1. Prepare a Statement of Cash Flows for Sage Corporation for 2022 in proper form using...

 

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1. Prepare a Statement of Cash Flows for Sage Corporation for 2022 in proper form using the indirect method 2. Provide supporting calculations for items in the statement to include Balance Sheet changes, depreciation expense, dividends and gains/losses on the sale of assets, Show your work. 3. Compute the following items (as if you were using the direct method) and show calculations: a. Cash received from customers (Sales were $1,300,000 for the year) b. Cash paid for merchandise (Cost of Goods Sold was $950,000 for the year) 4. Use Excel to prepare the statement to include formulas and calculations The Sage Corporation prepared, for 2022 and 2021, the following balance sheet data: December 31, 2022 December 31, 2021 102,800 33,000 18,000 205,175 189,500 7,400 Accounts Cash Available for sale securities Accounts Receivable. Merchandise Inventory Prepaid Insurance Land, Buildings, and Equipm Accumulated Depreciation Total Accounts Payable Salaries Payable Notes Payable - Long Term Bonds Payable Common Stock Retained earnings![Deficit) Total Additional information: (a) Sold available-for-sale securities (not cash equivalents) costing $95,000 (b) Equipment costing $30,000 with a book value of $5,450 was sold for $7,200. (c) Issued 8% bonds payable at par, $400,000. (d) Purchased new equipment for cash, $298,395. (e) Dividends were declared and paid in cash for (f) Net income for 2022 was $64,000, 1,378,875 (560,250) 1,341,500 153,375 20,000 37,500 400,000 700,000 30,625 1,341,500 Items used for Direct Method Calculations a. Cash received from customers (Sales were $1,300,000 for the yearl b. Cash paid for merchandise (Cost of Goods Sold was $950,000 113,000 339,000 7,500 8,000 1,110,480 (500,230) 1,110,750 220,000 18,250 162,000 700,000 10,500 1,110,750 1. Prepare a Statement of Cash Flows for Sage Corporation for 2022 in proper form using the indirect method 2. Provide supporting calculations for items in the statement to include Balance Sheet changes, depreciation expense, dividends and gains/losses on the sale of assets, Show your work. 3. Compute the following items (as if you were using the direct method) and show calculations: a. Cash received from customers (Sales were $1,300,000 for the year) b. Cash paid for merchandise (Cost of Goods Sold was $950,000 for the year) 4. Use Excel to prepare the statement to include formulas and calculations The Sage Corporation prepared, for 2022 and 2021, the following balance sheet data: December 31, 2022 December 31, 2021 102,800 33,000 18,000 205,175 189,500 7,400 Accounts Cash Available for sale securities Accounts Receivable. Merchandise Inventory Prepaid Insurance Land, Buildings, and Equipm Accumulated Depreciation Total Accounts Payable Salaries Payable Notes Payable - Long Term Bonds Payable Common Stock Retained earnings![Deficit) Total Additional information: (a) Sold available-for-sale securities (not cash equivalents) costing $95,000 (b) Equipment costing $30,000 with a book value of $5,450 was sold for $7,200. (c) Issued 8% bonds payable at par, $400,000. (d) Purchased new equipment for cash, $298,395. (e) Dividends were declared and paid in cash for (f) Net income for 2022 was $64,000, 1,378,875 (560,250) 1,341,500 153,375 20,000 37,500 400,000 700,000 30,625 1,341,500 Items used for Direct Method Calculations a. Cash received from customers (Sales were $1,300,000 for the yearl b. Cash paid for merchandise (Cost of Goods Sold was $950,000 113,000 339,000 7,500 8,000 1,110,480 (500,230) 1,110,750 220,000 18,250 162,000 700,000 10,500 1,110,750

Answer rating: 100% (QA)

1 Statement of Cash Flows for Sage Corporation for 2022 Indirect Method Cash Flows from Operating Activities Net income 64000 Adjustments for noncash ... View the full answer