Answered step by step
Verified Expert Solution
Question
1 Approved Answer
this is all one question help please! will rate good thats how the question is put in Prepare a FULL cash flow statement for Winston
this is all one question help please! will rate good
thats how the question is put in
Prepare a FULL cash flow statement for Winston Enterprises for the year 2020. For the operating section, use the indirect method. Please label all sections, subtotals, and descriptions of items dearly. Additional details for activity in 2020: A new machine was purchased for $20,000. Of that amount. $2,000 was paid with cash and $18,000 was paid with a note payable, none of which has been repaid yet. Winston declared and paid $15,000 of cash dividends during the year Equipment with a net book value of $30,000 was sold for $5,000 cash Winston paid off a $12.000 note payable with cash this year - Winston repurchased stock for $7,000 of cash. - Winston sold $10,000 of new common stock for cash. Winston's 2019 Income Statement Revenues 550.000 Cost of goods sold (430,000) Gross Profit 120,000 Depreciation expense (12.000) Operating expenses (35,000) Loss on Sale 12,000) Net income 71.000 Winston's 2019 Income Statement Revenues 550.000 Cost of goods sold (430,000) Gross Profit 120,000 Depreciation expense (12,000) Operating expenses (35,000) Loss on Sale (2.000) Net income 71,000 Winston Company's Balance Sheet 12/31/2020 12/31/2019 Assets Current assets Cash Accounts receivable Inventory Prepaid rent 375,000 60,000 135,000 8,000 291,000 87.000 160,000 6,000 Long-term assets Machinery 170,000 150,000 170,000 140,000 (52,000) 836.000 150,000 170,000 (40,000) 824,000 75.000 Equipment Accumulated depreciation Total assets Liabilities Current liabilities Accounts payable Interest payable Income tax payable Salary Payable Unearned revenue Long-term liabilities Notes payable Stockholders' equity Common stock Treasury stock Retained earnings Total liabilities and equity 35,000 7.000 5,000 17,000 17.000 10,000 4.000 32,000 5.000 254,000 256,000 260,000 (15,000) 256,000 836,000 250,000 (8,000) 200,000 824,000 Prepare a FULL cash flow statement for Winston Enterprises for the year 2020. For the operating section, use the indirect method. Please label all sections, subtotals and descriptions of items clearly Additional details for activity in 2020 A new machine was purchased for $20,000. Or that amount $2.000 was paid with cash and $18,000 was paid with a note payable, none of which has been repaid yet . Winston declared and paid $15.000 of cash dividends during the year. Equipment with a netbook value of $30.000 was sold for $5.000 cash Winston paid off a $12.000 note payable with cash this year, - Winston repurchased stock for $7.000 of cash Winston sold $10,000 of new common stock for cash Winston's 2019 Income Statement Revenues 550.000 Cost of goods sold (430,0001 Gross Profit 120,000 Depreciation expense (12.000 Operating expenses (35.000) Loss on Sale (2.000) Net Income 71.000 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