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Cash Flow Statement Prepare a Cash Flow Statement for Red Company for the year ended December 31, 2021. Red Company Balance Sheets December 31, 2021 2020 ASSETS Cash Accounts receivable Inventory Investments (long-term) $ 186,800 250,000 293,000 $ 115,600 247,000 217,800 130,000 Land Equipment Accumulated depreciation 290,000 735,200 (221.800) $ 1,533,200 557,200 (174,800) $ 1,092,800 LIABILITIES AND EQUITY Accounts payable Salaries payable Dividends payable Common stock, $10 par Paid-in capital in excess of par Retained earnings $ 164,800 13,400 33,200 200,000 640,000 481,800 $ 1,533,200 $ 148,000 12,000 31,400 140,000 400,000 361,400 $ 1,092,800 Red Company

Cash Flow Statement Prepare a Cash Flow Statement for Red Company for the year ended December 31, 2021. Red Company Balance Sheets December 31, 2021 2020 ASSETS Cash Accounts receivable Inventory Investments (long-term) $ 186,800 250,000 293,000 $ 115,600 247,000 217,800 130,000 Land Equipment Accumulated depreciation 290,000 735,200 (221.800) $ 1,533,200 557,200 (174,800) $ 1,092,800 LIABILITIES AND EQUITY Accounts payable Salaries payable Dividends payable Common stock, $10 par Paid-in capital in excess of par Retained earnings $ 164,800 13,400 33,200 200,000 640,000 481,800 $ 1,533,200 $ 148,000 12,000 31,400 140,000 400,000 361,400 $ 1,092,800 Red Company

Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter11: The Statement Of Cash Flows
Section: Chapter Questions
Problem 47E
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C. Cash Flow Statement Prepare a Cash Flow Statement for Red Company for the year ended December 31, 2021. Red Company Balance Sheets December 31, 2021 2020 ASSETS $ 186,800 $ 115,600 247,000 Cash Accounts receivable Inventory Investments (long-term) 250,000 293,000 217,800 130,000 290,000 735,200 (221,800) $ 1,533,200 Land 557,200 Equipment Accumulated depreciation (174,800) $ 1,092,800 LIABILITIES AND EQUITY Accounts payable Salaries payable Dividends payable Common stock, $10 par Paid-in capital in excess of par Retained earnings $ 164,800 13,400 33,200 200,000 640,000 481,800 $ 1,533,200 $ 148,000 12,000 31,400 140,000 400,000 361400 $ 1,092,800 Red Company Income Statement Year Ended December 31, 2021 $ 1,449,400 826,200 603,200 Sales Cost of goods sold Gross profit Operating expenses: 47,000 Depreciation expense Other operating expenses Total operating expenses 205,800 252,800 Other income: 60.000 410,400 146,400 $ 264,000 Gain on sale of long-term investments Income before income tax Income tax expense Net income Other information: Equipment was acquired for $78,000. Land was purchased for $290,000. The investments were sold for $190,000. The common stock was issued for $200,000. Cash dividends declared for the year totaled $143,600. $100,000 of equipment was received in exchange for common stock. a. b. C. d. e. f.
Transcribed Image Text:C. Cash Flow Statement Prepare a Cash Flow Statement for Red Company for the year ended December 31, 2021. Red Company Balance Sheets December 31, 2021 2020 ASSETS $ 186,800 $ 115,600 247,000 Cash Accounts receivable Inventory Investments (long-term) 250,000 293,000 217,800 130,000 290,000 735,200 (221,800) $ 1,533,200 Land 557,200 Equipment Accumulated depreciation (174,800) $ 1,092,800 LIABILITIES AND EQUITY Accounts payable Salaries payable Dividends payable Common stock, $10 par Paid-in capital in excess of par Retained earnings $ 164,800 13,400 33,200 200,000 640,000 481,800 $ 1,533,200 $ 148,000 12,000 31,400 140,000 400,000 361400 $ 1,092,800 Red Company Income Statement Year Ended December 31, 2021 $ 1,449,400 826,200 603,200 Sales Cost of goods sold Gross profit Operating expenses: 47,000 Depreciation expense Other operating expenses Total operating expenses 205,800 252,800 Other income: 60.000 410,400 146,400 $ 264,000 Gain on sale of long-term investments Income before income tax Income tax expense Net income Other information: Equipment was acquired for $78,000. Land was purchased for $290,000. The investments were sold for $190,000. The common stock was issued for $200,000. Cash dividends declared for the year totaled $143,600. $100,000 of equipment was received in exchange for common stock. a. b. C. d. e. f.
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