Related questions
The company uses the indirect method to prepare the statement of
The owners have asked each student from your accounting course to assist with the needed clarification and have put forward the following financial information
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Maple Group Ltd |
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Comparative |
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December 31, 2020 and 2019 |
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2020 |
2019 |
Increase/(Decrease) |
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Assets |
|
|
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Cash and cash equivalent |
? |
? |
? |
|
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87,550 |
? |
1,550 |
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Inventories |
93,900 |
98,540 |
? |
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Fixed Assets, net |
160,400 |
? |
49,900 |
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Total Assets |
373,350 |
316,890 |
56,460 |
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Liabilities |
|
|
|
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Accounts payable |
? |
? |
950 |
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Accrued liabilities |
22,850 |
24,940 |
? |
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Long-term notes payable |
82,000 |
140,500 |
(58,500) |
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Common Stock |
? |
61,500 |
125,300 |
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|
54,800 |
? |
(9,200) |
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Total liabilities and stockholders' equity |
373,350 |
316,890 |
56,460 |
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Maple Group Ltd |
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Income Statement |
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Year Ended December 31,2020 |
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Revenues and gains: |
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Sales revenue |
369,500 |
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Interest revenue |
11,800 |
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Total revenues and gains |
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381,300 |
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Expenses |
|
|
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Cost of goods sold |
205,500 |
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|
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15,500 |
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|
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Other operating expense |
126,000 |
|
|
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Interest expense |
24,300 |
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|
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Total expenses |
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371,300 |
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Income before income taxes |
|
10,000 |
|
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Income tax expense |
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16,300 |
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Net Loss |
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(6,300) |
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Notes |
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Acquisition of fixed asset during 2020 |
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65,400 |
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Sale proceed from sale of plant asset |
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- |
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Receipt for issuance of notes payable |
|
- |
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Payment for note payable |
|
58,500 |
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Dividend paid |
|
2,900 |
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Book value of equipment sold |
|
- |
Requirements
- How can the owners use the cash flow information or what can the statement of cash flows help the owners to do?
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- Bear Tree Services reports the following amounts on December 31, 2024. Cash Supplies Prepaid Insurance Building Assets Cash Inflows Customers Borrow from the bank (noite) Sale of Investments Required: 1. Prepare a balance sheet. 2. Prepare a statement of cash flows. In addition, the company reported the following cash flows. Balance Sheet $8.GOD 21700 4400 31.000 Statement of Cash Flows Liabilities and Stockholders. Equity Accounts payable Salaries payable Notes payable Comeon stock Retained earnings Cash Out FlowS $78,000 Employee salaries 29,000 Supplies 23,500 Dividends Purchase building Complete this question by entering your answers in the tabs below. $31.000 13,000 11,000 80,000 & Answer is complete but not entirely correct. $12,400 4,400 29,000 40,000 10,900 Prepare a statement of cash flows. (Cash outflows and decreases in cash should be indicated by a minus sign.)arrow_forwardI am needing help with the following question. I have attached a photo below. Jasneet Corporation’s comparative balance sheet for current assists and liabilities was as follows: (See attached photo) Adjust net income of $185,000 for changes in operating assets and liabilities to arrive at net cash flows from operating activities.arrow_forwardpls answer the following question thanksarrow_forward
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