Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Lock & Key Inc. began operations on January 1, 2019. Its post-closing trial balance at December 31, 2019 and 2020, is shown below along with

image text in transcribed
image text in transcribed
Lock & Key Inc. began operations on January 1, 2019. Its post-closing trial balance at December 31, 2019 and 2020, is shown below along with some other information Lock & Key Inc. Income Statement For Year Ended December 31, 2020 (ees) Revenues: Sales $3,460 Cost of goods sold 2.870 Gross Profit 59e Expenses Other expenses 5960 Depreciation expense 240 Total expenses 1,200 LOS 610 Lock & Key Inc. Post-Closing Trial Balance (ees) December 31 Account 2020 2019 Cash 51,360 $ 1,180 Receivables 2,020 1,360 Merchandise inventory 1.960 2,200 Property, plant and equipment 3,640 3,880 Accumulated depreciation 1,350 1,300 Accounts payable 1,360 1,000 Accrued liabilities 240 360 Bonds payable 960 1,720 Common shares 3,004 1,530 Ratoined cornings 2.056 2.710 Other information regarding Lock & Key Inc. and its activities during 2020 1. Assume all accounts have normal balances. 2. Cash dividends were deciated and paid during the year 3. Equipment was sold for cash equal to its book value Required: Using the information provided, prepare a statement of cash flows (applying the indirect method) for the year ended December 31 2020. (Ust any deduction in cash and cash outflows and loss os negative amounts. Enter amounts in thousands, not in dollar) LOCK & KEY INC Statement of Cash Flows For Year Ended December 31, 2020 1000) Cashout orating acties

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

Corporate Financial Accounting

Authors: Carl S. Warren, James M. Reeve, Jonathan E. Duchac

12th edition

1305041399, 1285078586, 978-1-133-9524, 9781133952428, 978-1305041394, 9781285078588, 1-133-95241-0, 978-1133952411

More Books

Students also viewed these Accounting questions