Question

In: Accounting

Fuller Corp. Balance Sheet at Dec 31, 2019                                   &nb

Fuller Corp.

Balance Sheet at Dec 31, 2019                                                                    

AAssets

2019

2018

CCash

$12,000

$33,750

AAccounts Receivables

65,250

58,500

IIInventories

30,000

24,000

LLong term investments (FV-NI)

23,250

40,500

EEquipment

30,000

18,750

AAccumulated Depreciation- equipment

(5,625)

(2,250)

BBuilding

67,500

56,250

AAccumulated Depreciation- building

(13,500)

(9,000)

LLand

32,500

32,500

TTotal Assets

$241,375

$253,000

LLiabilities & Shareholder’s Equities

AAccounts Payable

30,000

24,750

AAccrued Payables

2,375

1,125

IIIncome tax payable

1,000

1,500

LLong term note payable

26,000

31,000

CCommon Shares, issued & outstanding

150,000

150,000

RRetained Earnings

32,000

44,625

TTotal liabilities & Shareholder’s Equities

$241,375

$253,000

Fuller Corp.

Statement of income for the period ended Dec 31, 2019

Sales Revenue

$ 590,250

Cost of Goods sold

(380,000)

Gross Profit

210,250

Operating expense (includes depreciation)

(180,450)

Income from operating

29,800

Other income (losses)

(1800)

Income Tax expense

(40,000)

Net loss

($12000)

                                                                    

Additional Information:

  1. During 2019, Fuller corp declared and paid cash dividend
  2. Equipment had cost of $3,750 and accumulated amortization of $750 were sold during the year for $ 2,200 cash
  3. Investments at FV-NI that cost $27,750 and had a fair value at Dec 31, 2019, of $24,750 were sold during the year for $23,750

Questions:

Using the proper format, prepare the Statement of cash flows for the year ended Dec 31, 2019 using direct OR indirect method.

Solutions

Expert Solution

Answer is given below with T Account working


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