Question

In: Accounting

2020/12/31 2019/12/31 Current Assets: Cash $6,100 $7,100 Accounts Receivable 61,500 51,000 Inventory 44,800 63,900 Total Current...

2020/12/31 2019/12/31
Current Assets:
Cash $6,100 $7,100
Accounts Receivable 61,500 51,000
Inventory 44,800 63,900
Total Current Assets 112,400 122,000
Property, Plant, and Equipment 155,200 129,900
Less: Accumulated Depreciation (35,200) (24,800)
Land 80,600 67,700
Total Assets $313,000 $294,800
Current Liabilities:
Accounts Payable 45,800 39,800
Wages Payable 12,000 9,900
Long Term Notes Payable 68,100 78,800
Total Liabilities 125,900 128,500
Stockholders' Equity:
Common Stock 130,000 130,000
Retained Earnings 57,100 36,300
Total Stockholders' Equity 187,100 166,300
Total Liabilities & Stockholders' Equity $313,000 $294,800
Sales Revenue $338,150
Less Cost of Goods Sold 175,700
Gross Profit 162,450
Operating Expenses (119,400)
Operating Income 43,050
Interest Expense (11,300)
Gain on Sale of Equipment 2,000
Income Before Taxes 33,750
Less Income Tax Expense 6,750
Net Income $27,000

Additional Information:
1)The company sold equipment that had an original cost of $20,200 and a book value of $6,060.
2) There have been no sales of land during the year.
3) Depreciation expense is included in operating expenses.
4) There have been no additional borrowings under the long term note payable.
5) There has been no repurchase of treasury stock.
6) Dividends were declared and paid during 2020

Pharoah Inc
Statement of Cash Flows
For the Year Ended 12/31/20
Cash From Operating Activities
Cash From Operating Activities
Cash From Investing Activities
Cash From Financing Activities
Net Change in Cash
Cash at Beginning of Period 7100
Cash at End of Period 6100



Solutions

Expert Solution

Answer:

Statement of Cash Flows
For the Year Ended December 31, 2020
Cash Flows from Operating Activities:
Net income 27,000
Adjustments to reconcile net income to:
Depreciation expense 24,540 =35200-(24800-20200*70%)
Gain on Sale of Equipment -2000
Decrease in inventories 19100
Increase in Accounts receivable -10500
Increase in accounts payable 6000
Increase in salaries and wages payable 2100
39200
Net cash provided by operating activities 66,200
Cash Flows from Investing Activities:
Purchase of Equipment -45500 =(129900-20200)-155200
Purchase of Land -12,900
Sale of Equipment 8060 =(6,060)+2000
Net Cash Used by Investing Activities -50,340
Cash Flows from Financing Activities
Dividend declared and paid -6,160
Principal payment on Long-term notes payable -10,700 =68,100 - 78,800
Net Cash Used by Financing Activities -16,860
Net Decrease in Cash -1000
Cash at Beginning of Period 7100
Cash at End of Period 6100

ekkarill92 answered 10 months ago
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