Additlonal Informatlon:1.Dividends In the amount of $6,100 were declared and pald during 2020.2.Depreclation expense and amortizatlon expense are Included in operating expenses.3.No unrealized galns or losses have occurred on the Investments durlng the year.4.Equlpment that had a cost of $20,000 and was 709% depreclated was sold durlng 2020.Prepare a statement of cash flows using the direct method. (Show amounts in the investing and financing sections that decrease cash flowwith either a - sign e.g. -15,000 or in parenthesis eg. (15,000).)WILDHORSE INC.Statement of Cash Flows>>> >>> Wildhorse Inc, a greeting card company, had the following statements prepared as of December 31, 2020.WILDHORSE INC.COMPARATIVE BALANCE SHEETAS OF DECEMBER 31, 2020 AND 201912/31/2012/31/19Cash$6.000$6,900Accounts receivable62,50050,900Short-term debt investments (available-for-sale)35,20017.900Inventory40,30059,500Prepaid rent4,9004,100Equipment153,100129,600Accumulated depreciation-equipment(35.200 )45.600(24,700 )Copyrights50,500Total assets$312.400$294,700Accounts payable$45,500$40,000Income taxes payable4,0006,100Salaries and wages payable8,0003,900Short-term loans payable8,0009.900Long-term loans payable59.40068.800Common stock, $10 par100,000100,000Contributed capital, common stock30,00030,000Retained earnings57,50036,000Total liabilities & stockholders' equity$312,400$294,700WILDHORSE INC.INCOMESTATEMENTFOR THE YEAR ENDING DECEMBER 31, 2020Sales revenue$337,300Cost of goods sold174,000Gross profit163,300Operating expenses119,100Operating income44,200Interest expense$11,600Gain on sale of equipment1,9009.700Income before tax34,500Income tax expense6,900Net income$27,600

Name: Additlonal Informatlon:1.Dividends In the amount of $6,100 were decla
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Description: Additlonal Informatlon:1.Dividends In the amount of $6,100 were declared and pald during 2020.2.Depreclation expense and amortizatlon expense are Included in operating expenses.3.No unrealized galns or losses have occurred on the Investments durlng

Cash Flow Statement is a record used to present the cash inflows and outflows from the business…

Business

Accounting

Dividends In the amount of $6,100 were declared and pald during 2020. Depreclation expense and amortizatlon expense are Included In operating expenses. No unreallzed galns or losses have occurred on the Investments during the year. 1. 2. 3. 4. Equlpment that had a cost of $20,000 and was 70% depreclated was sold during 2020. Prepare a statement of cash flows using the direct method. (Show amounts in the investing and financing sections that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis eg. (15,000),)

Dividends In the amount of $6,100 were declared and pald during 2020. Depreclation expense and amortizatlon expense are Included In operating expenses. No unreallzed galns or losses have occurred on the Investments during the year. 1. 2. 3. 4. Equlpment that had a cost of $20,000 and was 70% depreclated was sold during 2020. Prepare a statement of cash flows using the direct method. (Show amounts in the investing and financing sections that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis eg. (15,000),)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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