Answer Happy

Sully Co. had the following financial data related to the year ended: Dec 31, 2021 $ $ Cash 72,740 Accounts receivable 135,250 Merchandise inventory 145,000 Long-term investments. 112,000 Equipment 390,000 Less: Accumulated depreciation, 120,000 734,990 166,550 24,000 Accounts payable Income taxes payable Bonds payable Common shares 98,500 295,000 Retained earnings 150,940 734.990 Sales (all on credit) 413,532 Less: Cost of goods sold 165,000 Gross Profit 248,532 Add: Profit on disposal of equipment 2,000 250,532 Less: Operating expenses Depreciation expenses 170,000 56,431 Other operating expenses Interest expenses 10,185 236,616 Net Profit for the year 13.916 Additional information for your reference: a) There was no gain or loss on the long-term investments sold or the bonds retired. b) Old equipment with an original cost of $125,000 and accumulated depreciation of $60,000 was sold for $67,000. c) New equipment was purchased for $330,500. d) Dividends of $40,266 were paid during the year. Additional shares were issued during the year. Dec 31, 2020 $ 163,880 64,220 123,900 112,800 184,500 110,000 539,300 91,000 23,450 125,560 222,000 77.290 539.300
Sully Co. had the following financial data related to the year ended: Dec 31, 2021 $ $ Cash 72,740 Accounts receivable 135,250 Merchandise inventory 145,000 Long-term investments 112,000 Equipment 390,000 Less: Accumulated depreciation, 120,000 734.990 166,550 24,000 Accounts payable Income taxes payable Bonds payable Common shares 98,500 295,000 Retained earnings 150,940 734.990 Sales (all on credit) 413,532 Less: Cost of goods sold 165,000 Gross Profit 248,532 Add: Profit on disposal of equipment 2,000 250,532 Less: Operating expenses. Depreciation expenses 170,000 Other operating expenses 56,431 Interest expenses 10,185 236,616 Net Profit for the year 13,916 Additional information for your reference: a) There was no gain or loss on the long-term investments sold or the bonds retired. b) Old equipment with an original cost of $125,000 and accumulated depreciation of $60,000 was sold for $67,000. c) New equipment was purchased for $330,500. d) Dividends of $40,266 were paid during the year. Additional shares were issued during the year. 1 REQUIRED Prepare a statement of cash flows for the year ended December 31, 2021, using the INDIRECT METHOD. Dec 31, 2020 $ 163,880 64,220 123,900 112,800 184,500 110,000 539,300 91,000 23,450 125,560 222,000 77,290 539.300