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Question 1. Merino Plc 2019 and 2020 Balance Sheets included the following items: Merino Plc Comparative...

Question 1. Merino Plc 2019 and 2020 Balance Sheets included the following items:

Merino Plc

Comparative Balance Sheets

As of December 31st, 2019 and 2020

       2020

                   2019

Cash

120,792

71,232

Accounts Receivable

43,512

52,080

Merchandise Inventory

392,784

313,320

Equipment

236,208

171,360

TOTAL ASSETS

793,296

607,992

Accumulated Depreciation, Equipment

108,192

68,544

Accounts Payable

86,184

79,800

Taxes Payable

10,080

15,120

Common Shares

463,680

369,600

Retained Earnings

125,160

74,928

TOTAL LIABILITIES & EQUITY

793,296

607,992

Merino Plc Income Statement was as follows:

Merino Plc

Income Statement

For The Year Ended December 31st, 2020

Revenue:

Sales

1,365.840

Cost Of Goods Sold

624,960

Gross Profit

740,880

Depreciation Expenses:

39,648

Other Expense

402,696

Total Operating Expense

442,344

Profit from operations

298,536

Income Taxes

100,464

NET INCOME

198,072

Required:

Prepare the STATEMENT OF CASH FLOWS for the year ended December 31, 2020. Additional information includes the following:

  1. Equipment was purchased for $64,848 cash
  2. Issued 3,360 common shares for cash at $28 per share
  3. Declared and paid cash dividends during the year.

Solutions

Expert Solution

ekkarill92 answered 5 months ago
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