabilities and Stockholders' Equity >

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_2

Step: 3

blur-text-image_3

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

The Routledge Companion To Fair Value In Accounting

Authors: Gilad Livne

1st Edition

0367656132, 9780367656133

More Books

Students also viewed these Accounting questions