Question

+ dd Page Insert Tabla Chart Text Shape Medis Comment Comparative balance sheets, income statement, and additional financial information for Portland Trailblazers Partners appear below: Portland Trailblazers Partners Comparative Balance Sheet December 31 2021 2020 Assets Cash $ 282,000 $ 153,000 139,000 150,000 18,000 180,000 117,000 27,000 Accounts receivable Merchandise inventory Prepaid expenses Property, plant, and equipment Accumulated depreciation Patents 1,095,000 (450,000) 178,000 $ 1.412.000 1,050,000 (375,000) 174.000 $ 1.326,00.0 Total assets Liabilities and equity $ $ 48,000 Liabilities: Accounts payable Accrued liabilities Notes payable, long-term Total liabilities 53,000 60,000 42,000 300.000 600.000 413,000 690,000 Equity Preferred stock Additional paid-in capital Retained carings Total equity 750,000 120,000 450,000 120,000 129,000 66,000 636,000 999,000 Total liabilities and equity S 1.412.000 S 1.326,000 Portland Trailblazers Partners 13 atv A a W

Answer 1

Portland Trailblazers Partners
Statement of Cash flows
For the year ended December 31,2021
Cash flows from operating activities:
Net income		$131,000
Adjustments:
Depreciation expense	$75,000
Amortization expense	$24,000
Decrease in accounts receivable	$41,000
Increase in merchandise inventory	($33,000)
Decrease in prepaid expenses	$9,000
Increase in accounts payable	$5,000
Accrued liabilities	$18,000	$139,000
Net Cash flows from operating activities (i)		$270,000
Cash flows from investing activities:
Purchase of property,plant and equipment	($45,000)
Purchase of patents	($28,000)
Net cash flows from investing activities (ii)		($73,000)
Cash flows from financing activities:
Cash paid for dividends	($68,000)
Net cash flows from financing activities (iii)		($68,000)
Net increase(decrease) in cash [i+ii+iii]		$129,000
Cash balance, Dec 31 2020		$153,000
Cash balance, Dec 31 2021		$282,000

Calculations:

Patents, Ending	$178,000
Amortization expense	$24,000
Patents, Beginning	($174,000)
Purchase of patents	$28,000
Retained earnings, beginning	$66,000
Net income	$131,000
Retained earnings, ending	($129,000)
Dividends paid	$68,000