The following is a condensed version of the comparative balance sheets for Buffalo Corporation for the last two years at December 31. 2020 2019 Cash $194,700 $ 85,800 Accounts receivable 198,000 203,500 Investments 57,200 81,400 Equipment 327,800 264,000 Accumulated Depreciation-Equipment (116,600) (97,900) Current liabilities 147,400 166,100 Common stock 176,000 176,000 Retained earnings 337,700 194,700 Additional information: Investments were sold at a loss of $11,000; no equipment was sold; cash dividends paid were $33,000; and net income was $176,000.

Pharoah Corporation’s comparative balance sheet is presented below. PHAROAH CORPORATIONBalance SheetDecember 31 Assets   2021     2020   Cash   $12,010     $8,980   Accounts receivable   17,810     19,660   Land   16,800     21,840   Buildings   58,800     58,800   Accumulated depreciation—buildings   (12,600 )   (8,400 ) Total   $92,820     $100,880   Liabilities and Shareholders’ Equity             Accounts payable   $10,390     $26,120   Common shares   63,000     57,960   Retained earnings   19,430     16,800   Total   $92,820     $100,880   Additional information: 1.   Profit was $19,010. Dividends declared and paid were $16,380. 2.   No noncash investing and financing activities occurred during 2021. 3.   The land was sold for cash of $4,120 resulting in a loss of $920 on the sale of the land. Prepare a cash flow statement for 2021 using the indirect method. Lu…

Given the data in the following table, the entry for Inventories on the 2023 common-sized balance sheet was %.

Condensed financial data of Waterway Company for 2020 and 2019 are presented below. WATERWAY COMPANYCOMPARATIVE BALANCE SHEETAS OF DECEMBER 31, 2020 AND 2019     2020   2019 Cash   $1,820     $1,130   Receivables   1,730     1,280   Inventory   1,590     1,870   Plant assets   1,940     1,690   Accumulated depreciation   (1,220 )   (1,180 ) Long-term investments (held-to-maturity)   1,300     1,450       $7,160     $6,240                 Accounts payable   $1,200     $920   Accrued liabilities   190     230   Bonds payable   1,430     1,530   Common stock   1,930     1,710   Retained earnings   2,410     1,850       $7,160     $6,240     WATERWAY COMPANYINCOME STATEMENTFOR THE YEAR ENDED DECEMBER 31, 2020 Sales revenue   $6,840 Cost of goods sold   4,630 Gross margin   2,210 Selling and administrative expenses   930 Income from…

Presented below is the balance sheet of Pina Corporation for the current year, 2020. PINA CORPORATIONBALANCE SHEETDECEMBER 31, 2020 Current assets   $  486,360   Current liabilities   $  381,360 Investments   641,360   Long-term liabilities   1,001,360 Property, plant, and equipment   1,721,360   Stockholders’ equity   1,771,360 Intangible assets   305,000       $3,154,080     $3,154,080         The following information is presented. 1.   The current assets section includes cash $151,360, accounts receivable $171,360 less $11,360 for allowance for doubtful accounts, inventories $181,360, and unearned rent revenue $6,360. Inventory is stated on the lower-of-FIFO-cost-or-net realizable value. 2.   The investments section includes the cash surrender value of a life insurance contract $41,360; investments in common stock, short-term $81,360 and long-term $271,360; and bond sinking fund $247,280. The cost and fair value of investments in common stock are the same.…

Presented below is the balance sheet of Novak Corporation for the current year, 2020. NOVAK CORPORATIONBALANCE SHEETDECEMBER 31, 2020 Current assets   $  488,570   Current liabilities   $  383,570 Investments   643,570   Long-term liabilities   1,003,570 Property, plant, and equipment   1,723,570   Stockholders’ equity   1,773,570 Intangible assets   305,000       $3,160,710     $3,160,710         The following information is presented. 1.   The current assets section includes cash $153,570, accounts receivable $173,570 less $13,570 for allowance for doubtful accounts, inventories $183,570, and unearned rent revenue $8,570. Inventory is stated on the lower-of-FIFO-cost-or-net realizable value. 2.   The investments section includes the cash surrender value of a life insurance contract $43,570; investments in common stock, short-term $83,570 and long-term $273,570; and bond sinking fund $242,860. The cost and fair value of investments in common stock are the…

Condensed financial data of Cullumber Company for 2020 and 2019 are presented below. CULLUMBER COMPANYCOMPARATIVE BALANCE SHEETAS OF DECEMBER 31, 2020 AND 2019     2020   2019 Cash   $1,790     $1,170   Receivables   1,780     1,310   Inventory   1,580     1,900   Plant assets   1,900     1,720   Accumulated depreciation   (1,180 )   (1,140 ) Long-term investments (held-to-maturity)   1,310     1,420       $7,180     $6,380                 Accounts payable   $1,220     $880   Accrued liabilities   210     240   Bonds payable   1,380     1,550   Common stock   1,930     1,660   Retained earnings   2,440     2,050       $7,180     $6,380     CULLUMBER COMPANYINCOME STATEMENTFOR THE YEAR ENDED DECEMBER 31, 2020 Sales revenue   $6,690 Cost of goods sold   4,650 Gross margin   2,040 Selling and administrative expenses   930 Income from…

Condensed financial data of Sweet Company for 2020 and 2019 are presented below. SWEET COMPANYCOMPARATIVE BALANCE SHEETAS OF DECEMBER 31, 2020 AND 2019     2020   2019 Cash   $1,800     $1,130   Receivables   1,770     1,320   Inventory   1,560     1,890   Plant assets   1,900     1,700   Accumulated depreciation   (1,220 )   (1,180 ) Long-term investments (held-to-maturity)   1,300     1,430       $7,110     $6,290                 Accounts payable   $1,220     $890   Accrued liabilities   190     250   Bonds payable   1,410     1,520   Common stock   1,870     1,730   Retained earnings   2,420     1,900       $7,110     $6,290     SWEET COMPANYINCOME STATEMENTFOR THE YEAR ENDED DECEMBER 31, 2020 Sales revenue   $6,860 Cost of goods sold   4,710 Gross margin   2,150 Selling and administrative expenses   920 Income from operations…

Condensed financial data of Waterway Company for 2020 and 2019 are presented below. WATERWAY COMPANYCOMPARATIVE BALANCE SHEETAS OF DECEMBER 31, 2020 AND 2019     2020   2019 Cash   $1,790     $1,150   Receivables   1,780     1,330   Inventory   1,620     1,890   Plant assets   1,930     1,700   Accumulated depreciation   (1,200 )   (1,180 ) Long-term investments (held-to-maturity)   1,310     1,420       $7,230     $6,310                 Accounts payable   $1,210     $920   Accrued liabilities   210     240   Bonds payable   1,370     1,530   Common stock   1,860     1,670   Retained earnings   2,580     1,950       $7,230     $6,310     WATERWAY COMPANYINCOME STATEMENTFOR THE YEAR ENDED DECEMBER 31, 2020 Sales revenue   $6,970 Cost of goods sold   4,680 Gross margin   2,290 Selling and administrative expenses   940 Income from…

Condensed financial data of Novak Company for 2020 and 2019 are presented below. NOVAK COMPANYCOMPARATIVE BALANCE SHEETAS OF DECEMBER 31, 2020 AND 2019     2020   2019 Cash   $1,830     $1,180   Receivables   1,710     1,320   Inventory   1,590     1,920   Plant assets   1,890     1,710   Accumulated depreciation   (1,220 )   (1,190 ) Long-term investments (held-to-maturity)   1,320     1,440       $7,120     $6,380                 Accounts payable   $1,190     $890   Accrued liabilities   210     260   Bonds payable   1,400     1,580   Common stock   1,940     1,660   Retained earnings   2,380     1,990       $7,120     $6,380   NOVAK COMPANYINCOME STATEMENTFOR THE YEAR ENDED DECEMBER 31, 2020 Sales revenue   $6,720 Cost of goods sold   4,680 Gross margin   2,040 Selling and administrative expenses   920 Income from operations…