Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Wildhorse Inc. is a private company reporting under ASPE. The following selected account balances were reported in Wildhorse Inc.s financial statements at year end: 2021

Wildhorse Inc. is a private company reporting under ASPE. The following selected account balances were reported in Wildhorse Inc.s financial statements at year end:

2021 2020
Cash $ 19,575 $ 9,050
Buildings 856,500 746,000
Equipment 408,000 353,800
Land 106,000 60,750
Accumulated depreciationbuildings 310,500 298,250
Accumulated depreciationequipment 136,000 101,750
Dividends payable 6,800 3,250
Mortgage payable 549,400 589,400
Notes payable 345,500 314,500
Common shares: 5,510 shares in 2021; 4,110 in 2020 544,500 415,500
Retained earnings 212,000 113,000
Cash dividends declared 30,500 14,400
Depreciation expensebuildings 27,250 40,550
Depreciation expenseequipment 48,055 26,200
Gain on sale of equipment 1,010 0
Loss on sale of building 11,700 0
Interest expense 49,350 45,250

Additional information:
1. Purchased $80,500 of equipment for $12,200 cash and a note payable for the remainder.
2. Equipment was also sold during the year.
3. Sold a building that originally cost $55,500.
4. Used cash to purchase land and a building.
5. Mortgage payments and notes payable payments included interest and principal amounts.
6. Common shares were issued for cash.

image text in transcribedimage text in transcribed

Determine the amount of any cash inflowsoroutflows related to investing activities in 2021. Hint: UseT accountsto calculate the cash flows) (Show mowits that decrease cash flow with either a-signeg.-15,000 or ir parenthesis eg. (15,000. WILDHORSE INC. Cash Flow Statement (Partial) $ Determiethea Hount of any alloworoutflowerbedtofta dig advies 2021(49LwTaccountato aluate the astowe Stown user SIA 15.000 drin unisexi 15.000 WILDHORSE INC. Cxsh Row Statement Partly > > > > Question Partscore --/12 bertlivaid deterhiietes Mount of a lyrics dos aclvileal 2021 Equipment Com 12$ wasaqulred by payi 18$ d Queron Part. Score kuhatetheast operating advice with a bana provided, a bubbel creixordecreixia Fre, ishiwurture dish [ii.wwwishi attarusias LpLDurin puddeiwi shfrom hetosh byopatlalvities $

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

Accounting Information Systems A Practictioner Emphasis

Authors: Cynthia D. Heagy, Constance M. Lehmann

10th Edition

1891002821, 9781891002823

More Books

Students also viewed these Accounting questions

Question

Define and explain the goals of employee orientation/onboarding

Answered: 1 week ago