1. How much cash is paid to acquire inventory during year 2021? 2. How much cash is paid for operating expenses (excluding depreciation) during year 2021? Hint: Examine prepaid expenses and wages payable.

The current sections of Famous’s statements of financial position at December 31, 2019 and 2020, are presented here. Famous’s net income for 2020 was €147,000. Depreciation expense was €21,000.   2020 2019 Current assets      Prepaid expenses €25,000 €27,000  Inventory 158,000 172,000  Accounts receivable 79,000 110,000  Cash 105,000 99,000   Total current assets €367,000 €408,000 Current liabilities      Accrued expenses payable € 15,000 €  9,000  Accounts payable 85,000 95,000   Total current liabilities €100,000 €104,000 Instructions Prepare the net cash provided by operating activities section of the company’s statement of cash flows for the year ended December 31, 2020, using the indirect method.

Some selected financial statement items belonging to Tower Company are given in the table below. According to this information, which of the following is Return on Assets (ROA) in 2021? Inventory         12,500 Total Assets in 2021       100,000 Current Liabilities         30,000 Total Assets in 2020         80,000 Net Profit         18,000 Shareholders' Equity         65,000 Select one: a. 24% b. 20% c. 11% d. 15%

The comparative balance sheet of Gus Company at December 31, 2021 and 2020 appears below: Assets: 12/31/2021 12/31/2020 Cash $  53,000  $ 120,000  Accounts receivable (net) 37,000  48,000  Inventories 108,500  100,000  Equipment 573,200  450,000  Accumulated depreciation-equipment  (142,000)  (176,000)   $629,700  $542,000  Liabilities & Stockholders Equity:     Accounts payable $  62,500  $  43,800  Bonds payable, due June 2021 0  100,000  Common stock, $10 par 335,000  285,000  Paid-in capital in excess of par - Common stock 74,000  55,000  Retained earnings   158,200      58,200    $629,700  $542,000    The income statement for the year ended December 31, 2021 appears below: Sales   $625,700  Cost of merchandise sold     340,000  Gross profit   285,700  Operating expenses (includes $26,000 depreciation expense)       94,000…

Condensed financial data of Larkspur, Inc. follow. Larkspur, Inc.Comparative Balance SheetsDecember 31 Assets   2022   2021 Cash   $105,900     $47,000   Accounts receivable   92,700     33,100   Inventory   112,800     101,000   Prepaid expenses   29,200     25,500   Long-term investments   139,400     114,200   Plant assets   274,500     241,400   Accumulated depreciation   (46,800 )   (52,400 )    Total   $707,700     $509,800                 Liabilities and Stockholders’ Equity             Accounts payable   $111,900     $67,800   Accrued expenses payable   16,000     17,300   Bonds payable   117,200     149,500   Common stock   219,100     175,300   Retained earnings   243,500     99,900      Total   $707,700     $509,800     Larkspur, Inc.Income StatementFor the Year Ended December 31, 2022 Sales revenue       $392,600 Less:…

The current sections of Scoggin Inc.'s balance sheets at December 31, 2018 and 2019, are presented here. Scoggin's net income for 2019 was $153,000. Depreciation expense was $24,000. 2019 2018 Current assets Cash $105,000 $99,000 Accounts receivable 110,000 89,000 Inventory 158,000 172,000 Prepaid expenses 27,000 22,000 Total current assets $400,000 $382,000 Current liabilities Accrued expenses payable $15,000 $5,000 Accounts payable 85,000 92,000 Total current liabilities $100,000 $97,000 Prepare the net cash provided by operating activities section of the company's statement of cash flows for the cash flow wvith either a sign e.g. -15,000 or in parenthesis e.g. (15,000).)

The comparative balance sheets, income statement and additional information of Bakewell Corp. are presented as follows. Balance Sheet as at 31 December:     2020 2019        $   $ Assets     Cash 273,600 181,950 Accounts Receivable 94,350 88,850 Inventory 431,400 482,200 Prepaid Rent 20,200 18,200 Equipment 118,000 126,000 Accumulated Depreciation – Equipment (74,900) (93,000) Building 235,000 110,000 Accumulated Depreciation –  Building (66,700) (55,000) Total Assets 1,030,950 859,200       Liabilities and Stockholders’ Equity     Liabilities     Accounts Payable 111,000 123,450 Unearned Revenue 18,050 11,250 Notes Payable (long-term) 182,500 172,500 Total Liabilities 311,550 307,200       Stockholders’ Equity     Common Stock 580,000 550,000 Retained Earnings 174,400 77,000 Treasury Stock (35,000)…

Condensed financial data of Concord Inc. follow. CONCORD INC.Comparative Balance SheetsDecember 31 Assets   2022   2021 Cash   $80,500     $48,700   Accounts receivable   87,900     38,600   Inventory   111,900     102,100   Prepaid expenses   29,400     27,900   Long-term investments   139,800     113,700   Plant assets   284,200     241,900   Accumulated depreciation   (47,700)     (49,100)      Total   $686,000     $523,800                 Liabilities and Stockholders’ Equity             Accounts payable   $106,000     $63,700   Accrued expenses payable   16,500     21,200   Bonds payable   117,100     149,500   Common stock   219,000     175,100   Retained earnings   227,400     114,300      Total   $686,000     $523,800     CONCORD INC.Income StatementFor the Year Ended December 31, 2022 Sales revenue       $382,500 Less:              Cost of goods sold…

The following financial information is for Cullumber Company. CULLUMBER COMPANYBalance SheetsDecember 31 Assets   2022   2021 Cash   $ 69,000   $ 69,000 Debt investments (short-term)   53,000   41,000 Accounts receivable (net)   103,000   92,000 Inventory   239,000   164,000 Prepaid expenses   25,000   29,000 Land   132,000   132,000 Building and equipment (net)   263,000   188,000 Total assets   $884,000   $715,000 Liabilities and Stockholders’ Equity         Notes payable (current)   $170,000   $101,000 Accounts payable   66,000   54,000 Accrued liabilities   42,000   42,000 Bonds payable, due 2025   251,000   170,000 Common stock, $10 par   205,000   205,000 Retained earnings   150,000   143,000 Total liabilities and stockholders’ equity   $884,000   $715,000   CULLUMBER COMPANYIncome StatementsFor the Years Ended December 31     2022…

The comparative balance sheets for Naomi Corporation show the following information:     2021   2020         Cash $24,400   $20,700 Accounts receivable, net 43,300   20,300 Inventory 40,000   42,000 Investments 20,000   15,000 Building 160,000   100,000 Accumulated depreciation – building (27,700)   (20,000) Equipment 61,500   50,000 Accumulated depreciation - equipment (10,000)   (17,500)      Total $311,500   $210,500         Accounts payable $17,000   $26,500 Salaries payable 21,000   17,000 Long-term notes payable 100,000   50,000 Common stock   110,000   90,000 Retained earnings 63,500   27,000   Total $311,500   $210,500               Additional data related to 2021 are as follows:   $10,000 of the long-term note payable was paid by cash. Equipment that had cost $15,000 and had accumulated…