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Just need help on what else to add as my answer is not complete, thanks! Golf Universe is a regional and online golf equipment retailer.
Just need help on what else to add as my answer is not complete, thanks!
Golf Universe is a regional and online golf equipment retailer. The company reported the following for the current year. Purchased a long-term investment for cash $15,000. Paid cash dividend, $12,000. Sold equipment for $6,000 cash (cost, $21,000; accumulated depreciation, $15,000). Issued shares of no-par stock, 500 shares at $12 cash per share Net Income was $20,200 Depreciation expense was $3,000. its comparative balance sheet is presented below. Cash Accounts receivable Inventory Investments Equipment Accumulated Depreciation Equipment Total Accounts payable Salaries and wages payable Income taxes payable Noten payable (long-term) Common stock Retained earnings Total Ending Balances 819, 200 22,000 75,000 15.000 93, 500 (20,000) $204700 5 14.000 1,500 4,500 54.000 105,000 24,700 52047700 Beginning Balances $ 20,500 22,000 68,000 0 114,500 (32.000 5193,000 3 17.000 2,500 3.000 54,000 100,000 16,500 2193.000 Required: Cash 7,000 Operating Net Income Depreciation Expense Income Taxes Payable 20,200 3,000 1,500 0 >>> >> Inventory Accounts Payable Salaries and Wages Payable 3,000 1,000 Net Cash Flow Provided by Operating Activities 13,700 Net Cash Flow Used by Operating Activities Investing Sale of Equipment 6,000 15,000 Purchased Investments > Net Cash Flow Provided by Investing Activities 9,000 Net Cash Flow Used by Investing Activities Financing Proceeds from Stock Issuance 6,000 12,000 Paymont of Dividends Net Cash Flow Provided by Financing Activities Net Increase in Cash and Cash Equivalents Beg. bal End, bal 6,000 1,300 Net Cash Flow Used by Financing Activities Net Decrease in Cash and Cash Equivalents 20,500 19,200 Answer is not complete. Complete this question by entering your answers in the tabs below. Cash T Account Other T Accounts Stmt of Cash Flows Complete the T-account worksheet to be used to prepare the statement of cash flows for the current year. Accounts Receivable 22.000 Beg Bal Beg. Bal Increase Inventory 68,000 + 7.000 End. Bal 22.000 End, Bal 75.000 Beg Bal Decrease Accounts Payable 17.000 3,000 Beg Bal Decrease Salaries and Wages Payablo 2,500 1,000 > 14.000 End, Bal 1,500 End. Bal Income Taxes Payable 3,000 1,500 Increase Beg Bal Equipment 114,500 25,000 Beg Bal Disposals > Investments Beg Bal Disposals Accumulated Depreciation-Equipment 32,000 15,000 3,000Depreciation Beg. Ball 0 Purchases 15.000 End. Bal. 20,000 End. Bal 15,000 Common Stock 100,000 6,000 Stock Issued Notes Payable long-term 54,000 Bog. Bal Beg, Bal + 54,000 End. Bal. 105,000 End Bal Bog. Bal Dividends Retained Earnings 16,500 12,000 20.200 Net Income End. Bal 24,700 GOLF UNIVERSE Statement of Cash Flows For the Year Ended December 31 Cash Flows from Operating Activities: Net Income Depreciation Expense $20,200 3,000 Changes in Current Assets and Current Liabilities Inventory Accounts Payable Salaries and Wages Payable Income Taxes Payable (7,000) (3,000) (1,000) 1,500 13,700 Cash Flows from Investing Activities: Proceeds from Sale of Equipment Purchase of Investment 6,000 (15,000) (9,000) Cash Flows from Financing Activities: Issuance of Common Stock Dividends Paid 6,000 (12,000) (6,000) 3,000 Depreciation Expense Changes in Current Assets and Current Liabilities Inventory Accounts Payable Salaries and Wages Payable Income Taxes Payable (7,000) (3,000) (1,000) 1,500 13,700 Cash Flows from Investing Activities: Proceeds from Sale of Equipment Purchase of Investment 6,000 (15,000) (9,000) Cash Flows from Financing Activities: Issuance of Common Stock 6,000 (12,000) Dividends Paid Net Decrease in Cash Cash, Beginning of Year Cash, End of Year (6,000) (1,300) 20,500 $19,200
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