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Author Question: Wil Wheaton, Kirk Enterprises' controller, is preparing the financial statements for 2021 as ... (Read 42 times)

zl00505

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on: Feb 5, 2023
Wil Wheaton, Kirk Enterprises' controller, is preparing the financial statements for 2021 as follows.

Kirk Enterprises
Comparative Balance Sheets
As of December 31
2021 2020
Cash$122,300 $80,500
Accounts receivable, net287,200269,700
Inventory125,00095,000
Total current assets534,500445,200
Property, plant, & equipment, net297,000160,000
Accumulated depreciation 90,00060,000
  Net property, plant, & equipment207,000100,000
Total Assets$741,500 $545,200
Accounts payable$150,000$175,000
Taxes payable17,60020,000
Mortgage payable110,000             0
  Total liabilities277,600195,000
Common stock350,000290,000
Retained earnings113,90060,200
  Total stockholders' equity463,900350,200
Total liabilities & stockholders' equity$741,500 $545,200


Kirk Enterprises
Income Statement
For the Year Ended December 31, 2021
Sales revenue$1,070,000
Cost of goods sold700,000
Operating expenses
  Depreciation expense$  42,000
  Interest expense7,400
  Wages expenses175,000
  Other expenses   16,000   240,400
Income before taxes129,600
Loss on equipment sale3,000
Tax expense     63,400
  Net income$     63,200


He has gathered this additional information:

•On December 31, 2021, Kirk sold a piece of equipment with an original cost of
$25,000 for $10,000 cash. The equipment had a book value of $13,000.
•On February 1, 2021, Kirk issued $60,000 of common stock to raise cash in
anticipation of the purchase of a new building later in the year.
•On February 2, 2021, Kirk took out a ten-year $110,000 long-term loan to provide
the remaining funds needed to purchase the building.
•On May 15, 2021, Kirk paid $162,000 for the new building.
•The company paid a cash dividend of $9,500.

Required:

Using the direct method, prepare Kirk Enterprises' statement of cash flows for 2021.
Managerial Accounting ¦ Davis ¦ 4th Edition
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Marked as best answer by zl00505 on Feb 5, 2023

rhhoagland

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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.
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zl00505

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

jomama

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Reply 3 on: Yesterday
:D TYSM

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