i 20:15 Kay Wing, Inc., prepared the following balance sheet at December 31, 20X0. Kay Wing, Inc. Balance sheet as of December 31, 20X0 Cash Accounts receivable Inventory Long-term investments Land Plant and equipment (net) Total assets Accounts payable Taxes payable Bonds payable Capital stock Retained earnings Total liabilities and stockholders' equity $ 65,000 37,000 70,000 20,000 39,000 109,000 $340,000 The following occurred during 20X1. 1. A $35,000 note payable was issued. 2. Land was purchased for $50,000. 3. Bonds payable (maturing in 20X5) In the amount of $30,000 were retired by paying $30,000 cash. 4. Capital stock in the amount of $40,000 was issued at par value. $ 33,000 4,000 80,000 90,000 - Required 1 133,000 $340,000 5. The company sold surplus equipment for $14,000. The equipment had a book value of $14,000 at the time of the sale. 6. Net Income was $35,500. 7. Cash dividends of $5,000 were paid to the stockholders. 8.100 shares of stock of another company (considered short-term Investments) were purchased for $8,300. 9. $75,000 in bonds were issued. The next day, the proceeds were used to purchase a new building. 10. $12,000 of depreciation was recorded on the plant and equipment. 11. At December 31, 20X1, Cash was $93,200, Accounts receivable had a balance of $41,500, Inventory had increased to $73,000, and Accounts payable had fallen to $25,500. Long-term Investments and Taxes payable were unchanged from 20X0. Required: 1. Prepare a statement of cash flows for 20X1. 2. Prepare the December 31, 20X1, balance sheet for Kay Wing, Inc. Required 2 Complete this question by entering your answers in the tabs below. Prepare the December 31, 20X1, balance sheet for Kay Wing, Inc. Kay Wing, Inc. Saved

Kay Wing. Inc, prepared the following balance sheet at December 31, 200 The following occurred during 20xt 1. A $35,000 note Dayable was issued 2 Land was purchased for $50,000 3 Bonds payoble imaturing in 205 ) in the amount of $30,000 were retred by paying $30,000cash 4. Copital stock in the amount of $40,000 was issued at par value. 5. The company sold surplus equipment for $14,000. The equipment hod a book value of $14,000 at the time of the sale 6. Net income was $35.500. 7. Cash dividends of $5,000 were pald to the stockholders 8. 100 shares of slock of another company (considered short-tem investments were purchosed for $8,300. 9. $75,000 in bonds were issued. The next day, the proceeds were used to purchase o new bullding 10. \$12,000 of deprectation was recorded on the plant and equipment. 11. At December 31,201, Cash was $93,200, Accounts feceivable had a balance of 541,500 , inventory had increased to $73,000, and Accotints paystile had fatten to 525,500 Long-term investments and Taxes payable were unchanged from 200. Required: 1. Prepare statement of cash flows for 201 2 . Prepare the December 31, 20X1, balance sheet for Kay Wing. Ine Complete this question by entering your answers in the tabs below. Prepare the December 31,201, balance theet for Kay Wing. InC. 5. The company sold suipius equipment for $14,000. The equipment had a book value of $14,000 at the time of the sole. o. wictincome was $35,500 7 Cah dividends of $5,000 were paid to the stockholders 8. 100 shares of stock of another company (considered short-term investments) were purchased for $8,300 9. 575,000 in bonds were issued. The next day, the proceeds were used to purchase o new bullding 10 \$il 000 ot idenreciation was recorded on the plant and equmment. 11. Ar December 31, 20x1, Cash was $93,2,00, Accounts recelvable had a balance of $41,500, irventory had increased to $73.000, and Accounts payabie had fallen to $25,500. Long-rerm investnents and Taxes payable were unchanged from 200. Required: 1. Prepare w stotement of casin flows for 201. 2. Prepare the December 31, 20x1, balance sheet for Kay Wing, inc Complete this question by entering your answers in the tabs below. Prepare the Decernber 31, 20X1, balance sheet for Kay Wing, Inc