Answered step by step
Verified Expert Solution
Question
1 Approved Answer
this is one q: Penguins Company had the following statements prepared as of December 31, 2021. Penguins Skate Rink Company Comparative Balance Sheet As of
this is one q:
Penguins Company had the following statements prepared as of December 31, 2021. Penguins Skate Rink Company Comparative Balance Sheet As of December 2021 2021 2020 Cash $2,500 $4,000 Accounts receivable 123,000 104,000 Allowance for Doubtful (10,000) (7,000) accounts Short-term investments 99,000 121,000 (Available-for-sale) Inventories 91.000 54,000 . Prepaid insurance 4,000 6,000 Ski equipment 89,000 43.000 Ski equipment 89,000 43,000 Accumulated (23,500) (18,000) depreciation equipment Franchise 79,000 83,000 Total assets $454,000 $390,000 Accounts payable 92,200 75,000 Income taxes payable 21,800 15,700 Salaries & wages payable 4,000 9,000 Short-term non-trade 23,500 0 notes payable Bonds payable 75,000 125,000 Discount on bonds payable (7,000) (20,000) Common stock, $1 par 100,000 100,000 Additional paid-in capital 40,000 40,000 Retained earnings 104,500 45,300 Total liabilities & equity $454,000 $390,000 Penguins Skate Rink Company Income Statement For The Year Ending December 31, 2021 Sales $540,200 Cost of goods sold 302,000 $238,200 Gross margin Operating expenses Operating income 94,000 $144,200 Interest expense 20,500 Loss on sale of equipment 4,000 24,500 $119,700 Income before income tax Income tax expense 40,500 Net income $79,200 Additional information: Additional information: 1. Depreciation expense, amortization expense and bad debt expense are included in operating expenses. 2 Equipment that had a cost of $25,000 and was 20% depreciated was sold during 2021. Use the information above to determine the following: Important Note: Please fill-in your answer in numbers only, without using any other characters such as $ or, or ( ). Cash received from customers. Answer search (hp Cash paid to suppliers. Time left 0:50:31 Answer: Cash paid for operating expenses. Answer: Cash paid for interest Answer: Cash paid for taxes Time left 0:50:15 Answer: Net cash used by investing activities. Answer: Net cash used by financing activities 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