Question

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We Really Love Cash, Co. Income Statement For the Year ended December 31, 2020 2019 $20,000 14,000 20,000 78,000 24,000) $108,000 Sales revenue Cost of goods sold Gross profit Operating expenses Income from operations Interest expense Income before income taxes Income tax expense Net income $242,000 175,000 67,000 24,000 43,000 3,000 40,000 8,000 $32,000 15 The points available for each row requiring input are noted in column on the temps 16 We Really Love Cash, Co. 18 Comparative Balance Sheet 19 December 31 20 21 2020 22 Assets 23 Cash 339,000 24 Accounts Receivable 30,000 25 Inventory 27,000 26 Equipment 60,000 27 Accumulated depreciation equipment (29,000 28 Total Assets $127,000 29 30 Liabilities and Stockholders' Equity 31 Accounts payable $24,000 32 Income taxes payable 7,000 33 Bonds payable 27,000 Common stock 18,000 35 Retained earnings 51,000 36 Total Liabilities and Stockholders' Equity $127,000 37 38 39 Additional data: 40 1. Dividends declared and paid were $19,000. 41 2. During the year equipment was sold for $6,500 cash. This equipment cost $18,000 42 originally and had a book value of $6,500 at the time of sale. 43 3. All depreciation expense, $16,500, is in the operating expenses. 44 4. All sales and purchases are on account 45 46 47 $15,000 8,000 33,000 14,000 38,000 $108,000 48

Answer 1

We Really Love Cash,Co.
Cash Flow Statement (Indirect Method)
For the Year ended Dec 31,2020
Particulars	Amount $
Cash Flow from Operating Activities
Net Income	$                         32,000
Adjustments
Add: Depreciation & Amortisation	$                         16,500
Increase in Inventory	$                         -7,000
Increase in Account receivables	$                       -16,000
Increase in Accounts Payable	$                           9,000
Decrease in Income tax payable	$                         -1,000
Total Cash Flow from Operating Activities	$                         33,500
Cash flows from investing activities
Sale of equipment	$                  6,500
Net cash used in investing activities	$                  6,500
Cash flows from financing activities
Proceeds of issue of common stock	$                  4,000
Proceeds to repayment of bonds	$                 -6,000
Dividend paid	$               -19,000
Net cash used in financing activities	$               -21,000
Net increase in cash and cash equivalents	$                19,000
Cash and cash equivalents at beginning of period	$                20,000
Cash and cash equivalents at end of period	$                39,000