Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Prepare a Statement of Cash Flows using the indirect method for the year ended 2020. The ending cash as shown on the statement of cash
Prepare a Statement of Cash Flows using the indirect method for the year ended 2020. The ending cash as shown on the statement of cash flows will be the same as the cash reported on the Balance Sheet.
Your Name, Inc. | ||
Adjusted Trial Balance | ||
31-Dec-20 | ||
DEBITS | CREDITS | |
Cash | 35,100 | |
Marketable Securities | 1,000 | |
Accounts Rec. | 150,000 | |
Allowance for Bad Debt | 5,500 | |
Inventory | 3,000 | |
Prepaid Insurance | 7,500 | |
Land | 30,000 | |
Building | 150,000 | |
Accumulated Dep. - Building | 50,000 | |
Equipment | 120,000 | |
Accumulated Dep. - Equipment | 43,000 | |
Accounts Payable | 12,000 | |
Salaries Payable | 1,100 | |
Unearned Revenue | 0 | |
Interest Payable | 1,120 | |
Income Taxes Payable | 9,136 | |
Note Payable | 56,000 | |
Bonds | 100,000 | |
Common Stock | 60,000 | |
Additional Pd-in-Capital | 100,000 | |
Retained Earnings | 22,000 | |
Sales | 330,000 | |
Cost of Goods Sold | 198,000 | |
Bad Debt Expense | 7,500 | |
Depreciation Expense - Equipment | 23,000 | |
Depreciation Exp. - Build. | 5,000 | |
Salaries Expense | 26,400 | |
Gain | 200 | |
Interest Expense | 1,120 | |
Bond Interest Expense | 10,000 | |
Insurance Expense | 15,500 | |
Treasury Stock | 2,800 | |
Dividends | 3,000 | |
Revenue | 2,000 | |
Income Tax Expense | 9,136 | |
795,056 | 795,056 |
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