Indigo Corp. uses the direct method to prepare its statement of
cash flows and follows IFRS. Indigo’s trial balances at December
31, 2020 and 2019, were as follows:
Debits | Dec. 31, 2020 |
Dec. 31, 2019 |
||
Cash | $55,090 | $31,090 | ||
Accounts Receivable | 33,520 | 30,270 | ||
Inventory | 30,630 | 47,000 | ||
Property, Plant, and Equipment | 96,040 | 90,410 | ||
Cost of Goods Sold | 258,290 | 385,700 | ||
Selling Expenses | 133,100 | 167,100 | ||
Administrative Expenses | 144,900 | 156,200 | ||
Interest Expense | 15,600 | 28,600 | ||
Income Tax Expense | 20,200 | 56,200 | ||
$787,370 | $992,570 | |||
Credits | ||||
Allowance for Doubtful Accounts | $1,440 | $1,100 | ||
Accumulated Depreciation | 26,990 | 25,000 | ||
Accounts Payable | 25,000 | 15,500 | ||
Income Taxes Payable | 20,680 | 29,190 | ||
Deferred Income Tax Liability | 5,710 | 5,010 | ||
8% Callable Bonds Payable | 46,520 | 45,770 | ||
Common Shares | 53,600 | 22,000 | ||
Retained Earnings | 44,700 | 64,600 | ||
Sales Revenue | 562,730 | 784,400 | ||
$787,370 | $992,570 |
Additional information:
1. | Indigo purchased $5,630 of equipment during 2020. | |
2. | Bad debt expense for 2020 was $5,500 and write offs of uncollectible accounts totalled $5,330. | |
3. | Indigo has adopted the policy of classifying the payments of interest as operating activities on the statement of cash flows. |
Prepare the operating activities section of the statement of cash
flows for the year ended December 31, 2020, using the direct
method.
Indigo Corp. uses the direct method to prepare its statement of cash flows and follows IFRS....
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I need to prepare a statement of cash flows using the indirect method using this information Assets: Dec. 31st, 2020 Dec. 1st, 2019 Cash 680,000 360,000 Investments 110,000 290,000 Accounts receivable 115,000 130,000 Inventory 230,000 195,000 Prepaid advertising 40,000 25,000 Property & Equipment, net 435,000 500,000 Patents, net 180,000 50,000 Total Assets 1,790,000 1,550,000 Liabilities & Stockholders’ Equity Accounts Payable 265,000 284,000 Wages Payable 30,000 21,000 Notes Payable 650,000 350,000 Common Stock & APIC 600,000 600,000 Treasury Stock (250,000) (50,000)...
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Prepare a statement of cash flows using the direct method. FILMORE COMPANY Comparative Balance Sheets December 31 2013 2014 25,000 41,000 Assets 33,000 14,000 25,000 Cash Accounts receivable Inventory Property, plant, and equipment 73,000 Less: Accumulated depreciation 27,000) Total 23,000 45.000$126,000 78,000 46.000 (24,000) 54,000 135,000 Liabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable Common stock Retained earnings Total $23,000 26,000 20,000 25,000 41,000 $135,000 $ 46,000 23,000 10,000 25,000 22,000 $126,000 FILMORE COMPANY Income Statement For...
Prepare the statement of cash flows from operating activities using the indirect method with the following company information: (20 points) 2020 2019 Cash $240,000 $ 230,500 Accounts Receivable 85,000 100,000 Prepaid Insurance 25,000 30,000 Prepaid Taxes 50,000 25,000 Equipment and Furniture 1,000,000 935,000 Accounts Payable 60,000 50,000 Salaries Payable 25,000 36,000 Mortgage Payable 985,000 1,250,000 Net Income 300,000 250,000 Depreciation Expense 135,000 165,000 Loss on sale of assets 15,500 0
Prepare a statement of cash flows, using the direct method of presenting cash flows from operating activities. Be sure to complete the heading of the statement. Refer to the Labels and Amount Descriptions list provided for the exact wording of the answer choices for text entries. Enter amounts that represent cash outflows as negative numbers using a minus sign. No income statement provided. Updated: Sorry for forgetting the income statement. Instructions The comparative balance sheet of Livers Inc. for December...
McDaniel, Inc. uses the direct method to prepare its statement of cash flows. Refer to the following financial statement information for the year ended December 31, 2017: McDaniel, Inc. Comparative Balance Sheet December 31, 2017 and 2016 Cash Accounts Receivable Merchandise Inventory PP&E, net Total Assets 2017 $36,000 28,700 53,300 126.000 $244.000 Increase 2016 (Decrease) $16,000 $20,000 35,700 (7,000) 26,300 27.000 92.000 34.000 $170.000 $74.000 O A. $23,300 O B. 548,400 OC. $44,400 OD. $71,700 Click to select your answer....