Question
In: Accounting
The balance sheets for Kinder Company showed the following information. Additional information concerning transactions and events...
The balance sheets for Kinder Company showed the following information. Additional information concerning transactions and events during 2020 are presented below.
Kinder Company
Balance Sheet
December 31
2020 2019
Cash $ 30,900 $ 10,200
Accounts receivable (net) 43,300 20,300
Inventory 35,000 42,000
Long-term investments 0 15,000
Property, plant & equipment 236,500 150,000
Accumulated depreciation (37,700) (25,000)
$308,000 $212,500
Accounts payable $ 17,000 $ 26,500
Accrued liabilities 21,000 17,000
Long-term notes payable 70,000 50,000
Common stock 130,000 90,000
Retained earnings 70,000 29,000
$308,000 $212,500
Additional data:
1. Net income for the year 2020, $61,000.
2. Gain on sale of investment, $18,000, included in net income.
3. Paid a $40,000 long-term note payable by issuing common stock.
Prepare a Statement of Cash Flows for Kinder using the indirect method using Be sure to include required supplemental disclosures.
Solutions
ekkarill92 answered 2 years agoRelated Solutions
The balance sheets for Kinder Company showed the following information. Additional information concerning transactions and events...
The balance sheets for Kinder Company showed the following
information. Additional information concerning transactions and
events during 2020 are presented below.
Kinder Company
Balance Sheet
December 31
2020
2019
Cash $ 30,900 $
10,200
Accounts
receivable (net) 43,300 20,300
Inventory
35,000 42,000
Long-term
investments 0 15,000
Property, plant
& equipment 236,500 150,000
Accumulated
depreciation
(37,700)
(25,000)
$308,000 $212,500
Accounts
payable $
17,000
$ 26,500
Accrued
liabilities 21,000 17,000...
5. Below are the balance sheets and income statement for Kinder Care Company. Please prepare the...
5. Below are the balance sheets and income statement for
Kinder Care Company. Please prepare the statement of cash flows for
2018 on both the indirect and direct bases.
Kinder Care Company
Balance Sheet
December 31
2018
2017
Change
Cash
140,000
111,200
Accounts receivable (net)
30,000
20,300
Inventory
50,000
26,000
Long-term investments
-0-
30,000
(30,000)
Property, plant & equipment
270,000
150,000
120,000
Accumulated depreciation
(70,000)
(25,000)
(45,000)
Accounts payable
50,000
35,500
Accrued liabilities
30,000
27,000
3,000
Long-term notes payable
70,000...
The income statement, balance sheets, and additional information for Communication Accessories are provided. &
The income statement, balance sheets, and additional information
for Communication Accessories are provided.
Communication Accessories
Income Statement
For the Year Ended December 31, 2021
Revenues
$2,800,000
Gain on sale of land
4,000
Total revenues
2,804,000
Expenses:
Cost of goods sold
1,900,000
Operating expenses
575,000
Depreciation expense
38,000
Interest expense
16,000
Income tax expense
63,000
Total expenses
2,592,000
Net Income
$212,000
Communication Accessories
Balance Sheets
December 31
Assets
2021
2020
Current Assets:
Cash
$182,000...
Use the following comparative Balance Sheets, Income Statement, and additional information to prepare the 2018 Statement...
Use the following comparative Balance Sheets, Income Statement,
and additional information to prepare the 2018 Statement of Cash
Flows for United Brands Corporation.
Required:
Prepare an entire Statement of Cash Flows (all three sections)
using the indirect method for the Operating Activities section.
Prepare the Operating Activities section using the direct
method.
United Brands Corporation
Balance Sheets
December 31, 2018 and 2017
($ in millions)
2018 2017 Incr (Decr)
ASSETS
Current Assets:
Cash $41 $20 $21
Accounts receivable 32 30...
Comparative balance sheets for 2021 and 2020, a statement of income for 2021, and additional information...
Comparative balance sheets for 2021 and 2020, a statement of
income for 2021, and additional information from the accounting
records of Red, Inc., are provided below.
RED, INC.
Comparative Balance Sheets
December 31, 2021 and 2020 ($ in millions)
2021
2020
Assets
Cash
$
32
$
128
Accounts receivable
149
140
Prepaid insurance
8
4
Inventory
301
183
Buildings and equipment
416
358
Less: Accumulated depreciation
(127
)
(248
)
$
779
$
565
Liabilities
Accounts payable
$
95
$...
Comparative balance sheets for 2021 and 2020, a statement of income for 2021, and additional information...
Comparative balance sheets for 2021 and 2020, a statement of
income for 2021, and additional information from the accounting
records of Red, Inc., are provided below.
RED, INC.
Comparative Balance Sheets
December 31, 2021 and 2020 ($ in millions)
2021
2020
Assets
Cash
$
35
$
134
Accounts receivable
200
143
Prepaid insurance
5
3
Inventory
307
186
Buildings and equipment
422
361
Less: Accumulated depreciation
(130
)
(251
)
$
839
$
576
Liabilities
Accounts payable
$
98
$...
Comparative balance sheets for 2021 and 2020, a statement of income for 2021, and additional information...
Comparative balance sheets for 2021 and 2020, a statement of
income for 2021, and additional information from the accounting
records of Red, Inc., are provided below.
RED, INC.
Comparative Balance Sheets
December 31, 2021 and 2020 ($ in millions)
2021
2020
Assets
Cash
$
25
$
112
Accounts receivable
180
133
Prepaid insurance
8
4
Inventory
287
176
Buildings and equipment
402
351
Less: Accumulated depreciation
(120
)
(241
)
$
782
$
535
Liabilities
Accounts payable
$
88
$...
Comparative balance sheets for 2018 and 2017, a statement of income for 2018, and additional information...
Comparative balance sheets for 2018 and 2017, a statement of
income for 2018, and additional information from the accounting
records of Red, Inc., are provided below.
RED, INC.
Comparative Balance Sheets
December 31, 2018 and 2017 ($ in millions)
2018
2017
Assets
Cash
$
44
$
152
Accounts receivable
198
152
Prepaid insurance
12
5
Inventory
325
195
Buildings and equipment
440
370
Less: Accumulated depreciation
(139
)
(260
)
$
880
$
614
Liabilities
Accounts payable
$
107
$...
Comparative balance sheets for 2018 and 2017, a statement of income for 2018, and additional information...
Comparative balance sheets for 2018 and 2017, a statement of
income for 2018, and additional information from the accounting
records of Red, Inc., are provided below.
RED, INC.
Comparative Balance Sheets
December 31, 2018 and 2017 ($ in millions)
2018
2017
Assets
Cash
$
25
$
112
Accounts
receivable
180
133
Prepaid
insurance
8
4
Inventory
287
176
Buildings and
equipment
402
351
Less:
Accumulated depreciation
(120
)
(241
)
$
782
$
535
Liabilities
Accounts
payable
$
88
$...
Comparative balance sheets for 2021 and 2020, a statement of income for 2021, and additional information...
Comparative balance sheets for 2021 and 2020, a statement of
income for 2021, and additional information from the accounting
records of Red, Inc., are provided below.
RED, INC.
Comparative Balance Sheets
December 31, 2021 and 2020 ($ in millions)
2021
2020
Assets
Cash
$
28
$
114
Accounts receivable
184
136
Prepaid insurance
13
8
Inventory
250
179
Buildings and equipment
451
354
Less: Accumulated depreciation
(123
)
(244
)
$
803
$
547
Liabilities
Accounts payable
$
93
$...
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