- Comparative Balance Sheets For 2021 And 2020 And A Statement Of Income For 2021 Are Given Below For Metagrobolize Indust 1 (71.13 KiB) Viewed 17 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, 2021 and 2020 ($ in thousands) 2821 2828 Assets Cash $ 385 Accounts receivable 310 Inventory 410 Land 735 Building 700 (185) Less: Accumulated depreciation Equipment 2,870 Less: Accumulated depreciation Patent Liabilities Accounts payable Accrued liabilities Lease liability-land Shareholders' Equity Common stock Paid-in capital-excess of par Retained earnings Revenues 500 $ 598 748 758 700 (200) Expenses 3,100 (397) 1,200 $ 6,983 $ 848 278 138 3,798 550 1,493 $ 6,983 METAGROBOLIZE INDUSTRIES Income
Statement For the Year Ended December 31, 2821 ($ in thousands) (360) $2,894 $1,040 15 8 3,500 548 1,325 $ 6,235 Sales revenue Gain on sale of land. 90 $2,984 Cost of goods sold Depreciation expense-building Depreciation expense-equipment 496 20 250 Loss on sale of equipment Amortization of patent Operating expenses Net income 400 2,221 $ 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. 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.) 1,450 $ 6,235 $ 640 230
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.) METAGROBOLIZE INDUSTRIES
Statement of Cash Flows For the year ended December 31, 2021 ($ in thousands) Cash flows from operating activities: Cash inflows. T- 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: