- Homework Ice Drilling Inc S Balance Sheet Information And Income Statement Are As Follows Ice Drilling Inc Income Sta 1 (58.86 KiB) Viewed 40 times
- Homework Ice Drilling Inc S Balance Sheet Information And Income Statement Are As Follows Ice Drilling Inc Income Sta 2 (34.21 KiB) Viewed 40 times
Homework ICE Drilling Inc.'s balance sheet Information and Income
statement are as follows: ICE Drilling Inc. Income
Statement For Year Ended December 31, 2820 Sales Cost of goods sold Gross profit Operating expenses: Depreciation expense Other expenses Total operating expenses Profit from operations Loss on sale of equipment Profit before taxes Income taxes Profit ICE Drilling Inc. Comparative Balance Sheet Information Cash Accounts receivable. Merchandise inventory Prepaid expenses Equipment Accumulated depreciation Accounts payable Current notes payable $ 44,000 306,160 Notes payable Common shares Retained earnings $1,112,000 562,000 $ 550,000 December 31 147,600 615,200 12,060 357,680 79,560 195,820 24,400 350 160 $199,848 11,880 $ 187,960 27,560 $ 160,400 2020 2019 $ 122,650 $ 173,648 210,000 452,800 292,648 113,160 567,600 16,000 245,400 100,560 257,640 16,000 120,500 352,000 271,000 Additional Information regarding ICE Drilling's activities during 2020: 1. Loss on sale of equipment is $11.880. 2. Paid $70,680 to reduce a long-term note payable 3. Equipment costing $107.000, with accumulated depreciation of $65,000, is sold for cash. Seved 27 4. Equipment costing $216.280 is purchased by paying cash of $56,400 and signing a long-term note payable for the balance. 5. Borrowed $8.400 by signing a short-term note payable. 6. Issued 10,080 common shares for cash at $10 per share. 7. Declared and paid cash dividends of $139,560. Required: Prepare a
statement of cash flows for 2020 that reports the cash inflows and outflows from operating activities according to the Prev 8 or 10 Next >
∞ 20 points Wigant lo to to ences Required: Prepare a
statement of cash flows for 2020 that reports the cash inflows and outflows from operating activmes according to the Indirect method ist any deduction in cash and cash outflows as negative amounts) ICE DRILLING INC
Statement of Cash Flows For Year Ended December 31, 2020 Cash flows from operating activities Adjustments to concert to her cash inflows from operating activitas