Below is the comparative balance sheet for Whispering Corporation. Dec. 31,2020 Dec. 31, 2019 Cash $16,500...
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Below is the comparative balance sheet for Whispering Corporation. Dec. 31,2020 Dec. 31, 2019 Cash $16,500 $20,900 Short-term investments 24,800 18,800 Accounts receivable 42,700 45,400 Allowance for doubtful accounts (1,700 ) (2,000) Prepaid expenses 4,200 2,400 Inventory 81,200 65.700 Land 49,700 49.700 Buildings 125,700 73,400 Accumulated depreciation-buildings (29,800) (22.800 ) Equipment 53,200 46.300 Accumulated depreciation-equipment (19,100) (15,500) Delivery equipment 38,800 38,800 Accumulated depreciation-delivery equipment (22,100) (20,700) Patents 15.200 -0- $379,300 $300,400 Accounts payable $26,300 $15.800 Short-term notes payable (trade) 4,000 5,900 Accrued payables 3,000 4,600 Mortgage payable 72,900 53.900 Bonds payable 50,100 62,200 Common stock 140,800 103,000 Paid-in capital in excess of par 10,100 3,900 Retained earnings 72,100 51,100 $379,300 $300,400 Dividends in the amount of $15,000 were declared and paid in 2020. From this information, prepare a worksheet for a statement of cash flows. Make reasonable assumptions as appropriate. The short- term investments are considered available-for-sale and no unrealized gains or losses have occurred on these securities. (Enter amounts either in debit or in credit column in Statement of Cash Flows Effects except for totals.) WHISPERING CORPORATION WORKSHEET FOR PREPARATION OF STATEMENT OF CASH FLOWS For the Year Ended December 31, 2020 Debits Balance at 12/31/19 Debit $20,900 $ 18,800 Cash Short-term investments Accounts receivable 45,400 Prepaid expenses 2,400 Inventory 65,700 49,700 Land 73.400 Buildings Equipment 46,300 Equipment (Delivery) 38.800 Patents Total debits $361.400 Accounts payable Notes payable Credits $15,800 5.900 2020 Reconciling Items Credit Below is the comparative balance sheet for Whispering Corporation. Dec. 31,2020 Dec. 31, 2019 Cash $16,500 $20,900 Short-term investments 24,800 18,800 Accounts receivable 42,700 45,400 Allowance for doubtful accounts (1,700 ) (2,000) Prepaid expenses 4,200 2,400 Inventory 81,200 65.700 Land 49,700 49.700 Buildings 125,700 73,400 Accumulated depreciation-buildings (29,800) (22.800 ) Equipment 53,200 46.300 Accumulated depreciation-equipment (19,100) (15,500) Delivery equipment 38,800 38,800 Accumulated depreciation-delivery equipment (22,100) (20,700) Patents 15.200 -0- $379,300 $300,400 Accounts payable $26,300 $15.800 Short-term notes payable (trade) 4,000 5,900 Accrued payables 3,000 4,600 Mortgage payable 72,900 53.900 Bonds payable 50,100 62,200 Common stock 140,800 103,000 Paid-in capital in excess of par 10,100 3,900 Retained earnings 72,100 51,100 $379,300 $300,400 Dividends in the amount of $15,000 were declared and paid in 2020. From this information, prepare a worksheet for a statement of cash flows. Make reasonable assumptions as appropriate. The short- term investments are considered available-for-sale and no unrealized gains or losses have occurred on these securities. (Enter amounts either in debit or in credit column in Statement of Cash Flows Effects except for totals.) WHISPERING CORPORATION WORKSHEET FOR PREPARATION OF STATEMENT OF CASH FLOWS For the Year Ended December 31, 2020 Debits Balance at 12/31/19 Debit $20,900 $ 18,800 Cash Short-term investments Accounts receivable 45,400 Prepaid expenses 2,400 Inventory 65,700 49,700 Land 73.400 Buildings Equipment 46,300 Equipment (Delivery) 38.800 Patents Total debits $361.400 Accounts payable Notes payable Credits $15,800 5.900 2020 Reconciling Items Credit
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Related Book For
Intermediate Accounting
ISBN: 978-1118147290
15th edition
Authors: Donald E. Kieso, Jerry J. Weygandt, and Terry D. Warfield
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