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Please help solve quickly!!! Please help me solve this quick! The comparative statement of financial position for Wildhorse Retailers Ltd. follows: WILDHORSE RETAILERS LTD. Statement
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The comparative statement of financial position for Wildhorse Retailers Ltd. follows: WILDHORSE RETAILERS LTD. Statement of Financial Position December 31 Assets 2021 2020 Cash 23,000 $ 10,000 Accounts receivable 51,000 39.000 Inventory 167,000 139.000 Furniture 159,000 79.000 Accumulated depreciation (47,000) (27,000) Total assets $ 353,000 $ 240,000 Liabilities and Shareholders' Equity Accounts payable 51.000 $ 37,000 Bank loan payable (current portion) 15.000 12,000 Bank loan payable (noncurrent portion) 92.000 65,000 Common shares 63.000 58.000 Retained earnings 132,000 68,000 Total liabilities and shareholders' equity $ 353,000 $ 240,000 Additional information regarding 2021: 1. Net income was $64,000. 2. Depreciation expense was $20,000. Retained earnings 132,000 68,000 Total liabilities and shareholders' equity $ 353,000 $ 240,000 Additional information regarding 2021. 1. Net income was $64,000. 2. 3. Depreciation expense was $20,000. Payments made to the bank pertaining to the bank loan were $10,000. The company obtained some new bank loans during the year. 4. Common shares were issued during the year and the company did not buy back any shares, 5. During the year, the company did not sell any furniture. (a) Prepare a statement of cash flows using the indirect method for 2021. (Show amounts that decrease cash flow with either a-sign e.g. -15,000 or in parenthesis eg. (15,000).) WILDHORSE RETAILERS LTD. Statement of Cash Flows Year Ended December 31, 2021 Cash flows from operating activities 64,000 Net income Adjustments to reconcile net income to Net cash provided by operating activities Depreciation expense 20.000 Question 4 of 5 11.67 LaMILUILASITIONS Year Ended December 31, 2021 Cash flows from operating activities Net income $ 64,000 Adjustments to reconcile net income to Net cash provided by operating activities Depreciation expense 20,000 Increase in accounts payable 0 14,000 Increase in accounts receivable 28,000 Increase in inventory 28,000 22,000 Net cash provided by operating activities 58.000 Cash flows from investing activities Purchase of furniture 80,000 Net cash used by investing activities 80.000 Cash flows from financing activities $ Repayment of bank loan 3,000 Net cash provided by operating activities 58,000 Cash flows from investing activities Purchase of furniture $ 80,000 80.000 Net cash used by investing activities Cash flows from financing activities Repayment of bank loan $ 3.000 Issue of common shares 5,000 Increase in bank loans 27,000 Net cash provided by financing activities 35,000 173.000 Net increase in cash 10.000 Cash. January 1 $ Cash, December 31 23,000Step by Step Solution
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