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Please check my calculations for the accounting problem below. I keep getting an incorrect' response for the cells highlighted in red but I don't understand
Please check my calculations for the accounting problem below. I keep getting an "incorrect' response for the cells highlighted in red but I don't understand why or where the problem is. Thank you!
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Comparative balance sheets for Marigold Corp. are presented as follows. Marigold Corp. Comparative Balance Sheets December 31 Assets 2019 $73,500 85,400 2018 $22,200 Cash Accounts receivable 76,250 179,750 Inventory Land 188,950 101,700 74,200 249,400 200,500 Equipment Accumulated depreciation equipment (66,550) $595,700 (42,000) $547,600 Total Liabilities and Stockholders' Equity $33,700 $47,950 201,000 Accounts payable Bonds payable Common stock ($1 par) Retained earnings 149,000 213,800 199,200 $595,700 163,100 135,550 $547,600 Total Additional information: 1. 2. 3. 4. 5. 6. 7. Net income for 2019 was $134,800. Cash dividends of $71,150 were declared and paid. Bonds payable amounting to $52,000 were redeemed for cash $52,000. Common stock was issued for $50,700 cash./ Depreciation expense was $24,550. Sales revenue for the year were $976,500. Land was sold at cost, and equipment was purchased for cash. Prepare the following worksheet for a statement of cash flows for 2019 using the indirect method. Enter the reconciling items directly on the worksheet. (Show amounts that decrease cash flow with either a - sign e.g.-15,000 or in parenthesis e.g. (15) A B C D E F 1 2 STATEMENT OF CASH FLOWS USING INDIRECT METHOD 3 4 Balance Sheet Accounts Balance 12/31/18 Debit Credit Balance 12/31/19 00V ou 0 7 8 9 10 11 0 DEBITS CASH ACCOUNTS RECIEVEABLE INVENTORY LAND EQUIPMENT 51,300 9,150 0 22,200 76,250 188,950 101,700 200,500 589,600 73,500 85,400 179,750 74,200 249,400 662,250 9,200 27,500 0 0 48,900 TOTAL 12 13 14 15 16 17 18 19 CREDITS ACCUMULATED DEPRECIATION-EQUIPMENT ACCOUNTS PAYABLE BONDS PAYABLE COMMON STOCK RETAINED EARNINGS TOTAL 42,000 47,950 201,000 163,100 135,550 589,600 0 14,250 52,000 0 24,550 0 0 50,700 63,650 66,550 33,700 149,000 213,800 199,200 662,250 0 134,800 24,550 0 9,200 0 9,150 0 14,250 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 STATEMENT OF CASH FLOW EFFECTS OPERATING ACTIVITIES NET INCOME DEPRECIATION EXPENSE INCREASE IN ACCOUNTS RECIEVEABLE DECREASE IN INVENTORY DECREASE IN ACCOUNTS PAYABLE INVESTING ACTIVITIES PURCHASE OF EQUIPMENT SALE OF LAND FINANCING ACTIVITIES ISSUANCE OF COMMON STOCK REDEMPTION OF BONDS PAYMENT OF DIVIDENDS TOTALS INCREASE IN CASH TOTALS 0 27,500 48,900 0 50,700 0 0 246,750 0 246,750 0 52,000 71,150 195,450 51,300 246,750
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