Answered step by step
Verified Expert Solution
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?
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
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started