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For December 31, 20XX, the balance sheet of the Gardner Corporation is as follows: Balance Sheet Liabilities Current Assets Cash Accounts receivable Inventory Prepaid expenses Capital Assets Plant and equipment (gross) Less: Accumulated amortization $15,180 15,eee 30,900 15,000 Accounts payable Notes payable Bonds payable $15,780 24, see 52,688 $253,000 54,000 Shareholders' Equity Common stock Retained earnings $75,000 106,920 Net plant and equipment 199,000 Total assets $275,000 Total liabilities and shareholders equity $275,000 Sales for 20XY were $293.000, with cost of goods sold being 63 percent of sales Amortization expense was 14 percent of plant and equipment (net) at the beginning of the year. Interest expense for the bonds payable was 12 percent, while interest on the notes payable was 15 percent. These are based on December 31, 20XX balances. Selling and administrative expenses were $27400 and the tax rate eraned 18 nercent $27,400, and the tax rate averaged 18 percent During 20XY, the cash balance and prepaid expense balance were unchanged. Accounts receivable and inventory each increased by 15 percent, and accounts payable increased by 28 percent A new machine was purchased on December 31, 20XY, at a cost of $42,000. A cash dividend of $11,000 was paid to common shareholders at the end of 20XY. Also, notes payable increased by $2,902 and bonds payable decreased by 10,630. The common stock account did not change. a. Prepare an income statement for 20XY (Input all answers as positive values.) Gardner Corporation Income Statement For the Year Ending December 31, 20xY Sales Cost of good sold $ V Gross profit (Click to select) Amortization expense Operating profit (Cack to select) Check my work v Operating profit (Click to select) Eamings before taxes Taxes Eamings after taxes b. Prepare a balance sheet as of December 31, 20XY. (Input all answers as positive values. Be sure to list the assets and liabilities in order of their liquidity.) Gardner Corporation Balance Sheet For the Year Ended December 31, 20xY Liabilities Accounts payable Notes payable Bonds payable Current Assets Cash Accounts receivable Inventory Prepaid expenses V V Check my work Inventory Prepaid expenses Sonds payable $ Current assets Capital assets Plant and Equipment (Click to select) $ Liabilities Shareholders' equity Retained earnings Common stock Net plant and equipment Total assets Total liabilities and shareholders' equity c. Prepare a statement of cash flows for the year ending December 31, 20XY (Record the change in the notes payable under the operating activity of Cash flow. Do not leave any empty spaces; input a O wherever it is required. Amounts to be deducted should be indicated with a minus sign. Omit $ sign in your response.) Gardner Corporation Statement of Cash Flows For the Year Ended December 31, 20xY Operating Activities: Net income 3 Assignment (396 Help Save & EX Submit Check my work c. Prepare a statement of cash flows for the year ending December 31, 20XY (Record the change in the notes payable under the operating activity of Cash flow. Do not leave any empty spaces: input a O wherever it is required. Amounts to be deducted should be indicated with a minus sign. Omit sign in your response.) Gardner Corporation Statement of Cash Flows For the Year Ended December 31, 20Y Operating Activities Net income Add itens not requiring an outlay of cash: Amortization expense Cash flow from operations Changes in non-cash working capitali Increase in accounts receivable Increase in inventory Increase in accounts payable Increase in notes payable Het Change in non-cash working capital Cash provided by operating activities arch E: ING 230 2020-11 hp rwert $ ? & 4 96 5 7 8 ( 9 3 O 1/4 2 1/2 E R T T Y U o [[n F G K K pouse CO/ext/map/indexhtml?con=contexternal browser daunch https: Fnewconnectmeducation.com 25 3 Assignment (3%) 5 Help Changes in non-cash working capital: Increase in accounts receivable Increase in inventory Increase in accounts payable Increase in notes payable v V Net Change in non-cash working capital 5 Cash provided by operating activities Investing activities: Increase in plant and equipment Cash used in Investing activities Financing activities: Decrease in bonds payable Common stock dividends paid Cash used in financing activities INo change in cash ORI a FR hp YouTube 2.3 Assignment (396) Help Cash provided by operating activities Investing activities: Increase in plant and equipment Cash used in Investing activities Financing activities: Decrease in bonds payable Common stock dividends paid v Cash used in financing activities No change in cash Cash, beginning of year Cash, end of year h O 2 hp 0 For December 31, 20XX, the balance sheet of the Gardner Corporation is as follows: Balance Sheet Liabilities Current Assets Cash Accounts receivable Inventory Prepaid expenses Capital Assets Plant and equipment (gross) Less: Accumulated amortization $15,180 15,eee 30,900 15,000 Accounts payable Notes payable Bonds payable $15,780 24, see 52,688 $253,000 54,000 Shareholders' Equity Common stock Retained earnings $75,000 106,920 Net plant and equipment 199,000 Total assets $275,000 Total liabilities and shareholders equity $275,000 Sales for 20XY were $293.000, with cost of goods sold being 63 percent of sales Amortization expense was 14 percent of plant and equipment (net) at the beginning of the year. Interest expense for the bonds payable was 12 percent, while interest on the notes payable was 15 percent. These are based on December 31, 20XX balances. Selling and administrative expenses were $27400 and the tax rate eraned 18 nercent $27,400, and the tax rate averaged 18 percent During 20XY, the cash balance and prepaid expense balance were unchanged. Accounts receivable and inventory each increased by 15 percent, and accounts payable increased by 28 percent A new machine was purchased on December 31, 20XY, at a cost of $42,000. A cash dividend of $11,000 was paid to common shareholders at the end of 20XY. Also, notes payable increased by $2,902 and bonds payable decreased by 10,630. The common stock account did not change. a. Prepare an income statement for 20XY (Input all answers as positive values.) Gardner Corporation Income Statement For the Year Ending December 31, 20xY Sales Cost of good sold $ V Gross profit (Click to select) Amortization expense Operating profit (Cack to select) Check my work v Operating profit (Click to select) Eamings before taxes Taxes Eamings after taxes b. Prepare a balance sheet as of December 31, 20XY. (Input all answers as positive values. Be sure to list the assets and liabilities in order of their liquidity.) Gardner Corporation Balance Sheet For the Year Ended December 31, 20xY Liabilities Accounts payable Notes payable Bonds payable Current Assets Cash Accounts receivable Inventory Prepaid expenses V V Check my work Inventory Prepaid expenses Sonds payable $ Current assets Capital assets Plant and Equipment (Click to select) $ Liabilities Shareholders' equity Retained earnings Common stock Net plant and equipment Total assets Total liabilities and shareholders' equity c. Prepare a statement of cash flows for the year ending December 31, 20XY (Record the change in the notes payable under the operating activity of Cash flow. Do not leave any empty spaces; input a O wherever it is required. Amounts to be deducted should be indicated with a minus sign. Omit $ sign in your response.) Gardner Corporation Statement of Cash Flows For the Year Ended December 31, 20xY Operating Activities: Net income 3 Assignment (396 Help Save & EX Submit Check my work c. Prepare a statement of cash flows for the year ending December 31, 20XY (Record the change in the notes payable under the operating activity of Cash flow. Do not leave any empty spaces: input a O wherever it is required. Amounts to be deducted should be indicated with a minus sign. Omit sign in your response.) Gardner Corporation Statement of Cash Flows For the Year Ended December 31, 20Y Operating Activities Net income Add itens not requiring an outlay of cash: Amortization expense Cash flow from operations Changes in non-cash working capitali Increase in accounts receivable Increase in inventory Increase in accounts payable Increase in notes payable Het Change in non-cash working capital Cash provided by operating activities arch E: ING 230 2020-11 hp rwert $ ? & 4 96 5 7 8 ( 9 3 O 1/4 2 1/2 E R T T Y U o [[n F G K K pouse CO/ext/map/indexhtml?con=contexternal browser daunch https: Fnewconnectmeducation.com 25 3 Assignment (3%) 5 Help Changes in non-cash working capital: Increase in accounts receivable Increase in inventory Increase in accounts payable Increase in notes payable v V Net Change in non-cash working capital 5 Cash provided by operating activities Investing activities: Increase in plant and equipment Cash used in Investing activities Financing activities: Decrease in bonds payable Common stock dividends paid Cash used in financing activities INo change in cash ORI a FR hp YouTube 2.3 Assignment (396) Help Cash provided by operating activities Investing activities: Increase in plant and equipment Cash used in Investing activities Financing activities: Decrease in bonds payable Common stock dividends paid v Cash used in financing activities No change in cash Cash, beginning of year Cash, end of year h O 2 hp 0