Comparative balance sheets for 2019 and 2020, income statement for 2020 for Mary’s shop.
Balance Sheet
As of December 31st
Assets |
2020 |
2019 |
Cash |
$1,550 |
$1,100 |
Account Receivable |
550 |
1,200 |
Inventory |
1,800 |
1,300 |
Investment – Trading Securities |
970 |
970 |
Fair Value Adjustment |
70 |
0 |
Property Plant & Equipment |
12,000 |
10,800 |
Accumulated Depreciation – PPE |
(4,650) |
(5,400) |
Goodwill |
$400 |
$600 |
Total Assets |
$12,690 |
$10,570 |
Liabilities |
||
Accounts Payable |
$200 |
$550 |
Accrued Wages |
800 |
220 |
Convertible Bonds Payable |
0 |
300 |
Bonds Payable |
3,400 |
1,800 |
Discount on Bonds Payable |
(10) |
(12) |
Total Liabilities |
$4,390 |
$2,858 |
Stockholders’ Equity |
||
Common Stock |
4,300 |
3,100 |
Paid-in capital – Common Stock |
300 |
100 |
Retained Earnings |
3,700 |
4,512 |
Total Liability & Stockholders’ Equity |
$12,690 |
$10,570 |
Income Statement
During the Year Ended December 31st
Revenues |
2020 |
|
Sales Revenue |
$25,600 |
|
Dividend Revenue |
110 |
|
Unrealized Holding Gain/Loss - Income |
70 |
|
Total Net Sales |
$25,780 |
|
Expenses |
||
Cost of Goods Sold |
$21,300 |
|
Operating Expenses |
4,287 |
|
Interest Expense |
45 |
|
Loss due to impairment of Goodwill |
200 |
|
Loss on sale of Machinery |
70 |
|
Total Expenses |
25,902 |
|
Income Before Income Tax |
(122) |
|
Income Tax Expense |
0 |
|
Net Income (Loss) |
$ (122) |
Additional Information from the 2020
accounting records:
TO DO: Prepare the statement of cash flow under the indirect method. Your finished product should have all the information disclosed on a formal statement, and a list of noncash transactions.
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