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Author Question: Alma Ortiz prepared Carlee Instruments' balance sheet and income statement for 2021. Before she ... (Read 60 times)

lauraleepop

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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
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Marked as best answer by lauraleepop on Feb 5, 2023

RodrickHac

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Reply #1 on: Feb 5, 2023
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lauraleepop

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Reply 2 on: Feb 5, 2023
YES! Correct, THANKS for helping me on my review

Liamb2179

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

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