Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

not sure if the answers I have entered are correct Comparative balance sheets for 2021 and 2020 and a statement of income for 2021 are

image text in transcribed

image text in transcribed

not sure if the answers I have entered are correct

Comparative balance sheets for 2021 and 2020 and a statement of income for 2021 are given below for Metagrobolize Industries. Additional information from the accounting records of Metagrobolize also is provided. METAGROHOLIZE INDUSTRIES Comparative Balance sheets December 31, 2021 and 2028 (in thousands) 2021 2020 Assets Cush Accounts receivable Inventory Land Building Loss: Accumulated depreciation Equipment Less: Accumulated depreciation Patent 3 448 470 620 625 Bee (200) 2.800 (451 1.6ee 56,704 $ 190 25e 34 5415 800 (170) 2, 510 (420 1.ee $ 5,915 5 3 Liabilities Accounts payable Accrued liabilities Lease liability-land Sharcholders' Equity Coch stock Paid in capital excess of pan Retained earnings 720 210 130 470 165 e 2.550 5ae 2.494 $ 6,784 2,50e 470 2,310 $ 5,915 METAGROBOLIZE INDUSTRIES Income Statement For the Year Ended December 31, 2021 (5 in thousands) Revenues Sales revenue $2,807 Gain an sale of land 60 $2,467 Expenses cost of goods sold 3 92e Depreciation expense building 30 Depreciation expense equipment 28 Loss on sale of equipment 1 Amortization of patent 200 Operating expenses 888 Net income 779 Additional information from the accounting records: 8. Annual payments of $20,000 on the finance lease liability are paid each January 1, beginning in 2021. b. During 2021, equipment with a cost of $330,000 (90% depreciated) was sold. c. The statement of shareholders' equity reveals reductions of $180,000 and $415.000 for stock dividends and cash dividends, respectively Required: Prepare the statement of cash flows of Metagrobolize for the year ended December 31, 2021. Present cash flows from operating activities by the direct method. (Enter your answers in thousands (.e. 10,000 should be entered as 10). Amounts to be deducted should be indicated with a minus sign.) METAGROBOLIZE INDUSTRIES statement of Cash Flowe For the year anded December 31, 2021 ($ In thousands) Cash flows from operating activities. Casa MOWS Cash outlOWS 0 A Net cash flows from operaling activilies Cash flows from investing aclivilies. Purchase of equipment Sale of land Sale of equipment RO Nel cash flows from investing activities Cash fiows from finantang alive Payment on lease liability Payment on lease liability Payment of dividends Nel ash flows from financing activities Nel increase (decrease in si Cash balance, January 1 Cash balance December 31 Noncash investing and financing activities: $

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

More Books

Students also viewed these Accounting questions