Question

NEXT CALCULATOR FULL SCREEN PRINTER VERSION BACK Following we selected balance sheet counts of bramble Bros. Corp. at December 11, 2020 and 2019, and the increases or decreases in each account from 2019 to 2020. Also presented is selected income statement information for the year ended December 31, 2020, and additional information Selected balance sheet accounts 2020 $33.900 Property, plant, and equipment Accumulated depreciation plant assets 2019 $24,100 247,400 167,000) (173,000 ) (11,800 ) Lisbilities and stockholders equity Bods payable 2019 $45.200 $ 48,800 22,200 18,800 2.900 3,400 Common stock, $1 par Additional puld-in capital Retained warmings 103,800 90,400 13,400 Selected income statement info Sales revenu year ended December 31, 2020: $155.100 37.900 Gain on sale of equipment Net Income 30,700 Additional information: 1. During 2020, quipment costing $4,800 was sold for cash 2. Accounts receivable relate to sales of merchandise 3. During 2020. $19,900 of bonds payable were issued in exchange for property, plant, and equipment. There was no mortization of bond discount or premium Determine the category Corting, investing or fancing) and the amount that should be reported in the statement of cash flows for the followin g RYBY I Were All Rights on h o

Answer 1

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Workings	Amount $
Book value of equipment sold
Sale Value	44,800.00
Less: Gain on sale of equipment	14,700.00
Book value of equipment sold	30,100.00
Equipment purchased in cash	Amount $
Opening Balance	247,400.00
Less: accumulated depreciation	167,000.00
Net Opening Balance	80,400.00
Less: Book value of equipment sold	30,100.00
Net closing Balance should be	50,300.00
Closing Balance	278,900.00
Less: accumulated depreciation	(178,800.00)
Net Closing Balance	100,100.00
Equipment added during the year	49,800.00
Less: Bonds issued against equipment	19,900.00
Equipment purchased in cash	29,900.00
Bonds Payable paid	Amount $
Opening Balance	46,200.00
Add: Issued against equipment	19,900.00
Less: Closing Balance	48,800.00
Bonds Payable paid	17,300.00
Common Stock issued during the year	Amount $
Closing Balance	22,000.00
Closing Balance- additional paid in capital	8,900.00
Less: Opening Balance	18,800.00
Less: Opening Balance- additional paid in capital	3,000.00
Common Stock issued during the year	9,100.00
Dividends paid during the year
Opening Balance- Retained Earnings	90,400.00
Add: Net Income	30,700.00
Less: Closing Balance	103,800.00
Dividends declared during the year	17,300.00
Add: Opening Dividends Payable	5,000.00
Add: Closing Dividends Payable	7,900.00
Dividends paid during the year	14,400.00

Bramble
Cashflow statement	Amount $
Particulars
Net Income	30,700.00
Adjustment to reconcile Net Income to Net Cash
Add:
Depreciation & Amortization Expense	37,900.00
Less:
Gain on sale of equipment	14,700.00
Cash flow from Operations	53,900.00
Changes in Current Assets/Current Liabilities
Increase in Accounts Receivable	(9,800.00)
Net cash provided by operating activities	44,100.00
Cash flow from investing activities
Equipment purchased in cash	(29,900.00)
Equipment sold	44,800.00
Net cash provided by investing activities	14,900.00
Cash flow from financing activities
Bonds Payable paid	(17,300.00)
Common Stock issued during the year	9,100.00
Dividends paid	(14,400.00)
Net cash used for financing activities	(22,600.00)