Question
X Co. had the following statements prepared as of December 31, 2020: X Co. Balance Sheet December 31, 2020 2020 2019 Cash 57,000 53,500 Accounts
X Co. had the following statements prepared as of December 31, 2020:
X Co. Balance Sheet December 31, 2020
2020 2019
Cash 57,000 53,500
Accounts Receivable 58,000 51,000
Allowance for doubtful accounts (7,800) (4,500)
Inventory 40,000 60,000
Prepaid Expenses 5,000 4,000
Equipment 154,000 130,000
Land 120,000 80,000
Building 115,000 95,000
Accumulated depreciation (90,000) (82,000)
FVTOCI Investments 25,000 15,000
Patents 70,000 62,000
total 546,200 464,000
Accounts payable 46,000 40,000
Wages Payable 2,000 2,200
Income taxes payable 4,000 6,000
Unearned revenue 25,000 50,000
Longterm loans payable 60,000 69,000
Common Shares 130,000 130,000
Retained earnings 275,800 168,000
Accum OCI FVTOCI investments 3,400 (1,200)
total 546,200 464,000
X Co. Income Statement
December 31, 2020
Sales $568,000
Cost of Goods Sold 195,000
Depreciation expense 60,000
Amortization expense 10,000
Wage expense 35,000
Interest expense 11,400
Bad debt expense 8,000
Insurance expense 5,000
Sales and general administrative expenses 13,000
total: 230,600
Gain on sale of equipment 2,000
Loss on sale of land (21,000)
Income before income taxes 211,600
Income tax expense 63,400
Net income 148,200
Other comprehensive income ----
Gain on FVTOCI Investments 5,000
Total comprehensive income 153,200
Other information:
The company exchanged shares for land having a value of $95,000
-Equipment with a cost of $20,000 was sold during 2020.
During the year the company acquired $19,000 in additional FVTOCI investments for cash.
Land having a cost of $75,000 was disposed during the year.
Required: C) Prepare the cash flow from investing section of the Statement of Cash Flow. Use t-accounts
D) What is the amount of cash dividends paid for the year ended December 31, 2020. Use t-accounts
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