Question
T he following comparative Statement of Financial Position for 2020, and the 2020 Income Statement is presented below for Blueberry Incorporated. The companys year end
The following comparative Statement of Financial Position for 2020, and the 2020 Income Statement is presented below for Blueberry Incorporated.
The companys year end is December 31.
Dec-20 | Dec-19 | |
Cash | $ 92,740.00 | $ 46,080.00 |
Accounts Receivable | $ 176,360.00 | $ 58,800.00 |
Inventories | $ 146,250.00 | $ 123,420.00 |
Long-term Investments | $ 111,800.00 | $ 112,800.00 |
Equipment | $ 351,000.00 | $ 291,000.00 |
Accumulated Depreciation-Equipment | $ (65,000.00) | $ (62,400.00) |
$ 813,150.00 | $ 569,700.00 | |
Accounts Payable | $ 130,000.00 | $ 80,760.00 |
Payroll Payable | $ 21,450.00 | $ 20,400.00 |
Bonds Payable | $ 97,500.00 | $ 132,000.00 |
Common shares | $ 260,000.00 | $ 210,000.00 |
Retained Earning | $ 304,200.00 | $ 126,540.00 |
$ 813,150.00 | $ 569,700.00 | |
for the year ended Dec 2020 | ||
Sales | $ 479,892.00 | |
cost of goods sold | $ 161,644.00 | |
Depreciation expense | $ 58,800.00 | |
Other expenses | $ 17,374.00 | |
Income tax expense | $ 10,185.00 | |
Interest expense | $ 3,822.00 | |
Loss on sale of equipment | $ 16,800.00 | $ (268,625.00) |
Net Income | $ 211,267.00 | |
Additional Information:
(1) There were no gains or losses on the long-term investments sold or the bonds retired.
(2) Old Equipment, with an original cost of $75,100, was sold for $2,100.
(3) Additional shares were issued during the year.
REQUIRED: PREPARE A CASH FLOW STATEMENT FOR BLUEBERRY INCORPORATED FOR THE YEAR ENDED DECEMBER 31, 2020, USING THE INDIRECT METHOD
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