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Required: Prepare the statement of cash flows of Metagrobolize for the year ended December 31, 2021. Present cash flows fror activities by the direct method. (Enter your answers in thousands (l.e., 10,000 should be entered as 10). Amounts t should be indicated with a minus sign.)

Required: Prepare the statement of cash flows of Metagrobolize for the year ended December 31, 2021. Present cash flows fror activities by the direct method. (Enter your answers in thousands (l.e., 10,000 should be entered as 10). Amounts t should be indicated with a minus sign.)

Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter12: Fainancial Statement Analysis
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Problem 90PSB
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Comparative balance sheets for 2021 and 2020 and a statement of income for 2021 are given below for Metagrobolize Industries. Additional information from the accounting records of Metagrobolize also is provided. Assets Cash Accounts receivable Inventory METAGROBOLIZE INDUSTRIES Comparative Balance Sheets December 31, 2021 and 2020 ($ in thousands) Land Building Less: Accumulated depreciation Equipment Less: Accumulated depreciation Patent Liabilities Accounts payable Accrued liabilities Lease liability-land Shareholders' Equity Common stock Paid-in capital-excess of par Retained earnings Revenues METAGROBOLIZE INDUSTRIES Income Statement Show Transcribed Text Expenses $ Sales revenue Gain on sale of land 2021 $ Cost of goods sold Depreciation expense-building Depreciation expense-equipment Loss on sale of equipment Amortization of patent Operating expenses Net income 480 $ 550 700 700 800 (250) 3,000 For the Year Ended December 31, 2021 ($ in thousands) (355) 1,000 $6,625 800 250 130 METAGROBOLIZE INDUSTRIES Income Statement 2020 250 290 400 650 800 (215) 2,750 (320) 1,150 $5,755 2,660 2,500 600 560 2,185 1,925 $6,625 $5,755 $550 220 0 For the Year Ended December 31, 2021 ($ in thousands) 3 $3,020 c 80 $3,100 $1,000 35 440 20 150 600 2,245 $ 855 Additional information from the accounting records: a. Annual payments of $20,000 on the finance lease liability are paid each January 1, beginning in 2021. b. During 2021, equipment with a cost of $450,000 (90% depreciated) was sold. c. The statement of shareholders' equity reveals reductions of $200,000 and $395,000 for stock dividends and cas respectively. Required: Prepare the statement of cash flows of Metagrobolize for the year ended December 31, 2021. Present cash flows from activities by the direct method. (Enter your answers in thousands (l.e., 10,000 should be entered as 10). Amounts t should be indicated with a minus sign.)
Transcribed Image Text:Comparative balance sheets for 2021 and 2020 and a statement of income for 2021 are given below for Metagrobolize Industries. Additional information from the accounting records of Metagrobolize also is provided. Assets Cash Accounts receivable Inventory METAGROBOLIZE INDUSTRIES Comparative Balance Sheets December 31, 2021 and 2020 ($ in thousands) Land Building Less: Accumulated depreciation Equipment Less: Accumulated depreciation Patent Liabilities Accounts payable Accrued liabilities Lease liability-land Shareholders' Equity Common stock Paid-in capital-excess of par Retained earnings Revenues METAGROBOLIZE INDUSTRIES Income Statement Show Transcribed Text Expenses $ Sales revenue Gain on sale of land 2021 $ Cost of goods sold Depreciation expense-building Depreciation expense-equipment Loss on sale of equipment Amortization of patent Operating expenses Net income 480 $ 550 700 700 800 (250) 3,000 For the Year Ended December 31, 2021 ($ in thousands) (355) 1,000 $6,625 800 250 130 METAGROBOLIZE INDUSTRIES Income Statement 2020 250 290 400 650 800 (215) 2,750 (320) 1,150 $5,755 2,660 2,500 600 560 2,185 1,925 $6,625 $5,755 $550 220 0 For the Year Ended December 31, 2021 ($ in thousands) 3 $3,020 c 80 $3,100 $1,000 35 440 20 150 600 2,245 $ 855 Additional information from the accounting records: a. Annual payments of $20,000 on the finance lease liability are paid each January 1, beginning in 2021. b. During 2021, equipment with a cost of $450,000 (90% depreciated) was sold. c. The statement of shareholders' equity reveals reductions of $200,000 and $395,000 for stock dividends and cas respectively. Required: Prepare the statement of cash flows of Metagrobolize for the year ended December 31, 2021. Present cash flows from activities by the direct method. (Enter your answers in thousands (l.e., 10,000 should be entered as 10). Amounts t should be indicated with a minus sign.)
Cash outflows: METAGROBOLIZE INDUSTRIES Statement of Cash Flows For the year ended December 31, 2021 ($ in thousands) Cash flows from operating activities: Cash inflows: Net cash flows from operating activities Cash flows from investing activities: Net cash flows from investing activities Cash flows from financing activities: Show Transcribed Text Net cash flows from operating activities Cash flows from investing activities: Net cash flows from investing activities Cash flows from financing activities: Net cash flows from financing activities Net increase (decrease) in cash Cash balance, January 1 Cash balance, December 31 Noncash investing and financing activities: 3
Transcribed Image Text:Cash outflows: METAGROBOLIZE INDUSTRIES Statement of Cash Flows For the year ended December 31, 2021 ($ in thousands) Cash flows from operating activities: Cash inflows: Net cash flows from operating activities Cash flows from investing activities: Net cash flows from investing activities Cash flows from financing activities: Show Transcribed Text Net cash flows from operating activities Cash flows from investing activities: Net cash flows from investing activities Cash flows from financing activities: Net cash flows from financing activities Net increase (decrease) in cash Cash balance, January 1 Cash balance, December 31 Noncash investing and financing activities: 3
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