Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please disregard, already figured it out and solved. Julie's Jewelry Company Income Statement For the Year Ended December 31, 2020 Net Sales $1,020,000 Cost of

image text in transcribed
image text in transcribed
image text in transcribed
Please disregard, already figured it out and solved.
Julie's Jewelry Company Income Statement For the Year Ended December 31, 2020 Net Sales $1,020,000 Cost of Goods Sold (464,000) Gross Margin $556,000 Operating Expenses (including Depreciation Expense of $50,000) (170,000) Operating Income $386,000 Interest Expense ($140,000) Interest Income 0 Divided Income 128.000 Gain on Sale Equipment 50,000 Loss of Sale of Investment (28,000) Total Other Income and Expense 10,000 Income Before Income Taxes $396,000 Income Tax Expense (54,000) Net Income $342.000 Julie's Jewelry Company Comparative Balance Sheet December 31, 2020 and 2019 Assets 2020 2019 Change Cash $150.000 $14,000 $136,000 Accounts Receivable, net 46,000 62.000 (16,000) Inventory 54.000 28.000 26,000 Prepaid Expenses 8,000 16.000 (8,000) Investments 244,000 246,000 (2.000) Land 380,000 380,000 O Building, net 344,000 360,000 (16,000) Equipment, net 296.000 130,000 166.000 Total Assets $1,522,000 $1,236,000 $286.000 Liabilities Accounts Payable $340,000 $310,000 $30,000 Accrued Liabilities 76,000 10.000 66,000 Income Taxes Payable 230,000 196,000 34,000 Bonds Payable 98.000 12.000 86,000 Total Liabilities $744.000 $528,000 $216.000 Stockholders Equity Common stock $510,000 $510,000 0 10,000 Paid-in Capital in Excess of Par Value 10,000 0 258.000 188,000 Retained Earnings 70,000 Total Stockholders Equity $778,000 $708,000 $70,000 Total Liabilities and Stockholders Equity $1,522,000 $1,236,000 $286,000 Additional Information: 0 Investments are Long-Term Assets Sold investments for $24,000 (with a carrying value of $52,000) Purchased investments for $50,000 Sold Equipment with a carrying value (.e., net book value) of $50,000 Purchased equipment for $250,000 Depreciation on equipment for 2020 was $34.000 Depreciation on building for 2020 was $16.000 Bonds are Long-Term Liabilities Issued bonds for $86.000 . Net Cash inflow (outflow) related to Sales on the Statement of Cash Flows for 2020 would be Net Cash inflow (outflow) related to inventory purchases on the Statement of Cash Flows for 2020 would be Net Cash inflow (outflow) related to Operating Expenses on the Statement of Cash Flows for 2020 would be Net Cash intlow (outflow) related to Taxes on the Statement of Cash Flows for 2020 would be Cash outflow related to Dividends (l.e., Cash paid for Dividends) on the Statement of Cash Flows for 2020 would be What would be the net Cash inflow (outflow) from Investing Activities on the Statement of Cash Flows for 2020? Assume Cash Paid for Dividends in 2020 was $4,000. What would be the net Cash inflow (outflow) from Financing Activities on the Statement of Cash Flows for 2020? Julie's Jewelry Company Income Statement For the Year Ended December 31, 2020 Net Sales $1,020,000 Cost of Goods Sold (464,000) Gross Margin $556,000 Operating Expenses (including Depreciation Expense of $50,000) (170,000) Operating Income $386,000 Interest Expense ($140,000) Interest Income 0 Divided Income 128.000 Gain on Sale Equipment 50,000 Loss of Sale of Investment (28,000) Total Other Income and Expense 10,000 Income Before Income Taxes $396,000 Income Tax Expense (54,000) Net Income $342.000 Julie's Jewelry Company Comparative Balance Sheet December 31, 2020 and 2019 Assets 2020 2019 Change Cash $150.000 $14,000 $136,000 Accounts Receivable, net 46,000 62.000 (16,000) Inventory 54.000 28.000 26,000 Prepaid Expenses 8,000 16.000 (8,000) Investments 244,000 246,000 (2.000) Land 380,000 380,000 O Building, net 344,000 360,000 (16,000) Equipment, net 296.000 130,000 166.000 Total Assets $1,522,000 $1,236,000 $286.000 Liabilities Accounts Payable $340,000 $310,000 $30,000 Accrued Liabilities 76,000 10.000 66,000 Income Taxes Payable 230,000 196,000 34,000 Bonds Payable 98.000 12.000 86,000 Total Liabilities $744.000 $528,000 $216.000 Stockholders Equity Common stock $510,000 $510,000 0 10,000 Paid-in Capital in Excess of Par Value 10,000 0 258.000 188,000 Retained Earnings 70,000 Total Stockholders Equity $778,000 $708,000 $70,000 Total Liabilities and Stockholders Equity $1,522,000 $1,236,000 $286,000 Additional Information: 0 Investments are Long-Term Assets Sold investments for $24,000 (with a carrying value of $52,000) Purchased investments for $50,000 Sold Equipment with a carrying value (.e., net book value) of $50,000 Purchased equipment for $250,000 Depreciation on equipment for 2020 was $34.000 Depreciation on building for 2020 was $16.000 Bonds are Long-Term Liabilities Issued bonds for $86.000 . Net Cash inflow (outflow) related to Sales on the Statement of Cash Flows for 2020 would be Net Cash inflow (outflow) related to inventory purchases on the Statement of Cash Flows for 2020 would be Net Cash inflow (outflow) related to Operating Expenses on the Statement of Cash Flows for 2020 would be Net Cash intlow (outflow) related to Taxes on the Statement of Cash Flows for 2020 would be Cash outflow related to Dividends (l.e., Cash paid for Dividends) on the Statement of Cash Flows for 2020 would be What would be the net Cash inflow (outflow) from Investing Activities on the Statement of Cash Flows for 2020? Assume Cash Paid for Dividends in 2020 was $4,000. What would be the net Cash inflow (outflow) from Financing Activities on the Statement of Cash Flows for 2020

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

Sound Investing, Chapter 10 - One-Time Charges And Other Format Fakes

Authors: Kate Mooney

2nd Edition

0071719326, 9780071719322

More Books

Students also viewed these Accounting questions

Question

10.1 Identify six functions that effective group members perform.

Answered: 1 week ago

Question

Describe the options and trends in management education

Answered: 1 week ago