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use the information below to create a statement of cash flows Weinstein's Nordic Italian Cuisine Inc. Income Statement for the year ended December 31, 2021
use the information below to create a statement of cash flows
Weinstein's Nordic Italian Cuisine Inc. Income Statement for the year ended December 31, 2021 Sales $ 1,225,000 Gain on Sale of Equipment 17,500 Unrealized holding gain - Trading securities 11,000 Total Revenue & Gains $ 1,253,500 $ Problem #3 The balance sheets of Weinstein's Nordic Italian Cuisine Inc. at December 31, 2020 and December 31, 2021 and the related income statement for the year ended December 31, 2021 are as follows: Assets 31-Dec-21 31-Dec-20 Cash 216,000 80,000 Trading securities 100,000 105,000 Securities fair value adjustment 6,900 (4,100) Accounts Receivable 183,000 175,000 Inventory 135,750 141,000 Prepaid Expenses 25,000 28,200 Machinery & Equipment 174,000 145,000 Accumulated Depreciation (43,000) (38,000) Patents 49,000 46,000 846,650 678,100 Liabilities & Equity Accounts Payable 92,000 78,000 Salaries Payable 1,200 5,200 Accrued Expenses Payable 14,000 7,000 Dividends Payable 20,000 Note payable - machinery 25,000 Bonds Payable 125,000 250,000 Bond discount (11,250) (25,000) Common Stock 100,000 75,000 Paid-in Capital in Excess of Par 60,000 42,000 Paid-in Capital from sale Treas. Stk. 1,800 Retained Earnings 432,700 274,100 Treasury Stock (12,000) (30,000) 846,650 678,100 Cost of Goods Sold Depreciation Expense Amortization Expense Other Operating Expenses Interest Expense (include $2,500 amort. of k Loss on sale of Patents Loss on Sale of Trading Securities Loss on Bond Retirement Total Expenses & Losses Income Before Tax Income Taxes Net Income 465,500 17,000 8,000 455,100 18,500 3,300 4,300 5,300 $ 977,000 276,500 37,000 239,500 $ a b d e Additional Information $31,000 was paid for Patents. Patents were sold for cash Cash dividends were declared Stock was issued for cash Treasury shares were re-issued. This transaction resulted in a $900 charge to Retained Earnings Equipment was sold for cash Trading securities were sold for cash. $31,000 was paid for trading securities Bonds were retired with cash on Dec. 31, 2021 Machinery costing $65,000 was purchased. Of this amount $25,000 was financed f 8 h i j Weinstein's Nordic Italian Cuisine Inc. Income Statement for the year ended December 31, 2021 Sales $ 1,225,000 Gain on Sale of Equipment 17,500 Unrealized holding gain - Trading securities 11,000 Total Revenue & Gains $ 1,253,500 $ Problem #3 The balance sheets of Weinstein's Nordic Italian Cuisine Inc. at December 31, 2020 and December 31, 2021 and the related income statement for the year ended December 31, 2021 are as follows: Assets 31-Dec-21 31-Dec-20 Cash 216,000 80,000 Trading securities 100,000 105,000 Securities fair value adjustment 6,900 (4,100) Accounts Receivable 183,000 175,000 Inventory 135,750 141,000 Prepaid Expenses 25,000 28,200 Machinery & Equipment 174,000 145,000 Accumulated Depreciation (43,000) (38,000) Patents 49,000 46,000 846,650 678,100 Liabilities & Equity Accounts Payable 92,000 78,000 Salaries Payable 1,200 5,200 Accrued Expenses Payable 14,000 7,000 Dividends Payable 20,000 Note payable - machinery 25,000 Bonds Payable 125,000 250,000 Bond discount (11,250) (25,000) Common Stock 100,000 75,000 Paid-in Capital in Excess of Par 60,000 42,000 Paid-in Capital from sale Treas. Stk. 1,800 Retained Earnings 432,700 274,100 Treasury Stock (12,000) (30,000) 846,650 678,100 Cost of Goods Sold Depreciation Expense Amortization Expense Other Operating Expenses Interest Expense (include $2,500 amort. of k Loss on sale of Patents Loss on Sale of Trading Securities Loss on Bond Retirement Total Expenses & Losses Income Before Tax Income Taxes Net Income 465,500 17,000 8,000 455,100 18,500 3,300 4,300 5,300 $ 977,000 276,500 37,000 239,500 $ a b d e Additional Information $31,000 was paid for Patents. Patents were sold for cash Cash dividends were declared Stock was issued for cash Treasury shares were re-issued. This transaction resulted in a $900 charge to Retained Earnings Equipment was sold for cash Trading securities were sold for cash. $31,000 was paid for trading securities Bonds were retired with cash on Dec. 31, 2021 Machinery costing $65,000 was purchased. Of this amount $25,000 was financed f 8 h i jStep by Step Solution
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