Comparitive balance sheet of Hillard Co. as of Dec 31, 2020 and 2021 is as under:Assets20202021LiabilitiesCashAccounts ReceivableInventoryFixed AssetsInvestmentsSalesCost of Goods SoldGross profit16,42512,300Salaries expensesDepreciation expenseIncome tax expenseAdmin. ExpensesNet profit16,100163,00013,500221,32528,02510,600Income statement for the year 2021 is as under:18,400206,3009,200272,525829,400614,450214,95012,90011,6001,150164,40024,900Accounts PayableSalaries PayableIncome tax payableLoans PayableRetained earningsPlease prepare the cash flow statement using the indirect method.202026,9002,4001,600106,25084,175221,325202133,4503,1002,050113,250120,675272,525

A cash flow statement indicates cash inflow and cash outflow information for a particular time…

Comparitive balance sheet of Hillard Co. as of Dec 31, Assets 2020 2021 Cash Accounts Receivable Inventory Fixed Assets Investments 16,425 12,300 Sales Cost of Goods Sold Gross profit 16,100 163,000 13,500 221,325 28,025 10,600 18,400 206,300 9,200 272,525 Income statement for the year 2021 is as under: 829,400 614,450 214,950 2020 and 2021 is as under: Liabilities 12,900 11,600 1,150 164,400 24,900 Accounts Payable Salaries Payable Income tax payable Loans Payable Retained earnings Salaries expenses Depreciation expense Income tax expense Admin. Expenses Net profit Please prepare the cash flow statement using the indirect method. 2020 26,900 2,400 1,600 106,250 84,175 221,325 2021 33,450 3,100 2,050 113,250 120,675 272,525

Comparitive balance sheet of Hillard Co. as of Dec 31, Assets 2020 2021 Cash Accounts Receivable Inventory Fixed Assets Investments 16,425 12,300 Sales Cost of Goods Sold Gross profit 16,100 163,000 13,500 221,325 28,025 10,600 18,400 206,300 9,200 272,525 Income statement for the year 2021 is as under: 829,400 614,450 214,950 2020 and 2021 is as under: Liabilities 12,900 11,600 1,150 164,400 24,900 Accounts Payable Salaries Payable Income tax payable Loans Payable Retained earnings Salaries expenses Depreciation expense Income tax expense Admin. Expenses Net profit Please prepare the cash flow statement using the indirect method. 2020 26,900 2,400 1,600 106,250 84,175 221,325 2021 33,450 3,100 2,050 113,250 120,675 272,525

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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[The following information applies to the questions displayed below.] 2021 2020 2019 Selected comparative financial statements of Korbin Company follow. Comparative Income Statements For Years Ended December 31 KORBIN COMPANY Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income Assets Current assets Long-term investments Plant assets, net Total assets KORBIN COMPANY Comparative Balance Sheets Liabilities and Equity Current liabilities Numerator: 2021 2020 2019 $ 548,688 $ 420,340 $ 291,700 330,310 263,974 186,688 218,378 156,366 Common stock Other paid-in capital Retained earnings Total liabilities and equity 1 1 77,914 58,007 49,382 36,990 127,296 94,997 91,082 61,369 16,941 12,581 $ 74,141 $ 48,788 1 1 1 December 31 2021 $ 62,574 0 Current Ratio $25,844 65,000 8,125 78,043 Required: 1. Complete the below table to calculate each year's current ratio. $ 41,881 1,200 103,962 $ 55,985 3,920 114,438…
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