Paddieboard Inc. began operations on January 1, 2019. Its post-closing trial balance at December 31, 2019...
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Paddieboard Inc. began operations on January 1, 2019. Its post-closing trial balance at December 31, 2019 and 2020, is shown below along with some other information. Income Statement For Year Ended Deceuber 31. 2020 (000s) Revenues: Sales Cost of goods sold Gross Profit $ 3, 844 1, 596 2, 248 Expenses: Other expenses Depreciation expense Total operating expenses Profit from operations Income tax expense S 820 140 960 1, 288 288 $ 1,000 Profit Paddleboard Inc. Post-Closing Trial Balance (000s) December 31 2020 Account 2019 Cash $3, 480 $1, 900 Receivables 2, 850 2, 140 Merchandise inventory Property, plant and equipment Accumulated depreciation 2, 620 3, 100 1, 980 3, 190 2, 780 1, 840 2, 300 1, 500 480 2, 140 1, 980 320 2, 830 3, 100 3, 980 Investments Accounts payable Accrued liabilities Bonds payable 3, 000 2, 390 3, 100 Common shares Retained earnings Other information regarding Paddleboard Inc. and its activities during 2020: 1. Assume all accounts have normal balances. 2. Cash dividends were declared and paid during the year. 3. There were no sales of property, plant, and equipment assets during the year. 4. Investments were sold for cash at their original cost. Required: Using the information provided, prepare a statement of cash flows (applying the indirect method) for the year ended December 31, 2020. (List any deduction in cash and cash outflows as negative amounts. Enter amounts in thousands, not in dollar.) PADDLEBOARD INC. Statement of Cash Flows For Year Ended December 31, 2020 (000s) Cash flows from operating activities: Adjustments to reconcile net income to net cash inflows from operating activities: Cash flows from investing activities: Cash flows from financing activities: Paddieboard Inc. began operations on January 1, 2019. Its post-closing trial balance at December 31, 2019 and 2020, is shown below along with some other information. Income Statement For Year Ended Deceuber 31. 2020 (000s) Revenues: Sales Cost of goods sold Gross Profit $ 3, 844 1, 596 2, 248 Expenses: Other expenses Depreciation expense Total operating expenses Profit from operations Income tax expense S 820 140 960 1, 288 288 $ 1,000 Profit Paddleboard Inc. Post-Closing Trial Balance (000s) December 31 2020 Account 2019 Cash $3, 480 $1, 900 Receivables 2, 850 2, 140 Merchandise inventory Property, plant and equipment Accumulated depreciation 2, 620 3, 100 1, 980 3, 190 2, 780 1, 840 2, 300 1, 500 480 2, 140 1, 980 320 2, 830 3, 100 3, 980 Investments Accounts payable Accrued liabilities Bonds payable 3, 000 2, 390 3, 100 Common shares Retained earnings Other information regarding Paddleboard Inc. and its activities during 2020: 1. Assume all accounts have normal balances. 2. Cash dividends were declared and paid during the year. 3. There were no sales of property, plant, and equipment assets during the year. 4. Investments were sold for cash at their original cost. Required: Using the information provided, prepare a statement of cash flows (applying the indirect method) for the year ended December 31, 2020. (List any deduction in cash and cash outflows as negative amounts. Enter amounts in thousands, not in dollar.) PADDLEBOARD INC. Statement of Cash Flows For Year Ended December 31, 2020 (000s) Cash flows from operating activities: Adjustments to reconcile net income to net cash inflows from operating activities: Cash flows from investing activities: Cash flows from financing activities:
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Cash flow from operating activites Net Income 1000 Adjustments to rec... View the full answer
Related Book For
Accounting Principles
ISBN: 978-1119048503
7th Canadian Edition Volume 1
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak
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