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 10 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
Gracias!

Dinolord

  • Member
  • Posts: 313
Reply 3 on: Yesterday
Excellent

« previous next »
 

Did you know?

The first successful kidney transplant was performed in 1954 and occurred in Boston. A kidney from an identical twin was transplanted into his dying brother's body and was not rejected because it did not appear foreign to his body.

Did you know?

People often find it difficult to accept the idea that bacteria can be beneficial and improve health. Lactic acid bacteria are good, and when eaten, these bacteria improve health and increase longevity. These bacteria included in foods such as yogurt.

Did you know?

Russia has the highest death rate from cardiovascular disease followed by the Ukraine, Romania, Hungary, and Poland.

Did you know?

Certain rare plants containing cyanide include apricot pits and a type of potato called cassava. Fortunately, only chronic or massive ingestion of any of these plants can lead to serious poisoning.

Did you know?

Adolescents often feel clumsy during puberty because during this time of development, their hands and feet grow faster than their arms and legs do. The body is therefore out of proportion. One out of five adolescents actually experiences growing pains during this period.

Preparing a Smear Preparing a Smear
Preparing the Patient’s Skin for Surgical Procedures Preparing the Patient’s Skin for Surgical Procedures
How to convert verbal statements into algebraic equations (Part 2) How to convert verbal statements into algebraic equations (Part 2)
The Economics of Money, Banking and Financial Markets, Business School Edition The Economics of Money, Banking and Financial Markets, Business School Edition
Daniel's Enterprises has a beta of 1.98 and a growth rate of 12 percent. The stock is ... Daniel's Enterprises has a beta of 1.98 and a growth rate of 12 percent. The stock is ...
A dendritic cell preparing to engulf spores of a fungus, Aspergillus fumigatus. A dendritic cell preparing to engulf spores of a fungus, Aspergillus fumigatus.
Video: Epinephrine/NE (heart rate, altered blood flow, glycogenolysis & bronchodilation)

For a complete list of videos, visit our video library