Answered step by step
Verified Expert Solution
Question
1 Approved Answer
reliable answers only please. The following are the financial statements of Tamarisk, Inc.. Tamarisk, Inc. Comparative Balance Sheets December 31 Assets 2020 Cash $36,300 Accounts
reliable answers only please. The following are the financial statements of Tamarisk, Inc.. Tamarisk, Inc. Comparative Balance Sheets December 31 Assets 2020 Cash $36,300 Accounts receivable 32.900 Inventory 30.800 Equipment 59.900 Accumulated depreciation-equipment (29,300) Total $130,600 2019 $19.000 19,900 20,300 77.400 (23,300) $113,300 Liabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable Common stock Retained earnings Total $28.400 7.000 27.800 17,800 49.600 $130.600 $16,600 8,100 32.000 14,300 42,300 $113,300 Text Tamarisk, Inc. Income Statement For the Year Ended December 31, 2020 Sales revenue $242.000 Cost of goods sold 176,500 Gross profit 65,500 Operating expenses 23.100 Income from operations 42.400 Interest expens 2.500 Income before income taxes 39.900 Income tax expense 8.400 Net Income $31,500 Additional data: 1. Dividends declared and paid were $24.200 2. During the year, equipment was sold for $9.600 cash. This equipment cost $17.500 originally and had a book value of $9,600 at the time of sale. 3. All depreciation expense, $13.900, is in the operating expenses. 4. All sales and purchases are on account Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with elther a - sign e... -15,000 or in parenthesi (15,000).) Tamarisk, Inc. Statement of Cash Flows For the Year Ended December 31, 2020 Cash Flows from Operating Activities Net Income Adjustments to reconcile net income to 31.500 Depreciation Expense $ 13.900 Increase in Accounts Receivable Increase in inventory Increase in Accounts Payable 11.800 Decrease in Income Taxes Payable NetCash Provided by Operating Activities 32.600 Cash Flows from investing Activities Sale of Ement 9.600 Net Cash Provided by travesting Activities Net Cash Provided by Investing Activities Payment of Dividends Issuance of Common Stock 3,500 Redemption of Bonds Net Cash Used by Financing Activities Net Increase in Cash 17.300 Cash at Beginning of Period 19.000 Cash at End of Period 36,300
reliable answers only please.
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