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 20 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
:D TYSM

recede

  • Member
  • Posts: 315
Reply 3 on: Yesterday
Excellent

« previous next »
 

Did you know?

Blastomycosis is often misdiagnosed, resulting in tragic outcomes. It is caused by a fungus living in moist soil, in wooded areas of the United States and Canada. If inhaled, the fungus can cause mild breathing problems that may worsen and cause serious illness and even death.

Did you know?

Pregnant women usually experience a heightened sense of smell beginning late in the first trimester. Some experts call this the body's way of protecting a pregnant woman from foods that are unsafe for the fetus.

Did you know?

The top five reasons that children stay home from school are as follows: colds, stomach flu (gastroenteritis), ear infection (otitis media), pink eye (conjunctivitis), and sore throat.

Did you know?

Asthma attacks and symptoms usually get started by specific triggers (such as viruses, allergies, gases, and air particles). You should talk to your doctor about these triggers and find ways to avoid or get rid of them.

Did you know?

If you use artificial sweeteners, such as cyclamates, your eyes may be more sensitive to light. Other factors that will make your eyes more sensitive to light include use of antibiotics, oral contraceptives, hypertension medications, diuretics, and antidiabetic medications.

Example of a patient statement. Example of a patient statement.
A sample flow sheet. A sample flow sheet.
A sample flow sheet. A sample flow sheet.
Global Stratification: Income of the World's Nations Global Stratification: Income of the World's Nations
How the Return to Education Affects the Distribution of Income How the Return to Education Affects the Distribution of Income
Acid–Base Balance Acid–Base Balance
Video: Stages of Mitosis - Prophase, Prometaphase, Metaphase, Anaphase & Telophase

For a complete list of videos, visit our video library