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Use the Balance Sheet and Income Statement provided to do the following: 1. Make a retained earnings rollforward for the year ending 12/31/2021. 2. Make
Use the Balance Sheet and Income Statement provided to do the following: 1. Make a retained earnings rollforward for the year ending 12/31/2021. 2. Make a classified and detailed statement of cash flows using the indirect method for the year ending 12/31/2021.
Balance Sheet Additional Calculations if Needed Statement of Retained Earnings For the Year Ending 12/31/2021 Statement of Cash Flows For the Year Ending 12/31/2021 137.000 87,000 50,000 18,000 Income Statement For the Year Ending 12/31/2021 Revenue COGS Gross Profit SG&A Other Operating Expenses Operating Income Interest Expense Loss on Sale PreTax Income Tax Expense Net Income Cash Accounts Receivable Inventory Current Assets PPE, Gross Accumulated Depreciation PPE, Net Total Assets Accounts Payable Deferred Revenue Accrued Expenses Current Liabilities Bonds Payable Common Stock Par Common Stock, APIC Retained Earnings Total L & SE 8,000 12/31/2021 12/31/2020 34,000 29000 29,000 30000 31,000 38000 94,000 97,000 127,000 99000 30000 25000 97.000 74.000 191.000 171.000 28,500 27000 1,500 0 1,200 1400 31,200 28,400 34,000 45000 1.000 900 87,600 71700 37.200 25000 191,000 171,000 24,000 1.350 1,750 20.900 4,389 16,511 Additional Facts Related to Year Ending 12/31/2021 1. Bought equipment for cash 31,500 2. Paid off bonds 3. Issued new shares of stock 4. Paid and declared dividends 5. Did not buy back any stock, issue any stock dividends or declare any stock splits 6. Accounts payable includes only inventory purchases made on credit 7. Total depreciation expense reported in COGS and SG&A is 6,750Step by Step Solution
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