Balance Sheet Current Assets Assets M Wallace Services, Ltd. Balance Sheets At December 31 Current Year Prior Year X Income Statement Wallace Services, Ltd. Income Statement Cash 308,675 $ Accounts Receivable - net Supplies Inventory 312,300 807,350 99,160 265,905 604,250 For the Current Year Ended December 31 Service Revenue $ 707,200 Prepaid Expenses 25,225 22,000 Selling, General, and Administrative Expenses Depreciation Expense (280,200) (80,000) Total Current Assets Noncurrent Assets Held-to-Maturity Debt Investments Land Property, Plant, and Equipment 69 $ 1,453,550 $ 991,315 Bad Debt Expense (26,000) Operating Income 321,000 EA $ 73,000 $ 121,000 Interest Expense (24,000) 326,000 204,000 Income before Tax 297,000 999,000 841,300 Tax at 40% (118,800) Accumulated Depreciation (123,000) (43,000) $ 178,200 Net Income Total Noncurrent Assets 1,275,000 $ 1,123,300 $ 2,728,550 $ 2,114,615 Total Assets Liabilities Print Done Current Liabilities Accrued Liabilities $ 310,000 $ 284,800 Accounts Payable 397,300 215,000 $ Total Current Liabilities 707,300 $ 499,800 Noncurrent Liabilities Notes Payable 532,250 $ 210,000 $ Total Noncurrent Liabilities Total Liabilities 532,250 $ 210,000 1,239,550 $ 709,800 Shareholders' Equity Common Stock, no par value $ 349,000 $ 349,000 1,193,300 1,077,815 Retained Earnings Total Shareholders' Equity $ 1,542,300 $ 1,426,815 Less: Treasury Stock at Cost (53,300) (22,000) 2,728,550 $ 2,114,615 Total Liabilities and Shareholders' Equity enter a zero Additional Information • Wallace included the $26,000 loss on disposal of investments in selling, general, and administrative expenses on the income statement. Accrued liabilities relate to selling, general and administrative expenses. All dividends declared are paid in cash. All interest and taxes are paid in cash. Acquisitions of land and property, plant and equipment used cash only. There was no amortization of the held-to-maturity debt investments. There were no adjustments to fair value. Print Done Wallace Services, Ltd. provided the following comparative balance sheets and income statement for the current year. (Click the icon to view the balance sheets.) (Click the icon to view the statement of net income.) (Click the icon to view the additional information.) Requirement Prepare Wallace's cash flow statement for the current year under the indirect method. Assume that accrued liabilities relate to selling, general, and administrative expenses. Complete the statement one section at a time, beginning with the cash flows from operating activities. (Use a minus sign or parentheses for any numbers to be subtracted and/or for cash outflows. If an input field is not used in the statement, leave the field empty; do not select a label or enter a zero.) Ferragosto Services, Ltd. Statement of Cash Flows (Indirect Method) For the Year Ended December 31 Current Year Operating Activities: Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: Changes in Operating Working Capital Accounts: Net Cash Provided (Used) by Operating Activities Investing Activities: Net Cash Provided (Used) by Investing Activities Financing Activities: Net Cash Provided (Used) by Financing Activities Net Increase (Decrease) in Cash and Cash Equivalents Cash and Cash Equivalents, Beginning of Year Cash and Cash Equivalents, End of Year

Golden Corporation's current year income statement, comparative balance sheets, and additional information follow. For the year, (1) all sales are credit sales, (2) all credits to Accounts Receivable reflect cash receipts from customers, (3) all purchases of inventory are on credit, (4) all debits to Accounts Payable reflect cash payments for inventory, and (5) any change in Income Taxes Payable reflects the accrual and cash payment of taxes. Assets Cash Accounts receivable Inventory Total current assets Equipment Accumulated depreciation-Equipment Total assets Liabilities and Equity Accounts payable Income taxes payable Total current liabilities GOLDEN CORPORATION Comparative Balance Sheets December 31 Equity Common stock, $2 par value Paid-in capital in excess of par value, common stock Retained earnings Total liabilities and equity GOLDEN CORPORATION Income Statement For Current Year Ended December 31 Sales Cost of goods sold Gross profit Operating expenses (excluding depreciation)…

Golden Corporation's current year income statement, comparative balance sheets, and additional information follow. For the year, (1) all sales are credit sales, (2) all credits to Accounts Receivable reflect cash receipts from customers, (3) all purchases of inventory are on credit, (4) all debits to Accounts Payable reflect cash payments for inventory, and (5) any change in Income Taxes Payable reflects the accrual and cash payment of taxes. Assets Cash Accounts receivable Inventory Total current assets Equipment Accumulated depreciation-Equipment Total assets Liabilities and Equity Accounts payable Income taxes payable Total current liabilities Equity Common stock, $2 par value Paid-in capital in excess of par value, common stock. Retained earnings Total liabilities and equity Sales Cost of goods sold Gross profit GOLDEN CORPORATION Comparative Balance Sheets December 31 GOLDEN CORPORATION Income Statement For Current Year Ended December 31 Operating expenses (excluding depreciation)…

The income statement and additional data of Newbury Travel Products, Inc., follow: (Click the icon to view the income statement.) (Click the icon to view the additional data.) Requirements 1. Prepare Newbury's statement of cash flows for the year ended December 31, 2021, using the indirect method. 2. Evaluate the company's cash flows for the year. In your evaluation, mention all three categories of cash flows and give the rationale for your evaluation. Data table Newbury Travel Products, Inc. Income Statement Year Ended December 31, 2021 Revenues: Service revenue $ 238,000 Dividend revenue 8,600 $ 246,600 Expenses: Cost of goods sold 97,000 Salary expense 61,000 Depreciation expense 21,000 Advertising expense 3,000 Interest expense 2,100 12,000 196,100 Income tax expense ge $ 50,500 Net income - X

Prepare the statement of cash flows of Metagrobolize for the year ended December 31, 2021. Present cash flows from operating activities by the direct method. (Enter your answers in thousands (i.e., 10,000 should be entered as 10). Amounts to be deducted should be indicated with a minus sign.)

Identify the section of the statement of cash flows (a–d) where each of the following items would be reported.a. Operating activitiesb. Financing activitiesc. Investing activitiesd. Schedule of noncash financing and investing Increase in income taxes payable   Where does this will be on the cash flow statement ?

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Yang Company recognized accrued salary expense. The recognition will affect which of the following financial statements?

Salus Mea Inc., 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 as follows: Balance sheet at December 31 Cash Accounts receivable Merchandise inventory Property and equipment Less: Accumulated depreciation Accounts payable Wages payable Note payable, long-term Common stock and additional paid-in capital Retained earnings Income statement for current year Sales Cost of goods sold Depreciation expense Other expenses Net income Additional Data: 1. Bought equipment for cash, $48,900. 2. Paid $14,700 on the long-term note payable. Current Year $ 73,250 15,250 23,450 209,250 (57.450) $263,750 $ 16,500 2,000 56,300 103,950 $5,000 $263.750 $205,000 (123,500) (11,700) (4),000) $26.800 3. Issued new shares of stock for $38,050 cash. 4. Dividends of S650 were declared and paid. 5. Other expenses all relate to wages. 6.…

Panzarella Corporation's current year income statement, comparative balance sheets, and additional information follow. For the year, (1) all sales are credit sales, (2) all credits to Accounts Receivable reflect cash receipts from customers, (3) all purchases of inventory are on credit, (4) all debits to Accounts Payable reflect cash payments for inventory, (5) Other Expenses are all cash expenses, and (6) any change in Income Taxes Payable reflects the accrual and cash payment of taxes. Assets Cash Accounts receivable Inventory Total current assets PANZARELLA CORPORATION Comparative Balance Sheets December 31 Equipment Accumulated depreciation-Equipment Total assets Liabilities and Equity Accounts payable Income taxes payable Total current liabilities Equity Common stock, $2 par value Paid-in capital in excess of par value, common stock Retained earnings Total liabilities and equity PANZARELLA CORPORATION Income Statement For Year Ended December 31 Sales Cost of goods sold Gross…