Cash Accounts Receivable Inventory Current Assets Fixed Assets Gross Accumulated Deprecation Net Fixed Assets Total Assets Assets 12/31/20 2,000 4,832 3,217 10,049 35,183 -22,640 12,543 22,592 Cortland, Inc. Balance Sheet 12/31/21 4,800 6,614 2,843 14,257 39,456 -24,852 14,604 28,861 Accounts Payable Salary Payable Current Liabilities. Long Term Debt Total Liabilities Common Stock Retained Earnings Total Equity Total Liabilities and Equity Liabilities Equity 12/31/20 1,600 315 1,915 1,823 3,738 10,000 8,854 18,854 22,592 12/31/21 3,573 1.228 4,801 409 5,210 13,500 10,151 23,651 28,861

Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter16: Statement Of Cash Flows
Section: Chapter Questions
Problem 5EB: What adjustment(s) should be made to reconcile net income to net cash flows from operating...
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Create a cashflow statement with the following

Cash
Accounts Receivable
Inventory
Current Assets
Fixed Assets
Gross
Accumulated Deprecation.
Net Fixed Assets
Total Assets
Assets
12/31/20
2,000
4,832
3,217
10,049
35,183
-22,640
12,543
22,592
Cortland, Inc.
Balance Sheet
12/31/21
4,800
6,614
2,843
14,257
39,456
-24,852
14,604
28,861
Accounts Payable
Salary Payable
Current Liabilities.
Long Term Debt
Total Liabilities
Common Stock
Retained Earnings
Total Equity
Total Liabilities and Equity
Liabilities
Equity
12/31/20
1,600
315
1,915
1,823
3,738
10,000
8,854
18,854
22,592
12/31/21
3,573
1.228
4,801
409
5,210
13,500
10,151
23,651
28,861
Transcribed Image Text:Cash Accounts Receivable Inventory Current Assets Fixed Assets Gross Accumulated Deprecation. Net Fixed Assets Total Assets Assets 12/31/20 2,000 4,832 3,217 10,049 35,183 -22,640 12,543 22,592 Cortland, Inc. Balance Sheet 12/31/21 4,800 6,614 2,843 14,257 39,456 -24,852 14,604 28,861 Accounts Payable Salary Payable Current Liabilities. Long Term Debt Total Liabilities Common Stock Retained Earnings Total Equity Total Liabilities and Equity Liabilities Equity 12/31/20 1,600 315 1,915 1,823 3,738 10,000 8,854 18,854 22,592 12/31/21 3,573 1.228 4,801 409 5,210 13,500 10,151 23,651 28,861
Cortland, Inc.
Income Statement
For Year Ended 12/31/21
Sales
Cost of Goods
Deprecation
Operating Expenses
EBIT
Interest
EBT
Tax
Net Income
Dividends
Addition to R/E
40,000
12,512
2,212
17,275
8,001
180
7,821
2,265
5,556
4,259
1,297
Transcribed Image Text:Cortland, Inc. Income Statement For Year Ended 12/31/21 Sales Cost of Goods Deprecation Operating Expenses EBIT Interest EBT Tax Net Income Dividends Addition to R/E 40,000 12,512 2,212 17,275 8,001 180 7,821 2,265 5,556 4,259 1,297
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