Answered step by step
Verified Expert Solution
Question
1 Approved Answer
please show work Exercise 5-17 Pearl Corporation's balance sheet at the end of 2019 included the following items. Current assets (Cash $82,000) $236,600 Current liabilities
please show work
Exercise 5-17 Pearl Corporation's balance sheet at the end of 2019 included the following items. Current assets (Cash $82,000) $236,600 Current liabilities Land 32,700 Bonds payable Buildings 121,600 Common stock Equipment 92,700 Retained earnings Accum. depr.-buildings (31,600) Total Accum. depr.-equipment (11,000) Patents 41,600 Total $482,600 $151,600 101,600 182,700 46,700 $482,600 The following information is available for 2020. 1. 2. 3. 4. 5. 6. Net income was $59,140. Equipment (cost $21,600 and accumulated depreciation $9,600) was sold for $11,600. Depreciation expense was $5,600 on the building and $10,600 on equipment. Patent amortization was $2,500. Current assets other than cash increased by $29.000. Current liabilities increased by $14,600. An addition to the building was completed at a cost of $28,600. A long-term investment in stock was purchased for $16,000. Bonds payable of $52,700 were issued. Cash dividends of $30,000 were declared and paid. Treasury stock was purchased at a cost of $11,000. 7. 8. 9. 10. Prepare a statement of cash flows for 2020. (Show amounts that decrease cash flow with either a sign e.g. PEARL CORPORATION Statement of Cash Flows CALCUL Prepare a statement of cash flows for 2020. (Show amounts that decrease cash flow with either a - sign e.g.-15,000 PEARL CORPORATION Statement of Cash Flows Adjustments to reconcile net income to $ V V CALCUL 1 LINK TO TEXT LINK TO TEXT Prepare a balance sheet at December 31, 2020. (Show only totals for current assets and current liabilities.) (List Property, PI and Equipment.) PEARL CORPORATION Balance Sheet Assets Prepare a balance sheet at December 31, 2020. (Show only totals for current assets and current liabilities.) (List Property, Planta and Equipment.) PEARL CORPORATION Balance Sheet Assets $ Liabilities and Stockholders' Equity $ Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started