Question B4The data below are taken from the financial statements of First Mobile Company:Income Statement:2021ProfitDepreciation expenseAmortization of patentGain/loss on sale of truck$220,10068,50044,000???Statement of Financial Position:31 Dec 202131 Dec 2020Cash$165,50024,50028,00047,00043,00011,000???Accounts receivableInventorySuppliesAccounts payableIncome tax payable28,00030,90042,00045,00018,550Additional Information:(1) Issued 150,000 ordinary shares at $1.7 per share.(2) Sold an old truck with net book value of $96,000 for cash at $110,000.(3) Purchased a new truck for cash at $220,000.(4) Acquired bonds investment with cash of 200,000.(5) Borrowed a loan from bank for the amount of $200,000.(6) Acquired 30,000 treasury shares from market at $2.5 each.Required:Prepare the statement of cash flows for the year ended 31 December 2021 for First Mobile Companyusing the indirect method. Place parentheses around those dollar amounts representing cash outlays.

Name: Question B4The data below are taken from the financial statements of
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Description: Question B4The data below are taken from the financial statements of First Mobile Company:Income Statement:2021ProfitDepreciation expenseAmortization of patentGain/loss on sale of truck$220,10068,50044,000???Statement of Financial Position:31 Dec 20

The cash flow statement is prepared to record the cash flow from various activities during the…

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Question B4 The data below are taken from the financial statements of First Mobile Company: Income Statement: 2021 Profit $220,100 Depreciation expense Amortization of patent Gain/loss on sale of truck 68,500 44,000 ??? Statement of Financial Position: 31 Dec 2021 31 Dec 2020 Cash ??? $165,500 24,500 28,000 47,000 43,000 Accounts receivable 28,000 30,900 42,000 Inventory Supplies Accounts payable Income tax payable 45,000 18,550 11,000 Additional Information: (1) Issued 150,000 ordinary shares at $1.7 (2) Sold an old truck with net book value of $96,000 for cash at $110,000. (3) Purchased a new truck for cash at $220,000. (4) Acquired bonds investment with cash of 200,000. (5) Borrowed a loan from bank for the amount of $200,000. (6) Acquired 30,000 treasury shares from market at $2.5 each. per share. Required: Prepare the statement of cash flows for the year ended 31 December 2021 for First Mobile Company using the indirect method. Place parentheses around those dollar amounts representing cash outlaYS

Question B4 The data below are taken from the financial statements of First Mobile Company: Income Statement: 2021 Profit $220,100 Depreciation expense Amortization of patent Gain/loss on sale of truck 68,500 44,000 ??? Statement of Financial Position: 31 Dec 2021 31 Dec 2020 Cash ??? $165,500 24,500 28,000 47,000 43,000 Accounts receivable 28,000 30,900 42,000 Inventory Supplies Accounts payable Income tax payable 45,000 18,550 11,000 Additional Information: (1) Issued 150,000 ordinary shares at $1.7 (2) Sold an old truck with net book value of $96,000 for cash at $110,000. (3) Purchased a new truck for cash at $220,000. (4) Acquired bonds investment with cash of 200,000. (5) Borrowed a loan from bank for the amount of $200,000. (6) Acquired 30,000 treasury shares from market at $2.5 each. per share. Required: Prepare the statement of cash flows for the year ended 31 December 2021 for First Mobile Company using the indirect method. Place parentheses around those dollar amounts representing cash outlaYS

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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