Willoughby Corporation's comparative balance sheet and income statement for the year ended December 31, 2021 are provided below. During 2021, the Company also reported the following activities: Purchased equipment for $50 in cash. Borrowed an additional $70 on the note payable Issued shares of common stock for $5 Paid dividends of $3 Willoughby Corporation Balance Sheet As of December 31, 2021 Willoughby Corporation Income Statement For the Year ended December 31, 2021 Dec. 31, 2021 Dec. 31, 2020 $ $ Assets: Current Assets: Cash and Cash equivalents Accounts Receivable Inventories Total Current Assets 194 150 135 479 37 75 235 347 Net Sales $ 600 Cost of Goods Sold 290 Gross Profit 310 Operating Expenses: Selling, General and Admin Expenses 160 Depreciation Expense 30 Total Operating Expenses 190 Income from operations 120 Interest expense 30 Net income before taxes 90 Income tax expense 27 Net income $ 63 Equipment Less: Accumulated Depreciation Equipment, net Total Assets 566 _(85) 481 $ 960 516 (55) 461 $ 808 #| $ 5 13 Liabilities and Stockholders' Equity Current Liabiltiies Accounts Payable $ 25 Accrued Liabilities 5 Total Current Liabilities 30 Notes Payable 505 Total Liabiltiies 535 Stockholders' Equity Common Stock 15 Retained Earnings 410 Total Stockholders' Equity 425 Total Liab. and Stockholders' Equity $ 960 435 448 10 350 360 $ 808 Question 19 (22 points) Using the information above, complete the cash flow statement by providing the correct information below. Where it says increase/decrease, you will select one or the other as your answer (blanks 4, 6, 8, 10). For dollar amounts, use format: 250 for a positive amount (you are adding) and (250) or -250 for a negative amount (you are subtracting). For blank #14, just fill in the word that is missing. I recommend working this out on paper and turning in your work as well! The October 31, 2020 bank statement for ABC Company and the October account ledger for ABC's cash account are summarized below: BANK STATEMENT: Checks Deposits Other Transactions Balance October 1, 2020 October 3, 2020 $ 6,000 October 6, 2020 #500 $1,800 October 11, 2020 #501 $2,700 October 14, 2020 #502 $3,300 October 19, 2020 NSF Check $ 7001 Balance October 31, 2020 Service charge $ 20 Balance $ 3,000 $ 9,000 $ 7,200 $ 4,500 $ 1,200 $ 500 $ 480 ABC'S ACCOUNT LEDGER: + Balance 10/1/2020 $ 10/2/2020 10/30/2020 $ CASH 3,000 6,000 $ 3,200 $ $ $ 1,800 10/2/2020 (#501) 2,700 10/8/2020 (#502) 3,300 10/10/2020 (#503) 1,050 10/30/2020 (#504) Balance 10/31/2020 $ 3,350 To complete the reconciliation between the bank's balance and the balance per ABC's accounting records, provide the information missing below: Balance per bank statement: $ 480 Add: Blank 1 Blank 2 Deduct: Blank 3 Blank 4 Adjusted bank balance: Blank 5 Balance per accounting records: $ 3,350 Deduct: Blank 6 Blank 7 Deduct: Blank 8 Blank 9 Adjusted book balance: Blank 10 Fill in the appropriate blanks with your answers. For words/phrases, just write out the term/word and for numbers, use this format: 3,000
