This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: Alma Ortiz prepared Carlee Instruments' balance sheet and income statement for 2021. Before she ... (Read 41 times)

lauraleepop

  • Full Member
  • ***
  • Posts: 141
on: Feb 5, 2023
Alma Ortiz prepared Carlee Instruments' balance sheet and income statement for 2021. Before she could complete the statement of cash flows, she had to leave town to attend to a family emergency. Because the full set of statements must be provided to the auditors today, Carlee's president, Mike Lymon, has asked you to prepare the statement of cash flows. Lymon has provided the balance sheet and income statement that Ortiz prepared, as well as some notes she made:

Carlee Instruments
Income Statement
For the Year Ended December 31, 2021
Sales revenue$127,900
Cost of goods sold   69,800
    Gross margin58,100
Selling expense$13,000
Administrative expense8,000
Salaries expense20,000
Depreciation expense1,500
Interest expense   4,000   46,500
Income before gain and taxes11,600
Gain on sale of equipment900
Income tax expense        800
    Net income$  11,700


Carlee Instruments
Comparative Balance Sheets
As of December 31
2021 2020
Cash$    6,100$    4,300
Accounts receivable, net6,8005,500
Inventory   33,700   34,200
  Total current assets46,60044,000
Property, plant, & equipment, net 211,900 214,300
  Total Assets$258,500$258,300
Accounts payable$    3,400$    4,900
Accrued expenses2,4002,200
Taxes payable2,1002,600
Note payable   60,500   50,000
  Total liabilities   68,400   59,700
Common stock125,000125,000
Retained earnings   65,100   73,600
  Total stockholders' equity  190,100  198,600
Total liabilities & stockholders' equity$258,500$258,300

•Equipment with an original cost of $35,000 was sold for $20,300. The book value of
the equipment was $19,400.
•On June 1, 2021, the company purchased new equipment for cash at a cost of
$18,500.
•At the end of the year the company issued notes payable for $10,500 cash. The note
will mature on December 31, 2024.
•The company paid $20,200 in cash dividends for the year.

Required:

Using the indirect method, prepare Carlee Instruments' statement of cash flows for 2021.
Managerial Accounting ¦ Davis ¦ 4th Edition
Buy Test-Bank


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by lauraleepop on Feb 5, 2023

RodrickHac

  • Full Member
  • ***
  • Posts: 174
    • anestencream.com
Reply #1 on: Feb 5, 2023
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
Answer Preview
Only 25% of students answer this correctly


lauraleepop

  • Member
  • Posts: 141
Reply 2 on: Feb 5, 2023
Excellent

peter

  • Member
  • Posts: 330
Reply 3 on: Yesterday
Wow, this really help

« previous next »
 

Did you know?

Increased intake of vitamin D has been shown to reduce fractures up to 25% in older people.

Did you know?

Though the United States has largely rejected the metric system, it is used for currency, as in 100 pennies = 1 dollar. Previously, the British currency system was used, with measurements such as 12 pence to the shilling, and 20 shillings to the pound.

Did you know?

Elderly adults are at greatest risk of stroke and myocardial infarction and have the most to gain from prophylaxis. Patients ages 60 to 80 years with blood pressures above 160/90 mm Hg should benefit from antihypertensive treatment.

Did you know?

Many supplement containers do not even contain what their labels say. There are many documented reports of products containing much less, or more, that what is listed on their labels. They may also contain undisclosed prescription drugs and even contaminants.

Did you know?

Asthma cases in Americans are about 75% higher today than they were in 1980.

Ecosystem and Balance Ecosystem and Balance
The correct statement about hormones-insulin and glucagon The correct statement about hormones-insulin and glucagon
"To begin the pull-back exercise, grasp wrists, then lean back and balance." "To begin the pull-back exercise, grasp wrists, then lean back and balance."
Women who are 65 and older have a lower median income from all sources than men in the same age ... Women who are 65 and older have a lower median income from all sources than men in the same age ...
West Antarctic Ice Sheet West Antarctic Ice Sheet
How the Return to Education Affects the Distribution of Income How the Return to Education Affects the Distribution of Income
Video: Mechanisms of capillary exchange

For a complete list of videos, visit our video library