Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Prepare a statement of cash flows for 2021using the indirect method. Additional information: (1). Net income for 2021 was $103,000. (2). Depreciation expense was $32,000.

Prepare a statement of cash flows for 2021using the indirect method. Additional information: (1). Net income for 2021 was $103,000. (2). Depreciation expense was $32,000. (3). Cash dividends of $45,000 were declared and paid. (4). Bonds payable amounting to $50,000 were redeemed for cash $50,000. (5). Common stock was issued for $42,000 cash. (6). No equipment was sold during 2021. (7). Land was sold for its book value of $27,000. Here are comparative balance sheets for Saleh Company. Saleh Company Comparative Balance Sheets December 31

Assets 2021 2020 Cash $ 73,000 $ 33,000 Accounts receivable 85,000 71,000 Inventory 170,000 187,000 Land 73,000 100,000 Equipment 260,000 200,000 Accumulated depreciation equipment (66,000) (34,000) Total $ 595,000 $ 557,000 Liabilities and Stockholders Equity Accounts payable $ 35,000 $ 47,000

Business Administration Program Final Assessment Semester Spring 2021Page 2 Bonds payable 150,000 200,000 Common stock ($1 par) 216,000 174,000 Retained earnings 194,000 136,000 Total $ 595,000 $ 557,000

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

Lessons Learned On The Audit Trail

Authors: Richard F.Chambers, CIA, QIAL, CGAP, CCSA, CRMA

1st Edition

0894139037, 978-0894139031

More Books

Students also viewed these Accounting questions

Question

explain what is meant by the terms unitarism and pluralism

Answered: 1 week ago