Answered step by step
Verified Expert Solution
Question
1 Approved Answer
PROBLEM C Given the information about Win or Lose Company in the following chart, construct a statement of cash flows for the company for
PROBLEM C Given the information about Win or Lose Company in the following chart, construct a statement of cash flows for the company for 2021 and use your statement to answer questions 12, 13 and 14 Win or Lose Company Balance Sheets for the Year Ending December 31, 2020 and 2021 2020 2021 Cash 800 1,200 Accounts receivable 3,300 3,700 Inventories 9,100 7,600 Total current assets 13,200 12,500 Gross fixed assets 88,400 88,400 Accumulated depreciation (21,900) (27,200) Net fixed assets 66,500 61,200 Investment in WoR, Inc. 10,000 16,600 Total assets 89,700 90,300 Notes payable 1,200 1,500 Accounts payable 2,600 1,300 Total current liabilities 3,800 2,800 Long-term debt 42,100 45,500 Common stock 17,400 19,100 Retained earnings 26,400 22,900 Total liab. & equity 89,700 90,300 Balance Sheet Footnotes: On June 14, 2020, Win or Lose Company purchased 30% of the stock of WoR, Inc. for $10,000. On August 7, 2021, Win or Lose Company purchased an additional 4% of the stock of Wor, Inc. for $5,400. Income Statement Data: Win or Lose Company net income in 2020 = $12,000 Win or Lose Company net income in 2021 = -$3,400 (that is, negative $3400) 12. What was Net Cash Flow from Operating Activities for Win or Lose Company for the period January 1, 2021 to December 31, 2021? Record your answer as a dollar amount rounded to zero (0) decimal places, but do not record a dollar sign or any commas. If your answer is negative (i.e., a loss), put a hyphen before your answer with no space between the-sign and the number. For example, record negative $23,243.83 as-23244. 13. What was Net Cash Flow from Investing Activities for Win or Lose Company for the period January 1, 2021 to December 31, 2021? Record your answer as a dollar amount rounded to zero (0) decimal places, but do not record a dollar sign or any commas. If your answer is negative (i.e., a loss), put a hyphen before your answer with no space between the-sign and the number. For example, record negative $23,243.83 as-23244.
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