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 58 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
Wow, this really help

bulacsom

  • Member
  • Posts: 329
Reply 3 on: Yesterday
Gracias!

« previous next »
 

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?

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?

During the twentieth century, a variant of the metric system was used in Russia and France in which the base unit of mass was the tonne. Instead of kilograms, this system used millitonnes (mt).

Did you know?

Most women experience menopause in their 50s. However, in 1994, an Italian woman gave birth to a baby boy when she was 61 years old.

Did you know?

Every 10 seconds, a person in the United States goes to the emergency room complaining of head pain. About 1.2 million visits are for acute migraine attacks.

Renal regulation of sodium and potassium balance Renal regulation of sodium and potassium balance
A typical bank statement. A typical bank statement.
Determination of Income Inequality Determination of Income Inequality
Intergenerational Income Mobility in the United States Intergenerational Income Mobility in the United States
Lone-parent household income and the degree of vulnerability Lone-parent household income and the degree of vulnerability
Name sheet Name sheet
Video: Ionic bonds - role of ions in the body

For a complete list of videos, visit our video library