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I dont know how to do this $2,800,000 4,000 2,804,000 2.592.000 $212.000 2020 For the Year Ended December 31, 2021 Revenues Gain on sale of
I dont know how to do this $2,800,000 4,000 2,804,000 2.592.000 $212.000 2020 For the Year Ended December 31, 2021 Revenues Gain on sale of land Total revenues Expenses: Cost of goods sold 1,900,000 Operating expenses 575,000 Depreciation expense 38,000 Interest expense 16,000 Income tax expense 63.000 Total expenses Net Income Troublemakers, Inc. I Balance Sheets December 31 Assets 2021 Current Assets: Cash $182,000 Accounts receivable 83,000 Inventory 121,000 Prepaid rent 7,000 Long-Term Assets: Investment in stock 195,000 Land 230,000 Equipment 305,000 Accumulated depreciation (138,000) Total Assets $985.000 Liabilities and Stockholders' Equity Current Liabilities: Accounts payable $40,000 Interest payable 1,000 Income tax payable 12,000 Long-Term Liabilities: Notes payable 285,000 Stockholders' Equity: Common stock 350,000 Retained earnings 297.000 Total Liabilities and Equity $985.000 Comments $187,000 95,000 138,000 5,000 100,000 260,000 225,000 (100,000) $910,000 $58,000 2,000 10,000 205,000 350,000 285.000 $910,000 6 68 15 10 d Additional Information for 2021: 1. Purchase additional investment in stocks for $95,000. 2. Sell land costing $30,000 for $34,000 resulting in a $4,000 gain on sale of land. 3. Purchase $50,000 in equipment by borrowing $50,000 with a note payable due in three years. No cash is exchanged in the transaction. 4. The company declares and pays a cash dividend of $200,000. Required: Prepare the statement of cash flows using the indirect method. Disclose any noncash transactions in an accompanying note. ou I ior
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