Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Q2) GIVEN THE FOLLOWING INFORMATION MAKE CASH FLOW STATEMENT OF YEAR 2020 FOR COMPANY XYZ USING INDIRECT METHOD (20 MARKS) 2020 2019 168,420 115,080 114,360
Q2) GIVEN THE FOLLOWING INFORMATION MAKE CASH FLOW STATEMENT OF YEAR 2020 FOR COMPANY XYZ USING INDIRECT METHOD (20 MARKS)
2020 2019 168,420 115,080 114,360 122,760 189,480 198,240 7,488 7,032 42,840 101,640 CASH ACCOUNTS RECEIVSBLE, NET INVENTORIES PREPAID EXPENSES INVESTMENTS (LONG TERM) LAND BUILDINGS ACCUMULATED DEPRECIATION-BUILDINGS MACHINERY AND EQUIPMENT ACCUMULATED DEPRECIATION-MACHINERY AND EQUIPMEN 90,000 108,000 450,000 312,000 (85,560) (69,960) 513,960 513,960 (165,600) (178,200) 69,600 PATENTS 78,000 TOTAL ASSETS 1,391,148 1,312,392 52,200 56,040 16,800 15,000 9,480 10,080 16,800 12,000 48,000 180,000 540,000 79,500 ACCOUNTS PAYABLE (MERCHANDISE CREDITORS) ACCRUED EXPENSES PAYABLE (OPERATING EXPENSES) INCOME TAX PAYABLE DIVIDENDS PAYABLE MORTGAGE NOTE PAYABLE DUE IN 10 YEARS BONDS PAYABLE COMMON STOCK, $30 PAR ADDITIONAL PAID IN CAPITAL RETAINED EARNINGS TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY ADDITIONAL INFORMATION (2020) PATENTS WERE AMORTIZED NI (2020) LAND WAS SOLD FOR CASH A BUILDING WAS CONSTRUCTED BY SPENDING CASH COMMON STOCK WAS ISSUED IN EXCHANGE FOR THE BONDS PAYABLE INVESTMENTS WERE SOLD AT A MORTGAGE NOTE WAS ISSUED DIVIDENDS WERE DECLARED 300,000 450,000 49,500 419,772 1,312,392 448,368 1,391,148 118,200 72,000 2020 2019 168,420 115,080 114,360 122,760 189,480 198,240 7,488 7,032 42,840 101,640 CASH ACCOUNTS RECEIVSBLE, NET INVENTORIES PREPAID EXPENSES INVESTMENTS (LONG TERM) LAND BUILDINGS ACCUMULATED DEPRECIATION-BUILDINGS MACHINERY AND EQUIPMENT ACCUMULATED DEPRECIATION-MACHINERY AND EQUIPMEN 90,000 108,000 450,000 312,000 (85,560) (69,960) 513,960 513,960 (165,600) (178,200) 69,600 PATENTS 78,000 TOTAL ASSETS 1,391,148 1,312,392 52,200 56,040 16,800 15,000 9,480 10,080 16,800 12,000 48,000 180,000 540,000 79,500 ACCOUNTS PAYABLE (MERCHANDISE CREDITORS) ACCRUED EXPENSES PAYABLE (OPERATING EXPENSES) INCOME TAX PAYABLE DIVIDENDS PAYABLE MORTGAGE NOTE PAYABLE DUE IN 10 YEARS BONDS PAYABLE COMMON STOCK, $30 PAR ADDITIONAL PAID IN CAPITAL RETAINED EARNINGS TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY ADDITIONAL INFORMATION (2020) PATENTS WERE AMORTIZED NI (2020) LAND WAS SOLD FOR CASH A BUILDING WAS CONSTRUCTED BY SPENDING CASH COMMON STOCK WAS ISSUED IN EXCHANGE FOR THE BONDS PAYABLE INVESTMENTS WERE SOLD AT A MORTGAGE NOTE WAS ISSUED DIVIDENDS WERE DECLARED 300,000 450,000 49,500 419,772 1,312,392 448,368 1,391,148 118,200 72,000Step 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