- Comparative Balance Sheets For 2021 And 2020 And A Statement Of Income For 2021 Are Given Below For Metagrobolize Indust 1 (61.6 KiB) Viewed 16 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 $ 150 Accounts receivable 220 Inventory 365 530 Land Building 988 Less: Accumulated depreciation Equipment (165) 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 418 $ 410 568 575 900 (200) 2,658 (388) 1,300 $ 6,217 $ 668 $ 188 138 3,168 588 1,587 $ 6,217 METAGROBOLIZE INDUSTRIES Income
Statement For the Year Ended December 31, 2821 ($ in thousands) 2,330 1,600 $ 5,570 368 130 8 3,000 495 1,585 $ 5,578 $ 2,551 45 860 (360) Sales revenue Gain on sale of land $ 2,596 Expenses Cost of goods sold Depreciation expense-building Depreciation expense-equipment Loss on sale of equipment Amortization of patent Operating expenses Net income 1,999 $ 597 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 $240,000 (90% depreciated) was sold. c. The
statement of shareholders' equity reveals reductions of $165,000 and $430,000 for stock dividends and cash dividends. respectively. 35 244 10 300 550
Required: Prepare the
statement of cash flows for Metagrobolize Industries using the indirect method. (Enter your answers in thousands (I.e., 10,000 should be entered as 10).) Amounts to be deducted should be indicated with a minus sign.) METAGROBOLIZE INDUSTRIES
Statement of Cash Flows For year ended December 31, 2021 ($ in 000s) Cash flows from operating activities: Net income Adjustments for noncash effects: Changes in operating assets and liabilities: 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 in cash Cash balance, January 11 Cash balance, December 31 Noncash investing and financing activities: S S 0 0 0 0