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please fully complete Also please show calculations Problem 17-10A Condensed financial data of Cheng Inc. follow. CHENG INC Comparative Balance Sheets December 31 Assets 2020
please fully complete
Also please show calculations
Problem 17-10A Condensed financial data of Cheng Inc. follow. CHENG INC Comparative Balance Sheets December 31 Assets 2020 Cash $99,400 Accounts receivable 91,800 Inventory 111,400 Prepaid expenses 29,300 Investments 140,300 Equipment 270,300 Accumulated depreciation-equipment (46,400) Total $696,100 2019 548.200 33.900 102.900 25,800 113,100 241,100 (51.500) $513,500 Liabilities and Stockholders' Equity Accounts payable Accrued expenses payable Bonds payable Common stock Retained earnings Total $111,400 16,000 111,100 220,700 236,900 $696,100 $67,400 17,400 149,000 175,700 104,000 $513,500 $391.500 CHENG INC. Income Statement For the Year Ended December 31, 2020 Sales revenue Less: Cost of goods sold $135,100 Operating expenses, excluding depreciation 12,000 Depreciation expense 37,200 Income tax expense 27.700 Interest expense 5.000 Loss on disposal of plant assets 6.700 Net income 223.700 $167,800 Additional information: 1. New equipment costing $79,500 was purchased for cash during the year. 2. Old equipment having an original cost of $50,300 was sold for $1,300 cash. 3. Bonds matured and were paid off at face value for cash. 4. A cash dividend of $34,900 was declared and paid during the year. Further analysis reveals that accounts payable pertain to merchandise creditors. Prepare a statement of cash flows for Cheng Inc. using the direct method. (Show amounts that decrease cash flow with either a sign .g. -15,000 or in parenthesis e.g. (15,000).) Further analysis reveals that accounts payable pertain to merchandise creditors. Prepare a statement of cash flows for Cheng Inc. using the direct method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) CHENG INC. Statement of Cash Flows cash paymentsStep by Step Solution
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