FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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1. Equipment with an original cost of $75,100 was sold during the year.
2. New equipment was purchased during the year
3. No stock dividends were declared during the year.
4. The company split its stock 3-for-1 during the year.
Required
Prepare a Statement of Cash Flows in good form using the indirect method for the year ended
December 31, 2021. Provide all supporting calculations.
Place your statement and supporting caleulations here
Steps
Place supporting calculations here for the Statement of Cash Flows
indirect method: starting point is net income, a reconciliation is required
to adjust it to a cash basis
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Transcribed Image Text:1. Equipment with an original cost of $75,100 was sold during the year. 2. New equipment was purchased during the year 3. No stock dividends were declared during the year. 4. The company split its stock 3-for-1 during the year. Required Prepare a Statement of Cash Flows in good form using the indirect method for the year ended December 31, 2021. Provide all supporting calculations. Place your statement and supporting caleulations here Steps Place supporting calculations here for the Statement of Cash Flows indirect method: starting point is net income, a reconciliation is required to adjust it to a cash basis
Orange Inc. had the following financial data related to the year ended December 31, 2021.
Balance Sheet information
As at December 31
2021
2020
Cash
$270,040
$138,880
Accounts receivable
136,360
58,800
Inventory
155,250
143,420
Equipment
351,000
(2)
291,000
Accumulated depreciation
(65.000)
(62.400)
S847.650
$569,700
Accounts Payable
s106,393
S 80,760
Income Taxes Payable
11,450
10,400
Dividends Payable
33,607
10,000
Bonds Payable
100,000
132,000
Common Shares
282,000
198,000
Retained Earnings
314.200
138.540
S847,650
$569,700
Income Statement
For Year ended December 31
Sales
$479,892
Cost of goods sold
$161,644
Amortization expense
58,800
Other expenses
17,374
Income tax expense
10,185
Interest expense
5,822
Loss on sale of equipment
16,800
(270,625)
Net Income
$209,267
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Transcribed Image Text:Orange Inc. had the following financial data related to the year ended December 31, 2021. Balance Sheet information As at December 31 2021 2020 Cash $270,040 $138,880 Accounts receivable 136,360 58,800 Inventory 155,250 143,420 Equipment 351,000 (2) 291,000 Accumulated depreciation (65.000) (62.400) S847.650 $569,700 Accounts Payable s106,393 S 80,760 Income Taxes Payable 11,450 10,400 Dividends Payable 33,607 10,000 Bonds Payable 100,000 132,000 Common Shares 282,000 198,000 Retained Earnings 314.200 138.540 S847,650 $569,700 Income Statement For Year ended December 31 Sales $479,892 Cost of goods sold $161,644 Amortization expense 58,800 Other expenses 17,374 Income tax expense 10,185 Interest expense 5,822 Loss on sale of equipment 16,800 (270,625) Net Income $209,267
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