Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Use the following information reported in the 12/31/19 financial statements for Coco, Inc. to create a COMPLETE statement of cash flows for the company as

image text in transcribedUse the following information reported in the 12/31/19 financial statements for Coco, Inc. to create a COMPLETE statement of cash flows for the company as of 12/31/2019. Include appropriate labels/totals for each section/line. All lines may not be necessary.

Additional Information for 2019:

  • Land was purchased for cash; A building was purchased for cash. Equipment with a historical cost of $117,000 and accumulated depreciation of $41,000 was sold for $80,000 cash.
  • The company paid off notes payable principal with cash
  • Common stock was issued for cash; treasury stock was sold for cash
  • Dividends were declared during the period
BALANCE SHEET Cash Accounts Receivable Inventory Prepaid Other Operating Expenses Land Buildings Equipment Accumulated Depreciation Total Assets 2019 $ 495,000 76,000 41,000 50,000 1,043,000 2,700,000 383,000 (247,000) $ 4,541,000 2018 $ 511,000 67,000 51,000 49,000 1,000,000 2,000,000 500,000 (225,000) $ 3,953,000 $ Accounts Payable Interest Payable Dividends Payable Unearned Revenue Notes Payable Common Stock Additional Paid-in Capital - Common Stock Treasury Stock Additional Paid-in Capital - Treasury Stock Retained Earnings Total Liabilities and Stockholders' Equity $ 34,000 18,000 59,000 22,000 448,000 301,000 2,554,000 (115,000) 21,000 1,199,000 $4,541,000 46,000 16,000 39,000 14,000 477,000 300,000 2,500,000 (160,000) 26,000 695,000 3,953,000 $ INCOME STATEMENT Sales Revenue Cost of Goods Sold Other Operating Expenses Depreciation Expense Income from Operations Gain on Sale of Equipment Interest Expense Income before Income Taxes Income Tax Expense Net Income 2019 $ 2,440,000 (1,500,000) (95,000) (63,000) $ 782,000 4,000 (22,000) $ 764,000 (140,000) $ 624,000

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Safety Health And Environmental Auditing A Practical Guide

Authors: Simon Watson Pain

2nd Edition

1138557153, 9781138557154

More Books

Students also viewed these Accounting questions