Answered step by step
Verified Expert Solution
Link Copied!

Question

...
1 Approved Answer

please answer all. there are continued questions. thank you. Windsor Corporation has contracted with you to prepare a statement of cash flows. The controller has

please answer all. there are continued questions. thank you.
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Windsor Corporation has contracted with you to prepare a statement of cash flows. The controller has provided the following information December 31 2020 2019 $38,500 $12.900 Cash Accounts receivable 12 300 10,000 Inventory 11.800 9.900 Equity Investments -0- 3,000 Buildings -0- 29.800 Equipment 39.700 20,000 Copyrights 5.100 5,300 Totals $107.400 $90,900 $3,000 $4,600 2.000 Allowance for doubtful accounts Accumulated depreciation - equipment Accumulated depreciation-buildings Accounts payable 4.400 -0- 5.900 5,100 4100 Dividends payable -0- 5.000 Dividends payable -0- 5.000 3,000 4.000 36,000 25.000 Notes payable, short-term (nontrade) Long-term notes payable Common stock Retained earnings 38,000 33.000 20,300 4,900 $107.400 $90,900 Additional data related to 2020 are as follows. 1. 2 3. 4 Equipment that had cost $10.900 and was 30% depreciated at time of disposal was sold for $2.500 $5,000 of the long term note payable was paid by kuing common stock Cash dividends paid were 35.000 On January 1, 2020, the building was completely destroyed by a food, Insurance proceeds on the building were $33.100 (net of 54,000 taxes) Equity investments townership is less than 20% of total shares) were sold at $1.500 above their cost. No unrealized gains or losses were recorded in 2020 Cash and a long term note for $10.000 were given for the acquisition of equipment Interest of $2.000 and income taxes of 5.100 were paid in cnh 5. 6. 7. (a) Use the Indirect method to analyze the above information and prepare a statement of cash flows for Windsor (Show amounts that (a) Use the indirect method to analyze the above information and prepare a statement of cash flows for Windsor. (Show amounts that decrease cash flow with either o - sign eg -15,000 or in parenthesis es (15,000).) WINDSOR CORPORATION Statement of Cash Flows For the Year Ended December 31, 2020 Cash Flows from Operating Activities Nettcome Adjustments to recondle net income to Net Cash Provided by Operating Activities : Depreciation Expert $ 170 Low on sale of Lewent 5150 Gain from Flood Damer - 13100 Copyright Amortization : Ganon Sale of investment Intres in Accounts Rective Gain on Ssle of Investment 1500 Increase in Accounts Receivable (Net) . Increase in Inventory Increase in Accounts Payable -13100 Net Cash Provided by Operating Activities Cash Flows from investing Activities Sale of quloment Purchase of nuipment Can Proceeds from Flood Damage to Building Sale of investments Net Cash Provided by Investing Activities Net Cash Provided by investing Activities . Cash Flows from Financing Activities Payment of Dividends . Payment of Short term Notes Payable Netch Used by Financine Activities . Net Increase in Cash Cash January 1 2020 Cain. December 31, 2020 $ Supplemental disclosures of cash flow information: CP Du vill the Year for literest . Cash Paid During the year for Income Toms 5 Supplemental disclosures of cash flow information: Cash Paid During the Year for interest $ Cash Paid During the Year for Income Taxes $ Noncash investing and Financing Actrities : Retired Note Payable by Issuing Common Stock: Purchased Equipment by Issuine Notes Payable

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Managerial Accounting

Authors: Ray H. Garrison, Eric W. Noreen, Peter C. Brewer

12th Edition

9780073526706

Students also viewed these Accounting questions