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URGENT Julie's Jewelry Company Income Statement For the Year Ended December 31, 2020 Net Sales $1,530,000 Cost of Goods Sold (696,000) Gross Margin $834,000 Operating
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Julie's Jewelry Company Income Statement For the Year Ended December 31, 2020 Net Sales $1,530,000 Cost of Goods Sold (696,000) Gross Margin $834,000 Operating Expenses (including Depreciation Expense of $75,000) (255,000) Operating Income $579,000 Interest Expense ($210,000) Interest Income 0 Divided Income 192,000 Gain on Sale Equipment 75,000 Loss of Sale of Investment (42,000) Total Other Income and Expenses 15,000 Income Before Income Taxes $594,000 Income Tax Expense (81,000) Net Income $513,000 Julie's Jewelry Company Comparative Balance Sheet December 31, 2020 and 2019 Assets 2020 2019 Change Cash $225,000 $21,000 $204,000 Accounts Receivable, net 69,000 93,000 (24,000) Inventory 81,000 42,000 39,000 Prepaid Expenses 12,000 24,000 (12,000) Investments 366,000 369,000 (3,000) Land 570,000 570,000 0 Building, net 516,000 540,000 (24,000) Equipment, net 444,000 195,000 249,000 Total Assets $2,283,000 $1,854,000 $429,000 Liabilities Accounts Payable $510,000 $465,000 $45,000|| Accrued Liabilities 114,000 15,000 99,000 Income Taxes Payable 345,000 294,000 51,000 Bonds Payable 147,000 18,000 129,000 Total Liabilities $1,116,000 $792,000 $324,000 Stockholders Equity Common stock $765,000 $765,000 0 Paid-in Capital in Excess of Par Value 15,000 15,000 0 Retained Earnings 387,000 282,000 105,000 Total Stockholders Equity $1,167,000 $1,062,000 $105,000 Total Liabilities and Stockholders Equity $2,283,000 $1,854,000 $429,000 . Additional Information: Investments are Long-Term Assets Sold investments for $36,000 (with a carrying value of $78,000) Purchased investments for $75,000 Sold Equipment with a carrying value (i.e., net book value) of $75,000 Purchased equipment for $375,000 Depreciation on equipment for 2020 was $51,000 Depreciation on building for 2020 was $24,000 Bonds are Long-Term Liabilities Issued bonds for $129,000 . . Net Cash inflow (outflow) related to Sales on the Statement of Cash Flows for 2020 would be: Net Cash inflow (outflow) related to Inventory purchases on the Statement of Cash Flows for 2020 would be: Net Cash inflow (outflow) related to Operating Expenses on the Statement of Cash Flows for 2020 would be: Net Cash inflow (outflow) related to Taxes on the Statement of Cash Flows for 2020 would be: Cash outflow related to Dividends (i.e., Cash paid for Dividends) on the Statement of Cash Flows for 2020 would be: What would be the net Cash inflow (outflow) from Investing Activities on the Statement of Cash Flows for 2020? Assume Cash Paid for Dividends in 2020 was $4,000. What would be the net Cash inflow (outflow) from Financing Activities on the Statement of Cash Flows for 2020Step by Step Solution
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