The comparative balance sheets for 2021 and 2020 and the statement of income for 2021 are given below for Wright Company Additional information from Wright's accounting records is provided also 2020 $ 65 110 22 les WRIGHT COMPANY Comparative Balance Sheets December 31, 2021 and 2020 (5 in thousands) 2021 Assets Cash $ 102 Accounts receivable 106 Short-term investment 49 Inventory 199 Land 78 Buildings and equipment 600 Less: Accumulated depreciation (152) $ 887 Liabilities Accounts payable $ 36 Salaries payable Interest payable 8 Income tax payable 5 Notes payable 0 Bonds payable 222 Shareholders' Equity Common stock 340 Paid in capital-excess of par 155 Retained marings 117 $ 887 95 470 (110) 757 $ 42 7 5 10 26 170 270 135 92 $ 757 WRIGHT COMPANY Incone Statement For Year Ended December 31, 2021 ( in thousands) Revenues: Sales revenue 5.450 Expenses: Cost of goods sold $ 200 Salaries expense 50 Depreciation expense 47 Interest expense 16 LOSs on sale of land 5 Income tax expense 62 380 Net incon $70 Adation information from the accounting records a land that originally cost $17,000 was sold for $12,000 b. The common stock of Microsoft Corporation was purchased for $27000 as a short-term investment not classified as a cash Additional information from the accounting records a Land that originally cost $17,000 was sold for $12,000. D. The common stock of Microsoft Corporation was purchased for $27,000 as a short-term investment not classified as a cash equivalent c New equipment was purchased for $130,000 cash d. A $26.000 note was paid at maturity on January 1. e. On January 1, 2021 bonds were sold at their $52,000 face value Common stock (570,000 par) was sold for $90,000 9. Net Income was $70,000 and cash dividends of $45,000 were paid to shareholders Required: Prepare the statement of cash flows of Wright Company for the year ended December 31, 2021. Present cash flows from operating activities by the direct method (Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands (1.e., 10,000 should be entered os 10).) WRIGHT COMPANY Statement of Cash Flows For the year ended December 31, 2021 is in thousands) Cash flows from operating activities Cash inflows Cash outflows Net cash flows from operating activities Cash flows from investing activities $ 0 Net cash flows from investing activities 0 Prex 1 of 6 8 Next > -e to search O EM WRIGHT COMPANY Statement of Cash Flows For the year ended December 31, 2021 ($ in thousands) Cash flows from operating activities: Cash inflows Cash outflows Net cash flows from operating activities Cash flows from investing activities $ 0 Net cash flows from investing activities Cash flows from financing activities 0 0 Net cash flows from financing activities Net increase (decrease) in cash Cash balance, January 1 Cash balance, December 31 $
