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like will be given if done This is a drop down menu problem worth the equlvalent of seven (7) exam questions. Please budget your time
like will be given if done
This is a "drop down menu" problem worth the equlvalent of seven (7) exam questions. Please budget your time accordingly. Each question will be evenly-weighted and partial credit will be awarded for each correct response. Note: The company uses the Direct Method for preparing the Operating Activities section of Its Statement of Cash Flows. Use the following data set for this problem. Julie's Jewelry Company Income Statement For the Year Ended December 31, 2020 Net Sales $765,000 (348,000) $417,000 Cost of Goods Sold Gross Margin Operating Expenses (including Depreciation Expense of $37,500) Operating Income Interest Expense (127,500) $289,500 ($105,000) Interest Income 0 Divided Income 96,000 Gain on Sale Equipment 37,500 Loss of Sale of Investment (21,000) Total Other Income and Expenses 7500 income Before Income Taxes 5297,000 Income Tax Expense (40.500 Net Income $256,500 Julie's Jewelry Company Comparative Balance Sheet December 31, 2020 and 2019 Assets 2020 2019 Change Cash $112,500 $10,500 $102,000 Accounts Receivable, net 34,500 46,500 (12,000) Inventory 40,500 21,000 19,500 Prepaid Expenses 6,000 12,000 (6,000) Investments 183,000 184,500 (1,500) Land 285,000 285,000 0 Building, net 258,000 270,000 (12,000) Equipment, net 222,000 97,500 124,500 Total Assets $1,141,500 $927,000 $214,500 Liabilities Accounts Payable $255,000 $232,500 $22,500 Accrued Liabilities 57,000 7,500 13,500 Income Taxes Payable 172,500 147,000 25,500 Bonds Payable 73,500 9,000 64,500 Total Liabilities $558,000 $396,000 $162,000 Stockholders Equity Common stock $382,500 $382,500 0 Pald-in Capital in Excess of Par Value 7,500 7,500 0 Retained Earnings 193,500 141,000 52,500 Total Stockholders Equity $583,500 $531,000 $52,500 Total Liabilities and Stockholders Equity $1,141,500 $927,000 $214,500 Additional Information: Investments are Long-Term Assets Sold investments for $18,000 (with a carrying value of $39,000) Purchased investments for $37,500 Sold Equipment with a carrying value (.e, net book value) of $37,500 Purchased equipment for $187,500 Depreciation on equipment for 2020 was $25,500 Depreciation on building for 2020 was $12,000 Bonds are Long-Term Liabilities Issued bonds for $64,500 Net Cash inflow (outflow) related to Sales on the Statement of Cash Flows for 2020 would be Not Cash inflow (outflow) related to Inventory purchases on the Statement of Cash Flows for 2020 would be: Net Cash inflow (outflow) related to Operating Expenses on the Statement of Cash Flows for 2020 would be Net Cash inlow (outfiow) related to Taxes on the Statement of Cash Flows for 2020 would be: Cash outflow related to Dividendi (1.0, Cush paid for Dividende) on the Statement of Cash Flows for 2020 would be What would be the net Cash inflow (outflow) from Investing Activities on the Statement of Cash Flows for 2020? Assume Cash Paid for Dividends in 2020 was $4,000. What would be the net Cash inflow (outflow) from Financing Activities on the Statement of Cash Flown for 2020? This is a "drop down menu" problem worth the equlvalent of seven (7) exam questions. Please budget your time accordingly. Each question will be evenly-weighted and partial credit will be awarded for each correct response. Note: The company uses the Direct Method for preparing the Operating Activities section of Its Statement of Cash Flows. Use the following data set for this problem. Julie's Jewelry Company Income Statement For the Year Ended December 31, 2020 Net Sales $765,000 (348,000) $417,000 Cost of Goods Sold Gross Margin Operating Expenses (including Depreciation Expense of $37,500) Operating Income Interest Expense (127,500) $289,500 ($105,000) Interest Income 0 Divided Income 96,000 Gain on Sale Equipment 37,500 Loss of Sale of Investment (21,000) Total Other Income and Expenses 7500 income Before Income Taxes 5297,000 Income Tax Expense (40.500 Net Income $256,500 Julie's Jewelry Company Comparative Balance Sheet December 31, 2020 and 2019 Assets 2020 2019 Change Cash $112,500 $10,500 $102,000 Accounts Receivable, net 34,500 46,500 (12,000) Inventory 40,500 21,000 19,500 Prepaid Expenses 6,000 12,000 (6,000) Investments 183,000 184,500 (1,500) Land 285,000 285,000 0 Building, net 258,000 270,000 (12,000) Equipment, net 222,000 97,500 124,500 Total Assets $1,141,500 $927,000 $214,500 Liabilities Accounts Payable $255,000 $232,500 $22,500 Accrued Liabilities 57,000 7,500 13,500 Income Taxes Payable 172,500 147,000 25,500 Bonds Payable 73,500 9,000 64,500 Total Liabilities $558,000 $396,000 $162,000 Stockholders Equity Common stock $382,500 $382,500 0 Pald-in Capital in Excess of Par Value 7,500 7,500 0 Retained Earnings 193,500 141,000 52,500 Total Stockholders Equity $583,500 $531,000 $52,500 Total Liabilities and Stockholders Equity $1,141,500 $927,000 $214,500 Additional Information: Investments are Long-Term Assets Sold investments for $18,000 (with a carrying value of $39,000) Purchased investments for $37,500 Sold Equipment with a carrying value (.e, net book value) of $37,500 Purchased equipment for $187,500 Depreciation on equipment for 2020 was $25,500 Depreciation on building for 2020 was $12,000 Bonds are Long-Term Liabilities Issued bonds for $64,500 Net Cash inflow (outflow) related to Sales on the Statement of Cash Flows for 2020 would be Not Cash inflow (outflow) related to Inventory purchases on the Statement of Cash Flows for 2020 would be: Net Cash inflow (outflow) related to Operating Expenses on the Statement of Cash Flows for 2020 would be Net Cash inlow (outfiow) related to Taxes on the Statement of Cash Flows for 2020 would be: Cash outflow related to Dividendi (1.0, Cush paid for Dividende) on the Statement of Cash Flows for 2020 would be What would be the net Cash inflow (outflow) from Investing Activities on the Statement of Cash Flows for 2020? Assume Cash Paid for Dividends in 2020 was $4,000. What would be the net Cash inflow (outflow) from Financing Activities on the Statement of Cash Flown for 2020 Step by Step Solution
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