Orange Inc. had the following financial data related to the year ended December 31, 2021. Balance...
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Orange Inc. had the following financial data related to the year ended December 31, 2021. Balance Sheet information As at December 31st 2021 2020 Cash $270,040 $138,880 Accounts receivable 136,360 58,800 Inventory 155,250 143.420 Equipment 351,000 291,000 Accumulated depreciation (65.000) (62.400) $847.650 $569.700 Accounts Payable $106,393 $ 80,760 Income Taxes Payable 11.450 10,400 Dividends Payable 33.607 10,000 Bonds Payable 100,000 132,000 Common Shares 282,000 198,000 Retained Earnings 314.200 138.540 $847.650 $569.700 Income Statement For Year ended December 31st Sales $479,892 Cost of goods sold $161,644 Amortization expense 58,800 Other expenses 17,374 Income tax expense 10,185 Interest expense 5,822 Loss on sale of equipment 16,800 (270.625) Net Income $209.267 1. Equipment with an original cost of $75,100 was sold during the year. 2. New equipment was purchased during the year. 3. No stock dividends were declared during the year. 4. The company split its stock 3-for-1 during the year. Required Prepare a Statement of Cash Flows in good form using the indirect method for the year ended December 31, 2021. Provide all supporting calculations. (17 marks) Orange Inc. had the following financial data related to the year ended December 31, 2021. Balance Sheet information As at December 31st 2021 2020 Cash $270,040 $138,880 Accounts receivable 136,360 58,800 Inventory 155,250 143.420 Equipment 351,000 291,000 Accumulated depreciation (65.000) (62.400) $847.650 $569.700 Accounts Payable $106,393 $ 80,760 Income Taxes Payable 11.450 10,400 Dividends Payable 33.607 10,000 Bonds Payable 100,000 132,000 Common Shares 282,000 198,000 Retained Earnings 314.200 138.540 $847.650 $569.700 Income Statement For Year ended December 31st Sales $479,892 Cost of goods sold $161,644 Amortization expense 58,800 Other expenses 17,374 Income tax expense 10,185 Interest expense 5,822 Loss on sale of equipment 16,800 (270.625) Net Income $209.267 1. Equipment with an original cost of $75,100 was sold during the year. 2. New equipment was purchased during the year. 3. No stock dividends were declared during the year. 4. The company split its stock 3-for-1 during the year. Required Prepare a Statement of Cash Flows in good form using the indirect method for the year ended December 31, 2021. Provide all supporting calculations. (17 marks)
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Orange Inc Statement of Cash Flows For the Year Ended December 31 2021 Working notes Accumulated dep... View the full answer
Related Book For
Intermediate Accounting Volume 1
ISBN: 978-1119496496
12th Canadian edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Irene M. Wiecek, Bruce J. McConomy
Posted Date:
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