Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

its all 1 question really long LJU 1 INTERMEDI nd Time: 06:10 PM / Remaining: 276 min. ES Financial statements for Sunland Company are given

its all 1 question really long

image text in transcribed

image text in transcribed

LJU 1 INTERMEDI nd Time: 06:10 PM / Remaining: 276 min. ES Financial statements for Sunland Company are given below: $ 460000 Assets Cash Accounts receivable Buildings and equipment Accumulated depreciation- buildings and equipment Patents Sunland Company Balance Sheet January 1, 2021 Equities $ 966000 Accounts payable 863000 3650000 (1150000) Common stock 433000 Retained earnings $4762000 2760000 1542000 $4762000 Sunland Company Statement of Cash Flows For the Year Ended December 31, 2021 Increase (Decrease) in Cash $1190000 Cash flows from operating activities Net income Adjustments to reconcile net income to net cash provided by operating activities: Increase in accounts receivable Increase in accounts payable Depreciation--buildings and equipment Gain on sale of equipment Amortization of patents Net cash provided by operating activities $(381000) 195000 364000 (147000) 51000 82000 1272000 Cash flows from investing activities Sale of equipment Purchase of land Purchase of buildings and equipment Net cash used by investing activities 290000 (607000) (1148000) (1465000) (361000) 951000 Cash flows from financing activities Payment of cash dividend Sale of common stock Net cash provided by financing activities Net increase in cash Cash, January 1, 2021 Cash, December 31, 2021 590000 397000 966000 $1363000 Total assets on the balance sheet at December 31, 2021 are $6646000. Accumulated depreciation on the equipment sold was $336000. $1190000 operacny dluvites Net income Adjustments to reconcile net income to net cash provided by operating activities: Increase in accounts receivable Increase in accounts payable Depreciation-buildings and equipment Gain on sale of equipment Amortization of patents Net cash provided by operating activities $(381000) 195000 364000 (147000) 51000 82000 1272000 Cash flows from investing activities Sale of equipment Purchase of land Purchase of buildings and equipment Net cash used by investing activities 290000 (607000) (1148000) (1465000) (361000) 951000 Cash flows from financing activities Payment of cash dividend Sale of common stock Net cash provided by financing activities Net increase in cash Cash, January 1, 2021 Cash, December 31, 2021 590000 397000 966000 $1363000 Total assets on the balance sheet at December 31, 2021 are $6646000. Accumulated depreciation on the equipment sold was $336000. The ac payable at December 31, 2021 were $265000. $655000. $195000. $893000 Click if you would like to Show Work for this question: Open Show Work

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

An Introduction To Statistical Sampling In Auditing

Authors: Dan M. Guy

1st Edition

0471042323, 978-0471042327

More Books

Students also viewed these Accounting questions

Question

x-3+1, x23 Let f(x) = -*+3, * Answered: 1 week ago

Answered: 1 week ago

Question

What are negative messages? (Objective 1)

Answered: 1 week ago