Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please, I need answer for everything. Thank youuuu. The comparative balance sheets for Beneteau Company appear below: BENETEAU CORPORATION Comparative Balance Sheet 2020 2019 Assets

Please, I need answer for everything. Thank youuuu.
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
The comparative balance sheets for Beneteau Company appear below: BENETEAU CORPORATION Comparative Balance Sheet 2020 2019 Assets Cash $37.000 $31,000 Accounts receivable Inet) 80,000 60,000 22.000 Prepaid insurance Land 17.000 18,000 40,000 Equipment 67.000 60.000 Accumulated depreciation (17.000) (13.000) Total assets 5207.000 $195,000 Liabilities and Stockholder's Equity $12.000 $6,000 Accounts payable Bonds payable Common stock 27.000 19.000 140,000 115,000 Retained in 28.000 55.000 Total liabilities and stockholder's equity $207,000 $195.000 1 2. Additional information: Netloss for 2020 is $12,000. Net sales for 2020 are $250,000 Land was sold for cash at a loss of $2,000. This was the only land transaction during the year, 3 Equipment with a cost of $15,000 and accumulated depreciation of $10,000 was sold for $5,000 cash, The company issued and retired bonds in the current year. Retirement of bonds was $12,000 Equipment was purchased for $22,000 6. Stock was issued for $25,000 4. 5. Prepare a statement of cash flows for the year ended December 31, 2020, using the Indirect method, (Show amounts that decrease cash flow with either a sign e.3. 15,000 or in parenthesis e.s. (15.000). If answer is zero please enter O, do not leave any helds blank.) BENETEAU CORPORATION Statement of Cash Flows $ Adjustments to reconcile net income to $

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

Cost Accounting Theory And Practice

Authors: Bhabatosh Banerjee

13th Edition

9788120349087

More Books

Students also viewed these Accounting questions