- The Comparative Balance Sheets For 2021 And 2020 And The Income Statement For 2021 Are Given Below For Arduous Company 1 (29.8 KiB) Viewed 74 times
- The Comparative Balance Sheets For 2021 And 2020 And The Income Statement For 2021 Are Given Below For Arduous Company 2 (77.69 KiB) Viewed 74 times
- The Comparative Balance Sheets For 2021 And 2020 And The Income Statement For 2021 Are Given Below For Arduous Company 3 (46.15 KiB) Viewed 74 times
- The Comparative Balance Sheets For 2021 And 2020 And The Income Statement For 2021 Are Given Below For Arduous Company 4 (43.47 KiB) Viewed 74 times
- The Comparative Balance Sheets For 2021 And 2020 And The Income Statement For 2021 Are Given Below For Arduous Company 5 (69.95 KiB) Viewed 74 times
- The Comparative Balance Sheets For 2021 And 2020 And The Income Statement For 2021 Are Given Below For Arduous Company 6 (65.93 KiB) Viewed 74 times
ARDUOUS COMPANY Comparative Balance Sheets December 31, 2021 and 2020 ($ in millions) 2021 2020 $ N Assets Cash Accounts receivable Investment revenue receivable Inventory Prepaid insurance Long-term investment Land Buildings and equipment Less: Accumulated depreciation Patent VORU 112 $ 82 191 196 8 5 207 201 6 9 160 126 198 151 413 402 (98) (122) 32 $ 1,229 $ 1,085 35 $ $ 00 o 三國 67 12 5 20 O Liabilities Accounts payable Salaries payable Interest payable (bonds) Income tax payable Deferred tax liability Notes payable Lease liability Bonds payable Less: Discount on bonds Shareholders' Equity Common stock Paid-in capital-excess of par Preferred stock Retained earnings Less: Treasury stock 51 $ 8 10 13 13 24 77 216 (23) Joong 277 (ফুট) 433 97 411 86 6 76 244 (10) $ 1,229 226 0 $ 1,085
ARDUOUS COMPANY Income Statement For Year Ended December 31, 2021 ($ in millions) Revenues and gaint Sales revenue $ 420 Investment revenue 12 Gain on sale of Treasury bills 3 $ 435 Expenses and loss! Cost of goods sold 181 Salaries expense 74 Depreciation expense 12 Amortization expense 3 Insurance expense 8 Interest expense 29 Loss on sale of equipment 20 Income tax expense 37 364 Net income $ 71 Additional information from the accounting records a. Investment revenue includes Arduous Company's $8 million share of the net income of Demur Company, an equity method investee b. Treasury bills were sold during 2021 at a gain of $3 million. Arduous Company classifies its investments in Treasury bills as cash equivalents. c. Equipment originally costing $72 million that was one-half depreciated was rendered unsable by a flood. Most major components of the equipment were unharmed and were sold for $16 million d. Temporary differences between pretax accounting income and taxable income caused the deferred tax liability to increase by $4 million e. The preferred stock of Tory Corporation was purchased for $26 million as a long-term investment f. Land costing $47 million was acquired by issuing $23 million cash and a 10%, four-year. $24 million note payable to the seller. 9. The right to use a building was acquired with a 15-year lease agreement; present value of lease payments, $83 million. Annual lease payments of $6 million are paid at the beginning of each year starting January 1, 2021. h. $61 million of bonds were retired at maturity 1. In February, Arduous issued dividend (4.4 million shares). The market price of the $5 par value common stock was $7.50 per share at that time,
e. The preferred stock of Tory Corporation was purchased for $26 million as a long-term investment 1. Land costing $47 million was acquired by issuing $23 million cash and a 10%, four-year. $24 million note payable to the seller. g. The right to use a building was acquired with a 15-year lease agreement, present value of lease payments, $83 million Annual lease payments of $6 million are paid at the beginning of each year starting January 1, 2021, h $61 million of bonds were retired at maturity LIn February, Arduous issued dividend (4.4 million shares). The market price of the $5 par value common stock was $7.50 per share at that time. j. In April, 1 million shares of common stock were repurchased as treasury stock at a cost of $10.00 million Required: Prepare the statement of cash flows of Arduous Company for the year ended December 31, 2021. Present cash flows from operating activities by the direct method. (Do not round your intermediate calculations. Enter your answers in millions (le, 10,000,000 should be entered as 10.). Amounts to be deducted should be indicated with a minus sign.) ARDUOUS COMPANY Statement of Cash Flows For year ended December 31, 2021 (s in millions) Cash flows from operating activities: Cash inflows Cash outflows:
ARDUOUS COMPANY Statement of Cash Flows For year ended December 31, 2021 ($ in millions) Cash flows from operating activities: Cash inflows: Cash outflows: Net cash flows from operating activities Cash flows from investing activities: Net cash flows from investing activities Cash flows from financing activities:
Net cash flows from operating activities Cash flows from investing activities: Net cash flows from investing activities Cash flows from financing activities: Net cash flows from financing activities Net increase (decrease) in cash Cash balance, January 1 Cash balance, December 31 Noncash investing and financing activities: