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

Author Question: Wil Wheaton, Kirk Enterprises' controller, is preparing the financial statements for 2021 as ... (Read 5 times)

zl00505

  • Full Member
  • ***
  • Posts: 146
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
Buy Test-Bank


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by zl00505 on Feb 5, 2023

rhhoagland

  • Full Member
  • ***
  • Posts: 167
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 39% of students answer this correctly


zl00505

  • Member
  • Posts: 146
Reply 2 on: Feb 5, 2023
Excellent

Alyson.hiatt@yahoo.com

  • Member
  • Posts: 354
Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

« previous next »
 

Did you know?

The training of an anesthesiologist typically requires four years of college, 4 years of medical school, 1 year of internship, and 3 years of residency.

Did you know?

Many medications that are used to treat infertility are injected subcutaneously. This is easy to do using the anterior abdomen as the site of injection but avoiding the area directly around the belly button.

Did you know?

Carbamazepine can interfere with the results of home pregnancy tests. If you are taking carbamazepine, do not try to test for pregnancy at home.

Did you know?

Glaucoma is a leading cause of blindness. As of yet, there is no cure. Everyone is at risk, and there may be no warning signs. It is six to eight times more common in African Americans than in whites. The best and most effective way to detect glaucoma is to receive a dilated eye examination.

Did you know?

There can actually be a 25-hour time difference between certain locations in the world. The International Date Line passes between the islands of Samoa and American Samoa. It is not a straight line, but "zig-zags" around various island chains. Therefore, Samoa and nearby islands have one date, while American Samoa and nearby islands are one day behind. Daylight saving time is used in some islands, but not in others—further shifting the hours out of sync with natural time.

Which of the following statements is true of linkage? Which of the following statements is true of linkage?
Preparing the Patient’s Skin for Surgical Procedures Preparing the Patient’s Skin for Surgical Procedures
Preparing the Patient’s Skin for Surgical Procedures Preparing the Patient’s Skin for Surgical Procedures
Preparing Slides Preparing Slides
How to convert verbal statements into algebraic equations (Part 3) How to convert verbal statements into algebraic equations (Part 3)
Preparing Canapés ( 4 of 5) Preparing Canapés ( 4 of 5)
Video: Muscular System Animation

For a complete list of videos, visit our video library