For December 31, 20XX, the balance sheet of the Gardner Corporation is as follows: Current Assets...

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For December 31, 20XX, the balance sheet of the Gardner Corporation is as follows: Current Assets Cash Accounts receivable Inventory Prepaid expenses Capital Assets Plant and equipment (gross) Less: Accumulated amortization Net plant and equipment Total assets Balance Sheet $16,300 16,000 32,300 20,200 $254,000 51,600 202,400 $287,200 Accounts payable Notes payable Bonds payable Common stock Retained earnings Liabilities Shareholders' Equity Total liabilities and shareholders' equity Gardner Corporation Income Statement For the Year Ending December 31, 20XY $14,600 20,400 $8,000 $75,000 119,200 $287,200 Sales for 20XY were $221,000, with cost of goods sold being 58 percent of sales. Amortization expense was 10 percent of plant and equipment (net) at the beginning of the year. Interest expense for the bonds payable was 11 percent, while interest on the notes payable was 12 percent. These are based on December 31, 20XX, balances. Selling and administrative expenses were $28.800, and the tax rate averaged 18 percent. During 20XY, the cash balance and prepaid expense balance were unchanged. Accounts receivable and inventory each increased by 15 percent, and accounts payable increased by 31 percent. A new machine was purchased on December 31, 20XY, at a cost of $30,000. A cash dividend of $8,630 was paid to common shareholders at the end of 20XY. Also, notes payable Increased by $2,898 and bonds payable decreased by 10,450. The common stock account did not change. o. Prepare an income statement for 20XY. (Input all answers as positive values.) equipment (net) at the beginning of the year. Interest expense for the bonds payable was 11 percent, while interest on the notes payable was 12 percent. These are based on December 31, 20XX, balances. Selling and administrative expenses were $28,800, and the tax rate averaged 18 percent. During 20XY, the cash balance and prepaid expense balance were unchanged. Accounts receivable and inventory each increased by 15 percent, and accounts payable increased by 31 percent. A new machine was purchased on December 31, 20XY, at a cost of $30,000. A cash dividend of $8,630 was paid to common shareholders at the end of 20XY. Also, notes payable Increased by $2,898 and bonds payable decreased by 10,450. The common stock account did not change. a. Prepare an income statement for 20XY. (Input all answers as positive values.) Gardner Corporation Income Statement For the Year Ending December 31, 20XY Sales Cost of good sold Gross profit Selling and administrative expense Amortization expense Operating profit Interest expense Eamings before taxes Taxes Earnings after taxes V $ 221000 128180 92820 JOP b. Prepare a balance sheet as of December 31, 20XY. (Input all answers as positive values. Be sure to list the assets and liabilities in order of their liquidity.) Current Assets (Click to select) (Click to select) (Click to select) (Click to select) Current assets Capital assets (Click to select) (Click to select)) Net plant and equipment Total assets Gardner Corporation Balance Sheet For the Year Ended December 31, 20xY Liabilities $ $ (Click to select) (Click to select) (Click to select) Liabilities Shareholders' equity (Click to select) (Click to select) V Total liabilities and shareholders' equity k ces c. Prepare a statement of cash flows for the year ending December 31, 20XY. (Record the change in the notes payable under the operating activity of Cash flow. Do not leave any empty spaces; input a O wherever it is required. Amounts to be deducted should be indicated with a minus sign. Omit $ sign in your response.) Gardner Corporation Statement of Cash Flows For the Year Ended December 31, 20XY Operating Activities: (Click to select) Add items not requiring an outlay of cash: (Click to select) V Cash flow from operations Changes in non-cash working capital: (Click to select) (Click to select) (Click to select) (Click to select) Net Change in non-cash working capital Cash (Click to select) Investing activities: (Click to select) V operating activities v Cash (Click to select) Investing activities Financing activities: (Click to select) (Click to select) (Click to select) (Click to select) Net Change in non-cash working capital Cash (Click to select) Investing activities: (Click to select) operating activities Cash (Click to select) Investing activities Financing activities: (Click to select) (Click to select) Cash (Click to select) financing activities (Click to select) Cash, beginning of year Cash, end of year v For December 31, 20XX, the balance sheet of the Gardner Corporation is as follows: Current Assets Cash Accounts receivable Inventory Prepaid expenses Capital Assets Plant and equipment (gross) Less: Accumulated amortization Net plant and equipment Total assets Balance Sheet $16,300 16,000 32,300 20,200 $254,000 51,600 202,400 $287,200 Accounts payable Notes payable Bonds payable Common stock Retained earnings Liabilities Shareholders' Equity Total liabilities and shareholders' equity Gardner Corporation Income Statement For the Year Ending December 31, 20XY $14,600 20,400 $8,000 $75,000 119,200 $287,200 Sales for 20XY were $221,000, with cost of goods sold being 58 percent of sales. Amortization expense was 10 percent of plant and equipment (net) at the beginning of the year. Interest expense for the bonds payable was 11 percent, while interest on the notes payable was 12 percent. These are based on December 31, 20XX, balances. Selling and administrative expenses were $28.800, and the tax rate averaged 18 percent. During 20XY, the cash balance and prepaid expense balance were unchanged. Accounts receivable and inventory each increased by 15 percent, and accounts payable increased by 31 percent. A new machine was purchased on December 31, 20XY, at a cost of $30,000. A cash dividend of $8,630 was paid to common shareholders at the end of 20XY. Also, notes payable Increased by $2,898 and bonds payable decreased by 10,450. The common stock account did not change. o. Prepare an income statement for 20XY. (Input all answers as positive values.) equipment (net) at the beginning of the year. Interest expense for the bonds payable was 11 percent, while interest on the notes payable was 12 percent. These are based on December 31, 20XX, balances. Selling and administrative expenses were $28,800, and the tax rate averaged 18 percent. During 20XY, the cash balance and prepaid expense balance were unchanged. Accounts receivable and inventory each increased by 15 percent, and accounts payable increased by 31 percent. A new machine was purchased on December 31, 20XY, at a cost of $30,000. A cash dividend of $8,630 was paid to common shareholders at the end of 20XY. Also, notes payable Increased by $2,898 and bonds payable decreased by 10,450. The common stock account did not change. a. Prepare an income statement for 20XY. (Input all answers as positive values.) Gardner Corporation Income Statement For the Year Ending December 31, 20XY Sales Cost of good sold Gross profit Selling and administrative expense Amortization expense Operating profit Interest expense Eamings before taxes Taxes Earnings after taxes V $ 221000 128180 92820 JOP b. Prepare a balance sheet as of December 31, 20XY. (Input all answers as positive values. Be sure to list the assets and liabilities in order of their liquidity.) Current Assets (Click to select) (Click to select) (Click to select) (Click to select) Current assets Capital assets (Click to select) (Click to select)) Net plant and equipment Total assets Gardner Corporation Balance Sheet For the Year Ended December 31, 20xY Liabilities $ $ (Click to select) (Click to select) (Click to select) Liabilities Shareholders' equity (Click to select) (Click to select) V Total liabilities and shareholders' equity k ces c. Prepare a statement of cash flows for the year ending December 31, 20XY. (Record the change in the notes payable under the operating activity of Cash flow. Do not leave any empty spaces; input a O wherever it is required. Amounts to be deducted should be indicated with a minus sign. Omit $ sign in your response.) Gardner Corporation Statement of Cash Flows For the Year Ended December 31, 20XY Operating Activities: (Click to select) Add items not requiring an outlay of cash: (Click to select) V Cash flow from operations Changes in non-cash working capital: (Click to select) (Click to select) (Click to select) (Click to select) Net Change in non-cash working capital Cash (Click to select) Investing activities: (Click to select) V operating activities v Cash (Click to select) Investing activities Financing activities: (Click to select) (Click to select) (Click to select) (Click to select) Net Change in non-cash working capital Cash (Click to select) Investing activities: (Click to select) operating activities Cash (Click to select) Investing activities Financing activities: (Click to select) (Click to select) Cash (Click to select) financing activities (Click to select) Cash, beginning of year Cash, end of year v

Answer rating: 100% (QA)

a Income Statement for 20XY Cost of Goods Sold COGS COGS Sales Cost of Goods Sold 221000 58 128180 Gross Profit Sales COGS 221000 128180 92820 Operating Income Gross Profit Selling and Administrative ... View the full answer