Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I need help, thanks! Kalksten Company Comparative Balance Sheets Year Ended December 31, 2001 and 2002 6 Cash 7 AIR 8 Inventory 9 Prepaid Insurance

I need help, thanks! image text in transcribed
Kalksten Company Comparative Balance Sheets Year Ended December 31, 2001 and 2002 6 Cash 7 AIR 8 Inventory 9 Prepaid Insurance 10 Equipment (Net of Acc Depr) 11 Patent 12 A/P 13 Salary Payable 14 Interest Payable 15 Income Tax Payable 16 Mortgage Payable 17 Bonds Payable 18 Premium on B/P 19 Common Stock, No Par 20 Retained Earnings 2001 200,000 60,000 12,000 6,000 300,000 90,000 40,000 60,000 6,000 12,000 120,000 200,000 8,000 150,000 72,000 2002 62,000 80,000 20,000 10,000 500,000 70,000 60,000 50,000 9,000 20,000 110,000 100,000 3,000 170,000 220,000 Kalksten Company Income Statement For year ending Dec 31, 2002 820,000 (380,000) (100,000) (20,000) (46,000) 26 Sales 27 COGS 28 Depreciation Exp 29 Amortization of Patent 30 Other Expenses (PPI, Salaries) 31 Gain (excess of insurance proceeds 32 over BV of equip destroyed) 33 Interest Expense 34 Income Tax Expense 35 Extraordinary Loss (bond retirement, 36 net of $1,000 tax) 37 Net Income 10,000 (22,000) 172,000) (2,000) 188,000 39 Other Information: 40 Kalksten declared $40,000 of dividends in 2002 Equipment (Cost of $100,000, Acc Dep $60,000) was destroyed by fire. Proceeds from insurance were $50,000 Bonds were retired on Jan 1, 2002 at 107 46 Produce Statement of Cash Flows - Indirect Method for 2002

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

Auditing Humor And Other Oxymorons

Authors: Mr Mike Jacka

1st Edition

0991280903, 978-0991280902

More Books

Students also viewed these Accounting questions