Vision Consulting Inc. began operations on January 1, 2019. Its adjusted trial balance at December 31,...
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Vision Consulting Inc. began operations on January 1, 2019. Its adjusted trial balance at December 31, 2020 and 2021 is shown below. Other information regarding Vision Consulting Inc. and its activities during 2021 follow in (a) through (f) : a. Assume all accounts have normal balances. b. $6,000 of the long-term notes payable will be paid during 2022. c. Equipment was sold for cash of $14,900. d. Old machinery was sold for cash of $32,200. New machinery was purchased for $28,000 cash. e. Common shares were issued for cash. f. Cash dividends were declared and paid. Using the information provided, prepare a statement of cash flows (using the indirect method) for the year ended December 31, 2021. Assume that interest is treated as an operating activity and dividends paid as a financing activity. For simplicity, ignore the required supplementary disclosures for cash flows associated with interest paid and received, dividends paid and received and income taxes as well as any non-cash disclosures that may have occurred in the current year. Be sure to include the two subheadings in the operating activities section regarding the adjustments to net income for non-cash items and the cash in (out) from the working capital accounts. Please make sure your final answer(s) are accurate to 2 decimal places. Vision Consulting Inc. Adjusted Trial Balance Account Accounts payable... Accounts receivable... Accumulated depreciation, equipment Accumulated depreciation, machinery. Allowance for doubtful accounts. Depreciation expense, equipment... Depreciation expense, machinery. Cash. Dividends Equipment Machinery.. Inventory... Long-term notes payable... Vision Consulting Inc. Statement of Cash Flows December 31 2021 2020 For the Year Ended December 31, 2021 66,180 60,000 96,200 84,875 2,300 78,000 13,300 36,000 6,200 10,875 11,100 11,100 9,300 9,300 264,480 250,000 66,000 66,000 15,200 118,000 86,000 121,000 105,040 87,000 48,570 57,000 XXXXXXX F + Other expenses (including losses). 740,000 10,000 Retained earnings _ 70,000 65,000 Revenues (including gains).. Common shares.. Unearned revenue. 809,400 101,400 352,000 322,000 25,370 27,000 Vision Consulting Inc. began operations on January 1, 2019. Its adjusted trial balance at December 31, 2020 and 2021 is shown below. Other information regarding Vision Consulting Inc. and its activities during 2021 follow in (a) through (f) : a. Assume all accounts have normal balances. b. $6,000 of the long-term notes payable will be paid during 2022. c. Equipment was sold for cash of $14,900. d. Old machinery was sold for cash of $32,200. New machinery was purchased for $28,000 cash. e. Common shares were issued for cash. f. Cash dividends were declared and paid. Using the information provided, prepare a statement of cash flows (using the indirect method) for the year ended December 31, 2021. Assume that interest is treated as an operating activity and dividends paid as a financing activity. For simplicity, ignore the required supplementary disclosures for cash flows associated with interest paid and received, dividends paid and received and income taxes as well as any non-cash disclosures that may have occurred in the current year. Be sure to include the two subheadings in the operating activities section regarding the adjustments to net income for non-cash items and the cash in (out) from the working capital accounts. Please make sure your final answer(s) are accurate to 2 decimal places. Vision Consulting Inc. Adjusted Trial Balance Account Accounts payable... Accounts receivable... Accumulated depreciation, equipment Accumulated depreciation, machinery. Allowance for doubtful accounts. Depreciation expense, equipment... Depreciation expense, machinery. Cash. Dividends Equipment Machinery.. Inventory... Long-term notes payable... Vision Consulting Inc. Statement of Cash Flows December 31 2021 2020 For the Year Ended December 31, 2021 66,180 60,000 96,200 84,875 2,300 78,000 13,300 36,000 6,200 10,875 11,100 11,100 9,300 9,300 264,480 250,000 66,000 66,000 15,200 118,000 86,000 121,000 105,040 87,000 48,570 57,000 XXXXXXX F + Other expenses (including losses). 740,000 10,000 Retained earnings _ 70,000 65,000 Revenues (including gains).. Common shares.. Unearned revenue. 809,400 101,400 352,000 322,000 25,370 27,000
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Related Book For
Fundamental Accounting Principles Volume II
ISBN: 978-1260305838
16th Canadian edition
Authors: Kermit Larson, Tilly Jensen, Heidi Dieckmann
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