Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Sage Company had the following information available at the end of 2020. begin{tabular}{lccc} Paid-in capital in excess of par-common stock & 24,850 & 117,550
Sage Company had the following information available at the end of 2020. \begin{tabular}{lccc} Paid-in capital in excess of par-common stock & 24,850 & 117,550 \\ Retained earnings & 123,210 & 84,530 \\ \cline { 2 - 2 } \cline { 43 - 43 } & $918,480 & $875,494 \\ \hline \hline \end{tabular} SAGE COMPANY INCOME STATEMENT AND DIVIDEND INFORMATION FOR THE YEAR ENDED DECEMBER 31, 2020 Sales revenue Cost of goods sold $1,152,250 406,390745,860 Gross margin Operating expenses Selling expenses $79,980 Administrative expenses 150,950 Depreciation/Amortization expense 41,110 Prepare a statement of cash flows for Sage Company using the direct method accompanied by a reconciliation schedule. Assume the short-term investments are debt securities, classified as available-for-sale. (Show amounts in the investing and financing sections that decrease cash flow with either a - sign e.g. - 15,000 or in parenthesis e.g. (15,000).) Cash payments: (Show amounts that decrease cash flow with either a - sign e.g. 15,000 or in parenthesis e.g. (15,000).) Sage Company had the following information available at the end of 2020. \begin{tabular}{lccc} Paid-in capital in excess of par-common stock & 24,850 & 117,550 \\ Retained earnings & 123,210 & 84,530 \\ \cline { 2 - 2 } \cline { 43 - 43 } & $918,480 & $875,494 \\ \hline \hline \end{tabular} SAGE COMPANY INCOME STATEMENT AND DIVIDEND INFORMATION FOR THE YEAR ENDED DECEMBER 31, 2020 Sales revenue Cost of goods sold $1,152,250 406,390745,860 Gross margin Operating expenses Selling expenses $79,980 Administrative expenses 150,950 Depreciation/Amortization expense 41,110 Prepare a statement of cash flows for Sage Company using the direct method accompanied by a reconciliation schedule. Assume the short-term investments are debt securities, classified as available-for-sale. (Show amounts in the investing and financing sections that decrease cash flow with either a - sign e.g. - 15,000 or in parenthesis e.g. (15,000).) Cash payments: (Show amounts that decrease cash flow with either a - sign e.g. 15,000 or in parenthesis e.g. (15,000).)
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