Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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.

Step by Step Solution

3.50 Rating (153 Votes )

There are 3 Steps involved in it

Step: 1

Maple Group Ltd Statement of Cash flows For the Year Ended December 31 2020 Cash ... 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

Financial and Managerial Accounting

Authors: Horngren, Harrison, Oliver

3rd Edition

978-0132497992, 132913771, 132497972, 132497999, 9780132913775, 978-0132497978

More Books

Students also viewed these Accounting questions

Question

Retrieve all the records from the Employees table. 1

Answered: 1 week ago