- Comparative Balance Sheets For 2021 And 2020 And A Statement Of Income For 2021 Are Given Below For Metagrobolize Indust 1 (60.75 KiB) Viewed 23 times
Comparative balance sheets for 2021 and 2020 and a
statement of income for 2021 are given below for Metagrobolize Industries. Additional information from the accounting records of Metagrobolize also is provided. METAGROBOLIZE INDUSTRIES Comparative Balance Sheets December 31, 2821 and 2828 ($ in thousands) 2821 2828 Assets Cash $ Accounts receivable Inventory Land Building Less: Accumulated depreciation Equipment Less: Accumulated depreciation Patent 1,200 1,450 $ 6,983 $ 6,235 Liabilities $ 848 $ 640 278 230 Accounts payable Accrued liabilities Lease liability-land Shareholders' Equity Common stock 130 0 3,708 3,500 550 540 Paid-in capital-excess of par Retained earnings 1,493 1,325 $ 6,983 $ 6,235 Revenues Sales revenue $2,894 Gain on sale of land 90 $2,984 Cost of goods sold $1,040 15 496 Depreciation expense-building Depreciation expense-equipment Loss on sale of equipment Amortization of patent Operating expenses 20 250 400 2,221 Net income $763 Additional information from the accounting records: a. Annual payments of $20,000 on the finance lease liability are paid each January 1, beginning in 2021. b. During 2021, equipment with a cost of $510,000 (90% depreciated) was sold. c. The
statement of shareholders' equity reveals reductions of $210,000 and $385,000 for stock dividends and cash dividends. respectively. Expenses 508 $ 590 748 758 700 (200) 3,100 (397) METAGROBOLIZE INDUSTRIES Income
Statement For the Year Ended December 31, 2821 ($ in thousands) 385 310 410 735 700 (185) 2,870 (360)
Required: Prepare the
statement of cash flows of Metagrobolize for the year ended December 31, 2021. Present cash flows from operating activities by the direct method. (Enter your answers in thousands (I.e., 10,000 should be entered as 10). Amounts to be deducted should be indicated with a minus sign.) Answer is not complete. METAGROBOLIZE INDUSTRIES
Statement of Cash Flows For the year ended December 31, 2021 ($ in thousands) Cash flows from operating activities: Cash inflows: From customers 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 financing activities Net increase (decrease) in cash Cash balance, January 11 Cash balance, December 31 Noncash investing and financing activities: S S 0 0 0 0 0