Mortonson Company has not yet prepared a statement of cash flows for the 2020 fiscal year. Comparative balance sheets as of December 31, 2019 and 2020, and a statement of income and retained earnings for the year ended December 31, 2020, are presented as follows. Mortonson Company Statement of Income and Retained Earnings For the Year Ended December 31, 2020 ($000 omitted) Sales revenue   $3,800 Expenses     Cost of goods sold $1,200   Salaries and benefits 725   Heat, light, and power 75   Depreciation 80   Property taxes 19   Patent amortization 25   Miscellaneous expenses 10   Interest 30 2,164 Income before income taxes   1,636 Income taxes   818 Net income   818 Retained earnings—Jan. 1, 2020   310     1,128 Stock dividend declared and issued   600 Retained earnings—Dec. 31, 2020   $ 528 Mortonson Company Comparative Balance Sheets As of December 31 ($000 omitted) Assets 2020 2019 Current assets     Cash $  333 $  100 U.S. Treasury notes (available-for-sale) 10 50 Accounts receivable 780 500 Inventory    720    560 Total current assets  1,843  1,210 Long-term assets     Land 150 70 Buildings and equipment 910 600 Accumulated depreciation—buildings and equipment (200) (120) Patents (less amortization)    105    130 Total long-term assets    965    680 Total assets $2,808 $1,890 Liabilities and Stockholders' Equity     Current liabilities     Accounts payable $  420 $  330 Income taxes payable 40 30 Notes payable    320    320 Total current liabilities 780 680 Long-term notes payable—due 2022    200    200 Total liabilities    980    880 Stockholders' equity     Common stock 1,300 700 Retained earnings    528    310 Total stockholders' equity  1,828  1,010 Total liabilities and stockholders' equity $2,808 $1,890 Instructions Prepare a statement of cash flows using the direct method. Changes in accounts receivable and accounts payable relate to sales and cost of goods sold. Do not prepare a reconciliation schedule. (CMA adapted)

Bannister Company reported operating expenses of $375,000 for 2020. The following data were extracted from the company's financial records: 12/31/19 12/31/20 $ 60,000 $ 69,000 Prepaid Expenses Accrued Expenses 210,000 255,000 On a statement of cash flows for 2020, using the direct method, cash payments for operating expenses should be O a. $339,000 O b. $321,000 O C. $411,000 O d. $429,000

Below is the data for Michael Ski Company . Prepare the cash flows from operating activities in the statement of cash flows using the direct method. (Do not prepare a reconciliation schedule.) David Ski Company had the following statements prepared as of December 31, 2020: Michael Ski Company Comparative Balance Sheet As of December 31   2020 2019 Cash 2,500 4,000 Account receivable 103,000 97,000 Short-term investment (Available-for-sale) 96,000 121,000 Inventories 91,000 54,000 Prepaid insurance 4,000 6,000 Ski equipment 89,000 43,000 Accumulated depr.-equipment (23,500) (18,000) Trademarks 79,000 83,000 Total asets 441,000 390,000       Account payable 92,200 75,000 income taxes payable 21,800 15,700 Wages payable 4,000 9,000 Short-term loans payable to bank 23,500 0 Long-term loans payable 75,000 125,000 Common stock, $1 par 100,000 100,000 Additional paid-in capital 20,000 20,000 Retained earnings 104,500 45,300 Total…

Prepare the statement of cash flows for 2024 using the direct method Plz do not provide image for answer

W BGP Electrical Supply is developing its annual financial statements at December 31, current year. The statements are complete except for the statement of cash flows. The completed comparative balance sheets and income statement are summarized: Balance sheet at December 31 Cash Accounts receivable Merchandise inventory Property and equipment. Less: Accumulated depreciation Accounts payable Accrued wages expense Note payable, long-term Common stock and additional paid-in capital. Retained earnings Income statement for current year Sales Cost of goods sold Other expenses Net income Additional Data: Current Year Prior Year $ 29,400 $ 37,300 32,700 28,900 38,300 100,800 (25,300) 42,000 121,500 (30,700) $ 202,800 $36,700 1,400 44,500 89,600 30,600 $ 202,800 Cash flows from operating activities: $ 123,000 73,000 38,100 $ 11,900 BGP ELECTRICAL SUPPLY Statement of Cash Flows For the Year Ended December 31, Current Year $ 172,100 a. Bought equipment for cash, $20,700. b. Paid $6,300 on the…

Using the financial statements and notes provided below,      prepare a cash flow analysis for the Penelope Company for 2019.                             Penelope Company                        Income Statement             For the Year Ended December 31, 2019             Revenues                      $2,467,000           Cost of Goods Sold             1,285,000                Gross Margin              1,182,000           Operating Expenses:              Selling Expenses              230,000              Administrative Expenses        94,000              Depreciation                   15,000                Total Operating Expenses    339,000              Operating Income              843,000           Other Items:                 Loss on Sale of Patent        (11,000)              Interest Expense              (42,000)           Other Items                      (53,000)           Net Income Before Taxes          790,000              Taxes                         316,000…