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Problem 21-5 (Algo) Statement of cash flows; direct method [LO21-3, 21-8] Comparative balance sheets for 2021 and 2020 and a statement of income for 2021
Problem 21-5 (Algo) Statement of cash flows; direct method [LO21-3, 21-8] Comparative balance sheets for 2021 and 2020 and a statement of income for 2021 are glven below for Metagrobolize Industries. Additional information from the accounting records of Metagrobolize also is provided. Additional information from the accounting records: a. Annual payments of $20,000 on the finance lease lability are paid each January 1, beginning in 2021. b. During 2021, equipment with a cost of $510,000(90% depreciated) was sold. c. The statement of shareholders' equity reveals reductions of $210,000 and $385,000 for stock dividends and cash dividends, respectively. Required: Prepare the statement of cash flows of Metagrobolize for the yoar ended December 31, 2021. Present cash flows from operating activities by the direct method. (Enter your answers in thousands (i.e., 10,000 should be entered as 10). Amounts to be deducted should be indicated with a minus sign.) \begin{tabular}{|l|l|l|} \hline \multicolumn{1}{|c|}{ METAGROBOLZE INDUSTRIES } \\ \hline \multicolumn{1}{|c|}{ Statement of Cash Flows } & \\ \hline \multicolumn{1}{|c|}{ For in thousands) } & \\ \hline Cash flows from operating activities: & & \\ \hline Cash infiows: & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline Cash outflows: & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline Cash balance, December 31 & & \\ \hline & & \\ \hline \end{tabular}
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