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The income statement and additional data of Bryan Travel Products, Inc., follow: (Click the icon to view the additional data.) (Click the icon to view the income statement.) Requirements 1. Prepare Bryan's statement of cash flows for the year ended December 31, 2021, using the indirect method. 2. Evaluate the company's cash flows for the year. In your evaluation, mention all three categories of cash flows and give the rationale for your evaluation. More info Additional data: a. Acquisition of plant assets was $132,000. Of this amount, $102,000 was paid in cash and $30,000 was financed by signing a note payable. b. Proceeds from the sale of land totaled $23,000. c. Proceeds from the issuance of common stock totaled $47,000. d. Payment of a long-term note payable was $20,000. e. Payment of dividends was $18,000. f. From the balance sheets: Current assets: Cash Accounts receivable Inventory Prepaid expenses Current liabilities: Accounts payable Accrued liabilities $ S December 31, 2021 75,000 40,000 40,000 9,900 36,000 4,000 2020 $ 60,900 60,000 87,000 8,000 $ 20,000 85,000 X Data table Bryan Travel Products, Inc. Income Statement Year Ended December 31, 2021 Revenues: Service revenue Dividend revenue Expenses: Cost of goods sold Salary expense Depreciation expense Advertising expense Interest expense Income tax expense Net income $ 255,000 8,000 97,000 61,000 35,000 2.900 2,100 16,000 - $ 263,000 214,000 $ 49,000 X The income statement and additional data of Bryan Travel Products, Inc., follow: (Click the icon to view the additional data.) (Click the icon to view the income statement.) Requirements 1. Prepare Bryan's statement of cash flows for the year ended December 31, 2021, using the indirect method. 2. Evaluate the company's cash flows for the year. In your evaluation, mention all three categories of cash flows and give the rationale for your evaluation. More info Additional data: a. Acquisition of plant assets was $132,000. Of this amount, $102,000 was paid in cash and $30,000 was financed by signing a note payable. b. Proceeds from the sale of land totaled $23,000. c. Proceeds from the issuance of common stock totaled $47,000. d. Payment of a long-term note payable was $20,000. e. Payment of dividends was $18,000. f. From the balance sheets: Current assets: Cash Accounts receivable Inventory Prepaid expenses Current liabilities: Accounts payable Accrued liabilities $ S December 31, 2021 75,000 40,000 40,000 9,900 36,000 4,000 2020 $ 60,900 60,000 87,000 8,000 $ 20,000 85,000 X Data table Bryan Travel Products, Inc. Income Statement Year Ended December 31, 2021 Revenues: Service revenue Dividend revenue Expenses: Cost of goods sold Salary expense Depreciation expense Advertising expense Interest expense Income tax expense Net income $ 255,000 8,000 97,000 61,000 35,000 2.900 2,100 16,000 - $ 263,000 214,000 $ 49,000 X
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The detailed answer for the above question is provided below Step 13 Answer to Question 1 CASH FLOW STATEMENT Cash Flow Statement Indirect Method Cash Flow from Operations Net Income 49000 Adjustments ... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
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