Spinot.com - Artic. M Inbox - kaushaltid at 10 - Chapter 13 Question 7 of 7 The statement of income and unclassified statement of financial position for Carla Vista, Inc. follow. CARLA VISTA, INC. Statement of Financial Position December 31 Assets 2021 2020 Cash $97.000 $47.300 127.000 116,000 Trading investments 76,500 41.500 Accounts receivable 120.100 90.300 Inventory 2.900 2.500 Estimated inventory returns 18,600 27.800 Prepaid expenses 299.000 277,500 Equipment (40,000) (53,000 Accumulated depreciation $549.900 $701.100 Total assets - Chapter 13 Question 7 of 7 - /20 Total assets $701.100 $549,900 Liabilities and Shareholders' Equity Accounts payable $100,000 $74.300 Property tax payable 9,200 7.100 Refund liability 1,200 800 72.000 137.500 Bank loan payable-current portion 66.700 26.700 Bank loan payable-noncurrent pprtion 210,000 186.000 Common shares 242.000 117.500 Retained earnings $701.100 5549.900 Total liabilities and shareholders equity CARLA VISTA, INC. Statement of Income O Co search Question 7 of 7 Year Ended December 31, 2021 Sales $586,050 Cost of goods sold 188,100 Gross profit 397.950 Operating expenses 116,500 Income from operations 281,450 Other income and expenses $11.000 Unrealized gain on trading investments (4.790 6.210 Interest expense 287,660 Income before income tax 42.000 Income tax expense $245,660 Net income Spinbot.com - Artic. M Inbox - kaushalsidh Chapter 13 Course Home Question 7 of 7 - /20 Net income $245,660 Additional information regarding 2021: 1. Prepaid expenses and property tax payable relate to operating expenses. 2. 3. New equipment costing $86,000 was purchased for $22,300 cash and a $63.700 long-term bank loan payable. Old equipment having an original cost of $64,500 was sold for $1,500 Accounts payable relate tolfventory suppliers. 4 5. Some of the bank loan was repaid during the year 6. A dividend was paid during the year. 7. Operating expenses include $46.400 of depreciation expense and a $3.500 loss on disposal of equipment. Common shares were issued for $43.000 cash during the year and some common shares were bought back and retired at the cost they were originally issued at. . 8. - How Valley College. TO Calendar - Sidhant... C Get Homework Hel. woulo-1244 5465/question/ Spinbot.com - Artic M Inbox -aushalih. Course Home Chapter 13 Question 7 of 7 - /20 (a) Prepare the statement of cash flows, using the indirect method. (Show amounts that decrease cash flow with either a-sien eg.-15,000 or in parenthesis eg. (15,000).) CARLA VISTA, INC. Statement of Cash Flows Adjustments to reconcile net income to > un O earch uestion 7 of 7 - /20
