Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Retained earnings 27,000 92,000 46,000 12,000 19,000 Total liabilities and equity $ 130,000 $ 188,000 $ 58,000 Income Statement For Year Ended December 31,
Retained earnings 27,000 92,000 46,000 12,000 19,000 Total liabilities and equity $ 130,000 $ 188,000 $ 58,000 Income Statement For Year Ended December 31, 2020 Revenue $ 152,000 Cost of goods sold 82,000 Depreciation 12,000 Other expenses 14,000 Loss on sale of land 10,000 Net income $ 34,000 Additional information For Year 2020, cash dividends declared and paid were $15,000. Hint: How much cash is received from the sale of land, which is reported in cash flows from investing activities? Fill out the following financial statement. (16 points) ASU Corp. Statement of Cash Flows For Year Ended December 31, 2020 Cash flows from operating activities Net income Adjustments Decrease in accounts receivable Increase in inventory Depreciation expense Increase in accounts payable Loss on sale of land Cash provided by operating activities Cash flows from investing activities Sale of land Purchase of equipment Cash provided by investing activities Cash flows from financing activities Payment of notes payable Issuance of bonds Issuance of stock Payment of dividends Cash provided by financing activities Net change in cash for during 2020 Cash, beginning (12/31/2019)Cash, ending (12/31/2020)
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