1. The comparative balance sheet of Dave Matthews Company at March 31, 2010, reported the following:...

 

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1. The comparative balance sheet of Dave Matthews Company at March 31, 2010, reported the following: December 31, 2020 2019 Current Assets: Cash and cash equivalents. Accounts receivable . Inventories. Current Liabilities: Accounts payable. Accrued liabilities Income tax payable. $ 6,200 14,900 63,200 $ 4,000 21,700 60,600 $30,100 10,700 8,000 $27,600 11,100 4,700 Dave Matthews' transactions, during the year ended December 31, 2020, included the following: Payment of cash dividend. Purchase of equipment. Issuance of long-tem note payable to borrow cash. Depreciation expense. Purchase of building. Net income.. Issuance of common stock. $30,000 78,700 50,000 17,300 47,000 70,000 11,000 Required: a. Prepare Dave Matthews' statement of cash flows for the year ended March 31, 2010, using the direct method to report cash flows. 2. Apply statement analysis on JJ Company. Cash and Cash Equivalents Net receivables Inventory Prepaid Expenses Total Current Assets 2345 Sales 19564 2097 COGS 7105 Op. Exp.7001 Op. Inc. 5458 Int. Exp. 199 Other Exp. 2209 1294 1616 7352 Other Assets 17149 24501 7341 Total Assets Net Inc. 3050 Total Current Liabilities Long Term Liabilities Equity Total Liabilities and Equity 5360 11800 24501 1. The comparative balance sheet of Dave Matthews Company at March 31, 2010, reported the following: December 31, 2020 2019 Current Assets: Cash and cash equivalents. Accounts receivable . Inventories. Current Liabilities: Accounts payable. Accrued liabilities Income tax payable. $ 6,200 14,900 63,200 $ 4,000 21,700 60,600 $30,100 10,700 8,000 $27,600 11,100 4,700 Dave Matthews' transactions, during the year ended December 31, 2020, included the following: Payment of cash dividend. Purchase of equipment. Issuance of long-tem note payable to borrow cash. Depreciation expense. Purchase of building. Net income.. Issuance of common stock. $30,000 78,700 50,000 17,300 47,000 70,000 11,000 Required: a. Prepare Dave Matthews' statement of cash flows for the year ended March 31, 2010, using the direct method to report cash flows. 2. Apply statement analysis on JJ Company. Cash and Cash Equivalents Net receivables Inventory Prepaid Expenses Total Current Assets 2345 Sales 19564 2097 COGS 7105 Op. Exp.7001 Op. Inc. 5458 Int. Exp. 199 Other Exp. 2209 1294 1616 7352 Other Assets 17149 24501 7341 Total Assets Net Inc. 3050 Total Current Liabilities Long Term Liabilities Equity Total Liabilities and Equity 5360 11800 24501

Answer rating: 100% (QA)

Dave Matthews Statement of Cash Flows For the Year Ended December 31 2020 Cash Flows from Op... View the full answer