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Required information [The following information applies to the questions displayed below.] Comparative balance sheets for 2021 and 2020 and a statement of income for 2021

Required information

[The following information applies to the questions displayed below.] Comparative balance sheets for 2021 and 2020 and a statement of income for 2021 are given below for Metagrobolize Industries. Additional information from the accounting records of Metagrobolize also is provided.

METAGROBOLIZE INDUSTRIES Comparative Balance Sheets December 31, 2021 and 2020 ($ in thousands)
2021 2020
Assets
Cash $ 1,175 $ 545
Accounts receivable 940 620
Inventory 1,240 695
Land 1,015 770
Building 1,240 1,240
Less: Accumulated depreciation (640 ) (440)
Equipment 3,190 2,420
Less: Accumulated depreciation (865 ) (650 )
Patent 1,540 2,010
$ 8,835 $ 7,210
Liabilities
Accounts payable $ 1,090 $ 620
Accrued liabilities 640 480
Lease liabilityland 470 0
Shareholders' Equity
Common stock 3,320 3,170
Paid-in capitalexcess of par 1,090 930
Retained earnings 2,225 2,010
$ 8,835 $ 7,210
METAGROBOLIZE INDUSTRIES Income Statement For the Year Ended December 31, 2021 ($ in thousands)
Revenues
Sales revenue $ 3,794
Gain on sale of land 107 $ 3,901
Expenses
Cost of goods sold $ 770
Depreciation expensebuilding 200
Depreciation expenseequipment 638
Loss on sale of equipment 33
Amortization of patent 470
Operating expenses 670 2,781
Net income $ 1,120

Additional information from the accounting records:

  1. Annual payments of $20,000 on the finance lease liability are paid each January 1, beginning in 2021.
  2. During 2021, equipment with a cost of $470,000 (90% depreciated) was sold.
  3. The statement of shareholders' equity reveals reductions of $310,000 and $595,000 for stock dividends and cash dividends, respectively.

Required: Prepare the T-accounts for Metagrobolize Industries. (Enter your answers in thousands. (i.e., 10,000 should be entered as 10).)

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Required: Prepare the T-accounts for Metagrobolize Industries. (Enter your answers in thousands. (.e., 10,000 should be entered as 10).) Cash Beg. Bal Operating Activities: To suppliers Payment on lease Investing Activities: Financing Activities: End. Bal Accounts Receivable Inventory Beg. Bal Beg Bal End. Bal. End. Bal. Land Accumulated Depreciation - Buildings Beg. Bal. Beg. Bal End. Bal. End. Bal. Equipment Accumulated Depreciation - Equipment Beg Bal Beg. Bal End. Bal. End. Bal Patent Accounts Payable Beg. Bal Beg Bal End. Bal End. Bal. Accrued Liabilities Lease Liability - Land Beg Bal Beg. Bal End. Bal. End. Bal. Common Stock Paid-in Capital Beg Bal Beg Bal End, Bal End. Bal. Retained Earnings Sales Beg Bal Beg. Bal End. Bal End. Bal. Gain on Sale of Land Cost of Goods Sold Beg Bal Beg. Bal End, Bal End. Bal. Depreciation Expense - Building Depreciation Expense - Equipment Beg. Bal Beg. Bal End. Bal End. Bal. Loss on Sale of Equipment Amortization Expense Beg Bal Beg. Bal End. Bal End. Bal. Operating Expenses Net Income (Income Summary) Beg Bal Beg, Bal End, Bal End. Bal. Building Beg. Bal End. Bal. Prepare the statement of cash flows for Metagrobolize industries. Use the T-account method to assist in your analysis. (Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands. (l.e., 10,000 should be entered as 10).) METAGROBOLIZE INDUSTRIES Statement of Cash Flows For year ended December 31, 2021 ($ in 000s) Cash flows from operating activities: Cash inflows Cash outflows 0 Net cash flows from operating activities Cash flows from investing activities: 0 Net cash flows from investing activities Cash flows from financing activities: 0 Ner cash flows from financing activities Net increase in cash Cash balance, January 1 Cash balance, December 31 Noncash investing and financing activities: S 0

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