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need help can you show work as well? C. Cash Flow Statement Prepare a Cash Flow Statement for Red Company for the year ended December
need help can you show work as well? C. Cash Flow Statement Prepare a Cash Flow Statement for Red Company for the year ended December 31, 2021. (20 pts.) Red Company Balance Sheets December 31, 2021 2020 ASSETS Cash Accounts receivable Inventory Investments (long-term) Land Equipment Accumulated depreciation $ 186,800 250,000 293,000 0 290,000 735,200 1221,800) $ 1,533,200 $ 115,600 247,000 217,800 130,000 0 557,200 (174,800) $ 1,092,800 LIABILITIES AND EQUITY Accounts payable Salaries payable Dividends payable Common stock, $10 par Paid-in capital in excess of par Retained earnings $ 164,800 13,400 33,200 200,000 640,000 481,800 $ 1,533,200 $ 148,000 12,000 31,400 140,000 400,000 361,400 $ 1,092,800 $ 1,449,400 826,200 603,200 Red Company Income Statement Year Ended December 31, 2021 Sales Cost of goods sold Gross profit Operating expenses: Depreciation expense Other operating expenses Total operating expenses Other income: Gain on sale of long-term investments Income before income tax Income tax expense Net income 47,000 205,800 252,800 60.000 410,400 146,400 $ 264,000 Other information: a. Equipment was acquired for $78,000 b. Land was purchased for $290,000 The investments were sold for $190,000. d. The common stock was issued for $200,000 e. Cash dividends declared for the year totaled $143,600. f. $100,000 of equipment was received in exchange for common stock. C
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