Question
Oakley Company
Comparative Balance Sheets
December 31
Assets 2020 2019
Cash $84,200 $47,000
Accounts receivable 91,200 56,800
Inventory 124,600 102,200
Investments 83,200 85,000
Equipment 256,000 204,000
Accumulated depreciation—equipment (50,000 ) (40,000 )
$589,200 $455,000
Liabilities and Stockholders’ Equity
Accounts payable $58,400 $48,700
Accrued expenses payable 12,300 18,600
Bonds payable 101,000 71,000
Common stock 249,000 201,000
Retained earnings 168,500 115,700
$589,200 $455,000
Oakley Company
Income Statement
For the Year Ended December 31, 2020
Sales revenue $293,400
Gain on disposal of plant assets 8,000
301,400
Less:
   Cost of goods sold $99,600
   Operating expenses (excluding depreciation expense) 13,400
   Depreciation expense 49,200
   Income tax expense 7,200
   Interest expense 2,800 172,200
Net income $129,200


Additional information:

1. Equipment costing $94,000 was purchased for cash during the year.
2. Investments were sold at cost.
3. Equipment costing $42,000 was sold for $10,800, resulting in gain of $8,000.
4. A cash dividend of $76,400 was declared and paid during the year.


Prepare a worksheet for the statement of cash flows using the indirect method. Enter the reconciling items directly in the wo
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Answer #1
Assets 2019 Debit Credit 2020
Cash $    47,000.00 $    37,200.00 $    84,200.00
Accounts Receivable $    56,800.00 $    34,400.00 $    91,200.00
Inventory $ 1,02,200.00 $    22,400.00 $ 1,24,600.00
Investments $    85,000.00 $      1,800.00 $    83,200.00
Equipment $ 2,04,000.00 $    94,000.00 $    42,000.00 $ 2,56,000.00
Accumulated Depreciation $ -40,000.00 $    39,200.00 $    49,200.00 $ -50,000.00
$ 4,55,000.00 $ 5,89,200.00
Liabilities and Stockholder's Equity
Accounts Payable $    48,700.00 $      9,700.00 $    58,400.00
Accrued Expense Payable $    18,600.00 $      6,300.00 $    12,300.00
Bonds Payable $    71,000.00 $    30,000.00 $ 1,01,000.00
Common Stock $ 2,01,000.00 $    48,000.00 $ 2,49,000.00
Retained Earnings $ 1,15,700.00 $    76,400.00 $ 1,29,200.00 $ 1,68,500.00
Total $ 4,55,000.00 $ 3,09,900.00 $ 3,09,900.00 $ 5,89,200.00

Workings:

Equipment
Beg. Bal. $ 2,04,000.00 Disposal $    42,000.00
Cash $    94,000.00 End. Bal. $ 2,56,000.00
$ 2,98,000.00 $ 2,98,000.00
Accumulated Depreciation
Disposal $    39,200.00 Beg. Bal. $    40,000.00
End. Bal. $    50,000.00 Depreciation $    49,200.00
$    89,200.00 $    89,200.00
Disposal
Equipment $    42,000.00 Accu. Dep $    39,200.00
Gain $      8,000.00 Cash $    10,800.00
$    50,000.00 $    50,000.00

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