Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Summarized versions of Heartsong Corporation's financial statements for two recent years are as follows. (Click the icon to view the financial statements.) Requirement 1. Complete

Summarized versions of Heartsong Corporation's financial statements for two recent years are as follows. (Click the icon to view the financial statements.) Requirement 1. Complete Heartsong Corporation's financial statements by determining the missing amounts denoted by the letters. If necessary, round numbers up to the nearest whole dollar. (Round the tax calculation to the nearest thousand dollars. Use parentheses or a minus sign when entering a net decrease in cash) 2022 2021 Income Statement (in Thousands) Revenues $ 16,100 Cost of goods sold 11,030 Other expenses 1,240 1,250 Income before income taxes 1,600 1,860 651 Income taxes (35%) Net income Statement of Retained Earnings Beginning balance Net income Dividends $ 2,720 (96) (80) Ending balance Balance Sheet Assets Cash 1175 Property, plant, and equipment 1,567 1,336 10,918 Other assets $ 13,429 Total assets Liabilities Current liabilities $ 5,640 Long-term debt 4,650 3,320 25 170 Other liabilities Total liabilities $ 9,450 Stockholders' equity: Common stock $ 300 $ 300 Retained earnings Other stockholders' equity Total stockholders' equity 160 150 4,299 Total liabilities and stockholders' equity Cash Flow Statement Net cash provided by operating activities $ 950 Net cash used in investing activities (250) (525) Net cash used in financing activities (540) (490) Increase (decrease) in cash (190) 1,240 Cash at beginning of year Cash at end of year

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

More Books

Students also viewed these Accounting questions

Question

What is topology? Explain with examples

Answered: 1 week ago