Snowman Corporation's comparative of statement of financial position are presented below Snowman Company Comparative Statement of...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Snowman Corporation's comparative of statement of financial position are presented below Snowman Company Comparative Statement of Financial Position December 31 2021 2020 Asset Intagible asset $ 43,000 50,000 Plant asset $ 358,000 $ $ 329,000 Accumulated Depreciation $ (87,000) $ (84,000) Prepaid expenses $ 12,000 $ 11,000 Inventories $ 103,000 $ 112,000 Account receivable 2$ 53,000 2$ 48,000 Cash $ 45,000 22,000 Total $ 527,000 $ 488,000 Equity and Liabilities Share capital - ordinary $ 252,000 $ 228,000 Retained earnings $ 172,000 $ $ 102,000 Bonds payable $ 65,000 $ 117,000 %24 %24 Account payable 2$ 33,000 2$ 26,000 Interest payable 2$ 2,000 $ 7,000 Income tax payable $ 3,000 $ 8,000 Total $ 527,000 $ 488,000 Snowman Company Income Statement For the Year Ended December 31, 2020 Sales revenue $ 700,000 Less : Cost of good sold $ 440,000 Wages and Operating expenses $ 95,000 Interest expenses 2$ 6,000 Depreciation expenses $ 22,000 Amortization expenses 2$ 7,000 Income tax expenses $ 34,000 Loss on bond retirement $ 5,000 $ 609,000 Net income $ 91,000 Additional information : During 2021, the company sold for $17,000 cash old equipment that had cost $36,000 and had $19,000 accumulated depreciation. Also in 2021, new equipment worth $65,000 was acquired in exchange for $65,000 of bonds payable, and bonds payable of $117,000 were retired for cash at a loss. A $21,000 cash dividend was declared and paid in 2011. Any stock issuances were for cash. Instruction Prepare a statement of cash flows for 2021 using the Direct Method! Snowman Corporation's comparative of statement of financial position are presented below Snowman Company Comparative Statement of Financial Position December 31 2021 2020 Asset Intagible asset $ 43,000 50,000 Plant asset $ 358,000 $ $ 329,000 Accumulated Depreciation $ (87,000) $ (84,000) Prepaid expenses $ 12,000 $ 11,000 Inventories $ 103,000 $ 112,000 Account receivable 2$ 53,000 2$ 48,000 Cash $ 45,000 22,000 Total $ 527,000 $ 488,000 Equity and Liabilities Share capital - ordinary $ 252,000 $ 228,000 Retained earnings $ 172,000 $ $ 102,000 Bonds payable $ 65,000 $ 117,000 %24 %24 Account payable 2$ 33,000 2$ 26,000 Interest payable 2$ 2,000 $ 7,000 Income tax payable $ 3,000 $ 8,000 Total $ 527,000 $ 488,000 Snowman Company Income Statement For the Year Ended December 31, 2020 Sales revenue $ 700,000 Less : Cost of good sold $ 440,000 Wages and Operating expenses $ 95,000 Interest expenses 2$ 6,000 Depreciation expenses $ 22,000 Amortization expenses 2$ 7,000 Income tax expenses $ 34,000 Loss on bond retirement $ 5,000 $ 609,000 Net income $ 91,000 Additional information : During 2021, the company sold for $17,000 cash old equipment that had cost $36,000 and had $19,000 accumulated depreciation. Also in 2021, new equipment worth $65,000 was acquired in exchange for $65,000 of bonds payable, and bonds payable of $117,000 were retired for cash at a loss. A $21,000 cash dividend was declared and paid in 2011. Any stock issuances were for cash. Instruction Prepare a statement of cash flows for 2021 using the Direct Method!
Expert Answer:
Answer rating: 100% (QA)
Statement of cash Flows Snowman Corporation Statement of Cash Flows Indirect Method For the year end... View the full answer
Related Book For
Intermediate Accounting IFRS
ISBN: 978-1119372936
3rd edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
Posted Date:
Students also viewed these accounting questions
-
The summarized statements for the year ended 31 December 2007 for Mat, Rug and P entities are as follows: Statements of comprehensive income for the year ended 31 December 2007 The following...
-
The statement of cash flows for the year ended December 31, 2014, and other data for Bradley Corporation are shown below: Additional data: a. Bradleys Dividends receivable account decreased by $2,000...
-
The income statement for Delta-tec Inc. for the year ended December 31, 2016, was as follows: Delta-tec Inc. Income Statement (selected items) For the Year Ended December 31, 2016 Income from...
-
Gerald De Beer is a 38-year-old vibrant, outgoing young man who has been employed as a digital artist at Innovate Tech Solutions (Pty) Ltd ("Innovate Tech") since 1 May 2019. Details of Geralds...
-
John Weiss recently started a lawn care service named The Grass Is Always Greener, Inc. The following transactions occurred during the companys first month of business. Enter each of the following...
-
Collingwood Corp.s bank is willing to provide it with a 10-year term loan for $50 million. The annual payments on this loan will be $5.25 million, and there is a bullet payment of $50 million at...
-
Presented below is selected financial data for Apple !nc., for the five-year period 2010 to 2014. Required 1. Comment on the relationship between the growth in net sales and the growth in net income...
-
1. What is your reaction to the situation described in this case? What factors, both inside the company and externally, appear to have contributed to this situation? 2. What appeared to be happening...
-
alifax Manufacturing allows its customers to return merchandise for any reason up to 90 days after delivery and ceive a credit to their accounts. All of Halifax's sales are for credit (no cash is...
-
In this exercise you will be assuming the role of an Account Manager working within our Personal Care Appliances category during Amazon Black Friday. You act as a general manager responsible for...
-
Write the function ends_with(s, t) that takes in two strings and returns True if string s ends with string t, and False otherwise. no use of built in endswith method. implement the function without...
-
Masks and broadcast Fill the blanks in Table IP address Mask bits Dot-decimal mask Network address Broadcast address 192.13.109.46 /30 3.1.0.1 255.224.0.0 10.99.100.247 10.99.0.0 108.170.192.0 /18
-
The following trial balance was extracted from the books of Night shade Ltd. as at 30 September 2020: $ Land and buildings 151,000 Motor vehicles at cost 60,000 Accumulated depreciation on motor...
-
here is python script that will accept two numbers and an option (a, s, d, or m). The script will then either add(a), subtract(s), divide(d), or multiply(m) using the numbers provided and print out...
-
1. a query in SQL to list the titles of the employees for a specific date. 2. a simple PHP class which displays a message like "Hello All, I am writing my FinalExam", where "FinalExam" is an argument...
-
Campbell Corporation's records show the following information Number of units sold 5 , 0 0 0 Sales revenue $ 7 5 , 0 0 0 Variable costs 2 4 , 0 0 0 Fixed costs 1 2 , 0 0 0 Required 1 . Prepare a...
-
The is first in line of succession for the office of governor in Texas. Ola. Lieutenant Governor. Ob. Attorney General. Oc. Comptroller. Od. Secretary of State.
-
On 1 July 2018, Parent Ltd acquired all the shares of Son Ltd, on a cum-div. basis, for $2,057,000. At this date, the equity of Son Ltd consisted of: $ 1,000,000 Share capital 500 000 shares...
-
Andrews AG, a greeting card company, had the following statements prepared as of December 31, 2019. Additional information: 1. Dividends in the amount of ¬6,000 were declared and paid during...
-
Describe the critical factor in evaluating whether a performance obligation is satisfied.
-
What is meant by the statement that the financial statements articulate ?
-
For the gamma regression model of Exercise 5.2, E [ y x ] = exp ( x ) and V [ y x ] = ( exp ( x ) ) 2 / 2 (a) Show that these conditions imply that E [ x { ( y x ) 2 ( exp ( x ) ) 2 /...
-
Consider the linear regression model for data independent over i with y i = x i + u i . Suppose E [ u i x i ] 0 but there are available instruments z i with E [ u i z i ] = 0 and V [ u i z i ]...
-
A nonnegative integer variable \(y\) that is geometric distributed has density (or more formally probability mass function) \(f(y)=(y+1)(2 \lambda)^{y}(1+2 \lambda)^{-(y+0.5)}, y=\) \(0,1,2, \ldots,...
Study smarter with the SolutionInn App