Question
Maple Group Ltd. Comparative Balance Sheet December 31 st , 2020 and 2019 Assets Cash and cash equivalent Accounts Receivable Inventories Fixed Assets Total Assets
Maple Group Ltd. Comparative Balance Sheet December 31st, 2020 and 2019 | ||||||
Assets Cash and cash equivalent Accounts Receivable Inventories Fixed Assets Total Assets Liabilities Accounts payable Accrued liabilities Long-term notes payable Stockholders’ Equity Common stock Retained earnings Total liabilities and Stockholders’ equity | 2020 9,300 45,450 1,02,000 1,42,300 2,99,050 25,600 24,000 54,350 1,40,300 54,800 2,99,050 | 2019 15,300 43,200 1,09,700 94,300 2,62,500 26,600 22,800 62,000 1,31,400 19,700 2,62,500 | Increase (Decrease) -6,000 2,250 -7,700 48,000 36,550 -1,000 1,200 -7,650 8,500 35,100 36,550 |
Maple Group Ltd | ||
Income Statement | ||
Year Ended December 31, 2020 | ||
Revenues and gains: | ||
Sales revenue | 439,000 | |
Interest revenue | 11,800 | |
Total revenues and gains | 450,800 | |
Expenses | ||
Cost of goods sold | 205,500 | |
Depreciation expense | 15,500 | |
Other operating expense | 126,000 | |
Interest expense | 24,300 | |
Total expenses | 371,300 | |
Income before income taxes | 79,500 | |
Income tax expense | 16,300 | |
Net Income | 63,200 | |
Notes | ||
Acquisition of fixed assets during 2020 | 63,500 | |
Sale proceeds from the sale of a plant asset | - | |
Receipt for issuance of notes payable | - | |
Payment for note payable | 7,650 | |
Dividend paid | 28,100 | |
Book value of equipment sold | - |
Prepare a complete statement of cash flows for 2020 using the indirect method.
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