- Instant Brake Inc S Comparative Balance Sheet Information At December 31 2020 And 2019 And Its Income Statement For T 1 (70.72 KiB) Viewed 42 times
- Instant Brake Inc S Comparative Balance Sheet Information At December 31 2020 And 2019 And Its Income Statement For T 2 (56.22 KiB) Viewed 42 times
Instant Brake Inc.'s comparative balance sheet Information at December 31, 2020 and 2019, and Its Income
statement for the year ended December 31, 2020, are as follows: Sales Cost of goods sold Gross profit Operating expenses Depreciation expense Operating Profit Loss on sale of equipment Investment income Profit before taxes Income taxes Profit Cash Cash equivalents Accounts receivable Inventory Investment Instant Brake Inc. Income
Statement December 31, 2020 Land Building and equipment Accumulated depreciation Accounts payable Dividends payable Bonds payable Preferred shares Connon shares Retained earnings $132,690 41,250 10,990 18,020 Instant Brake Inc. Balance Sheet Information Required: 1. How much cash was paid in dividends? 2020 $ 45,000 23,780 87,728 113,640 0 76,200 425,950 115,050 December 31 13,120 1,400 $575,000 573,000 $302,000 21,000 81,000 405,480 135,240 173,940 128,060 135,090 15,000 $120,090 2019 $ 24,360 9,000 34,440 80,520 23,780 76,200 443,970 93,960 37,200 900 0 31,000 405,480 73,750 Net Change $ 20,640 14,780 53,280 33,120 23,780) (18,020) 21,090 (24,088) 500 21,000 0 0 61,510 During 2020, the following transactions occurred 1. Purchased equipment for $20.500 cash. 2 Sold the investment on January 1, 2020, for $41,800, resulting in investment Income of $18,020 3. Sold equipment for $7.370 cash that had originally cost $38.520 and had $20,160 of accumulated depreciation. 4. Issued $21,000 of bonds payable at face value.
ences Ac 2. Prepare a
statement of cash flows for Instant Brake for the year ended December 31, 2020, using the Indirect method. (List any deduction in cash and cash outflows as negative amounts.) Cash floves from operating activities: Adjustments to reconcile profit to net cash inflows from operating activities Cash flows from investing activities INSTANT BRAKE INC.
Statement of Cash Flows For Year Ended December 31, 2020 Cash flows from financing activities S 0