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In: Accounting

The following information relates to Baxter Corporation, who follows ASPE: Baxter Corporation Statement of Financial Position...

The following information relates to Baxter Corporation, who follows ASPE:

Baxter Corporation

Statement of Financial Position

As at

                                                                                                                         December 31           

                                                                                                                   2019                    2018  

Cash.......................................................................................................... $ 92,000          $ 27,000

Accounts receivable...................................................................................... 90,500              76,900

Inventory.................................................................................................... 152,500            181,800

Land……………………………………………………………………………………………………….......... 50,000              40,000

Buildings..................................................................................................... 350,000            299,000

   Accumulated depreciation, buildings................................................... ..... (35,000)           (13,000)

                                                                                                            ....................... $700,000          $611,700

Accounts payable...................................................................................... $ 90,000          $ 84,000

Unearned revenue........................................................................................ 54,000              63,000

Long-term loans payable............................................................................... 90,000              52,000

Common shares.......................................................................................... 120,000            100,000

Retained earnings................................................................................. ...... 346,000          312,700

                                                                                                            ....................... $700,000          $611,700

Notes: During 2019:

  1. Total sales were $210,000 and net income was $63,300.
  2. Depreciation expense was $32,000.
  3. No principal of loans was paid during this year.
  4. There was a purchase of a building for $90,000 and a disposal of a building during 2019 at a loss of $20,000.
  5. Land was purchased for cash and shares were issued for cash.

Required:

  1. Calculate cash received from customers in 2019.

  1. Prepare a full cash flow statement for Baxter Corporation for 2019 in good form.   Use the INDIRECT method for the cash from operating activity section.

Solutions

Expert Solution

ekkarill92 answered 1 year ago
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