Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

how would i go about filling out a spreadsheet with this information Do It! Review 17-02 b Alex Company reported the following information for 2020.

image text in transcribed
image text in transcribed
how would i go about filling out a spreadsheet with this information
Do It! Review 17-02 b Alex Company reported the following information for 2020. Alex Company Comparative Balance Sheets December 31 Assets 2019 $33,000 24,000 Cash Accounts receivable Inventory Prepaid expenses Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation-equipment Totals 2020 $64,000 63,000 40,000 5,000 51,000 193,000 (19,500) 190,000 4,000 67,000 193,000 (13,000) 73,000 (10,920) $370,080 Change Increase/Decrease $31,000 Increase 39,000 Increase 40,000 Increase 1,000 Increase 16,000 Decrease -0- 6,500 Increase 117,000 Increase 17,080 Increase $558,500 Liabilities and Stockholders' Equity Accounts payable Accrued expenses payable Bonds payable Common stock ($1 par) $43,000 -0- 106,000 230,000 $40,000 10,000 135,000 57,000 $3,000 10,000 29,000 173,000 Increase Decrease Decrease Increase X P] i e 9 - Retained earnings NEXT 179,500 $558,500 Totals 128,000 $370,080 51,420 Alex Company Income Statement For the Year Ended December 31, 2020 Sales revenue 5906,000 Cost of goods sold $445,000 Operating expenses 208,000 Interest expense 11,000 Loss on disposal of plant assets 2,000 666,000 Income before income taxes 240,000 Income tax expense 66,000 Net Income $174,000 Additional information: 1. 2. 3. 4. 5. 6. Operating expenses include depreciation expense of $38,580. Land was sold at its book value for cash. Cash dividends of $122,580 were declared and paid in 2020. Equipment with a cost of $170,000 was purchased for cash. Equipment with a cost of $53,000 and a book value of $30,000 was sold for $36,000 cash. Bonds of $29,000 were redeemed at their face value for cash. Common stock ($1 par) of $173,000 was issued for cash. Use this information to Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a sign e.g. -15,000 or in parenthesis e.g. (15,000).) 10:17 PM PA 5/11/2020

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

The Medicare Recovery Audit Contractor Program A Survival Guide For Healthcare Providers

Authors: Duane C. Abbey

1st Edition

1439821003, 978-1439821008

Students also viewed these Accounting questions

Question

Discuss the key people management challenges that Dorian faced.

Answered: 1 week ago

Question

How fast should bidder managers move into the target?

Answered: 1 week ago