Covey AG Comparative Statements of Financial Position December 31 Amount in $ Amount in $ 2020...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Covey AG Comparative Statements of Financial Position December 31 Amount in $ Amount in $ 2020 2019 Investment 23.000 16.000 Equipment 60.000 70.000 Accumulated Depreciation-Equipment Account Receivable 14.000 10.000 24.200 22.300 17.700 116.000 Cash 28.200 Total 121.400 Ordinary Shares 60.000 45.000 Retained Earnings 31.800 29.900 Bonds Payable 10.000 30.000 Accounts payable 19.600 11.100 121.400 116.000 Additional information: 1. Net Income was $28,300. Dividends declared and paid were $26,400 2. Equipment which cost $10,000 and had accumulated depreciation of $1,200 was sold for $4,300 3. All other changes in non-current account balances had a direct effect on cash flows, except the change in accumulated depreciation. Instruction: Prepare a statement of cash flows for 2020 using the indirect method. Covey AG Comparative Statements of Financial Position December 31 Amount in $ Amount in $ 2020 2019 Investment 23.000 16.000 Equipment 60.000 70.000 Accumulated Depreciation-Equipment Account Receivable 14.000 10.000 24.200 22.300 17.700 116.000 Cash 28.200 Total 121.400 Ordinary Shares 60.000 45.000 Retained Earnings 31.800 29.900 Bonds Payable 10.000 30.000 Accounts payable 19.600 11.100 121.400 116.000 Additional information: 1. Net Income was $28,300. Dividends declared and paid were $26,400 2. Equipment which cost $10,000 and had accumulated depreciation of $1,200 was sold for $4,300 3. All other changes in non-current account balances had a direct effect on cash flows, except the change in accumulated depreciation. Instruction: Prepare a statement of cash flows for 2020 using the indirect method.
Expert Answer:
Answer rating: 100% (QA)
A B D Statement of cash flow Indirect method 2 For the year ended December 31 2020 3 Cash flow fro... View the full answer
Related Book For
Financial accounting
ISBN: 978-1118285909
IFRS Edition
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel
Posted Date:
Students also viewed these accounting questions
-
Comparative statements of financial position for Eddie Murphy Company are presented below. Additional information: 1. Net income for 2011 was $125,000. 2. Cash dividends of $60,000 were declared and...
-
The comparative statements of financial position for Sergipe Company show these changes in non-cash current asset accounts: accounts receivable decrease R$80.000, prepaid expenses increase R$28,000,...
-
The comparative statements of financial position for Ramirez Company as of December 31 are presented on the shown below. Additional information: 1. Operating expenses include depreciation expense of...
-
Use the following data to calculate cost of merchandise sold under the FIFO method. September 1 Beginning Inventory 15 units at $20 each September 10 Purchase 20 units at $25 each September 20...
-
The following is a list of liability accounts on the ledger of Chop House Incorporated on January 1: Sales Tax Payable .....$ 7,500 Accounts Payable ..... 9,500 Unearned Revenue ... 16,500 The...
-
A sociologist claims that children ages 1214 spent less time sleeping in 1981 than children ages 1214 do today. A study was conducted in 1981 to find the time that children ages 1214 spent sleeping...
-
A deep pool of water is initially at \(4^{\circ} \mathrm{C}\) and suddenly the surface is exposed to a freezing front at \(-4{ }^{\circ} \mathrm{C}\) and remains so exposed for a long time. Find the...
-
The 2010 balance sheet of Marias Tennis Shop, Inc., showed $680,000 in the common stock account and $4.3 million in the additional paid-in surplus account. The 2011 balance sheet showed $715,000 and...
-
1/3 + + + + + A B D E The points A, B, C,..., G, and H are equally spaced along the rational number line to the right. Complete parts (a) through (d) + below. (a) What rational number corresponds to...
-
(a) In the circuit in Fig. 4.71, calculate vo and Io when vs = 1 V. (b) Find vo and io when vs = 10 V. (c) What are vo and Io when each of the 1-Ω resistors is replaced by a...
-
The gold futures with delivery date on 25 May 2022 is priced at $1955.8. The gold futures with delivery date on 28 December 2022 is priced at $1977.8. The risk free rate is 1.0% per annum, and the...
-
Graph the lines in Problems 31-44. \(y=-2\)
-
What is the price/earnings (trailing) for Cisco Systems?
-
Jos has $55 to spend on apples and oranges. Given the information in the following table, is Jos maximizing utility? Briefly explain. Total Marginal Utility of Last Price Quantity Utility Unit Apples...
-
After investigating, the fire department reached the conclusion that the blaze was set intentionally. Revise the following sentences to unbury the verbs.
-
Identify an organisation that is in the news and not performing well. Create an alternative digital marketing strategy for the organisation and justify your response.
-
Big Boss Limited was formed two years ago by Joshua Scalers. He had the idea to make a product for Quick Service Restaurants that would be easy and convenient to prepare. He bought several used plant...
-
Express these numbers in standard notation. a. 2.87 10-8 b. 1.78 1011 c. 1.381 10-23
-
EmmyLou Company purchased 70 Harris Company 12%, 10-year, 1,000 bonds on January 1, 2011, for 73,000. EmmyLou Company also had to pay 500 of brokers fees. The bonds pay interest semiannually on July...
-
Yuen Long Carecenters provides financing and capital to the healthcare industry, with a particular focus on nursing homes for the elderly. The following selected transactions relate to bonds acquired...
-
The following data are taken from the comparative statements of financial position of Girard Billiards Club, which prepares its financial statements using the accrual basis of accounting. Fees are...
-
Explain why budgets are important to all organizations. Expand this discussion by illustrating how different types of budgets are used.
-
Compare and contrast licensure and credentialing.
-
Describe the steps in attaining state licensure for nurses.
Study smarter with the SolutionInn App