The following beginning balance sheet and statement of cash flows for 2019 are available for Fazzi Company:
Question:
The following beginning balance sheet and statement of cash flows for 2019 are available for Fazzi Company:
Required:
On the basis of this information, prepare a balance sheet for Fazzi as of December 31, 2019.
Transcribed Image Text:
Balance Sheet January 1, 2019 $ 1,600 3,900 4,500 1,800 7,200 $19,000 Accounts payable Notes payable Common stock, $5 par Additional paid-in capital Retained earnings Total Liabilities and Shareholders' Equity Cash 900 Accounts receivable Land 2,300 4,900 $20,000 (9,100) Equipment Less: Accumulated depreciation Total Assets 10,900 $19,000 Statement of Cash Flows for Year Ended December 31, 2019 Operating Activities: Net income $ 3,900 Adjustments for differences between income flows and cash flows from operating activities: Add: Depreciation expense Increase in accounts payable Less: Increase in accounts receivable 900 100 (700) (200) $ 4,000 Gain on sale of land Net cash provided by operating activities Investing Activities: Payment for purchase of equipment Proceeds from sale of land $(5,000) 1,200 Net cash used for investing activities Financing Activities: Proceeds from issuance of common stock (200 shares) Payment of long-term note Payment of dividends Net cash provided by financing activities Net increase in cash (3,800) $ 2,600 (900) (1,300) 400 $ 600 Cash, January 1, 2019 Cash, December 31, 2019 900 $ 1,500
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Related Book For
Intermediate Accounting Reporting and Analysis
ISBN: 978-1337788281
3rd edition
Authors: James M. Wahlen, Jefferson P. Jones, Donald Pagach
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