Prepare Balance sheet and Statement if Cash Flows

Sales for 20XY were $316,000, with cost of goods sold being 68 percent of sales. Amortization expense was 12 percent of plant and equipment (net) at the beginning of the year. Interest expense for the bonds payable was 14 percent, while interest on the notes payable was 13 percent. These are based on December 31, 20XX, balances. Selling and administrative expenses were $25,100, 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 13 percent, and accounts payable increased by 32 percent. A new machine was purchased on December 31, 20XY, at a cost of $46,000. A cash dividend of $9,200 was paid to common shareholders at the end of 20XY. Also, notes payable increased by $6,187 and bonds payable decreased by 10,060. The common stock account did not change.

Prepare Balance sheet and Statement of Cash flows

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 Liabilities $13,300 Accounts payable 15,700 Notes payable 34,500 Bonds payable 13,500 Shareholders' Equity $335,000 Common stock 56,300 Retained earnings 278,700 $355,700 Total liabilities and shareholders' equity 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 0 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) 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 operating activities Investing activities: (Click to select) 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 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: Cash Accounts receivable Inventory Prepaid expenses Gardner Corporation Balance Sheet For the Year Ended December 31, 20xY Liabilities $ 133001 Accounts p 15700 Notes paya 33916.95 Bonds pays 13500 Total current assets Capital assets Plant and Equipment Less: Accumulated amortization $ $ Total liabi Shareholder Retained e Commons Net plant and equipment Total assets $ Total liabi Ret 7. For December 31, 20XX, the balance sheet of the Gardner Corporation is as follows: Balance Sheet Liabilities 20 points Current Assets Cash Accounts receivable Inventory Prepaid expenses Capital Assets Plant and equipment (gross) Less: Accumulated amortization $13,300 15,700 34,500 13,500 Accounts payable Notes payable Bonds payable $20,300 29,300 53,400 $335,000 56,300 Shareholders' Equity Common stock Retained earnings $75,000 177,700 Net plant and equipment 278,700 Total assets $355,700 Total liabilities and shareholders' equity $355,700 Sales for 20XY were $316,000, with cost of goods sold being 68 percent of sales. Amortization expense was 12 percent of plant and equipment (net) at the beginning of the year. Interest expense for the bonds payable was 14 percent, while interest on the notes payable was 13 percent. These are based on December 31, 20XX, balances. Selling and administrative expenses were $25,100, 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 13 percent, and accounts payable increased by 32 percent. A new machine was purchased on December 31, 20XY, at a cost of $46,000. A cash dividend of $9,200 was paid to common shareholders at the end of 20XY. Also, notes payable increased by $6,187 and bonds payable decreased by 10,060. The common stock account did not change. 7 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.) 20 points Gardner Corporation Balance Sheet For the Year Ended December 31, 20XY Liabilities: $ 13300 Accounts payable Current Assets: Cash $ 28300 3 Accounts receivable 15700 Notes payable 29300 Inventory 33916.95 X Bonds payabl 53400 Prepaid expenses 13500 $ $ Total current assets Capital assets Plant and Equipment Total liabilities Shareholders equity Retained earnings $ $ Less: Accumulated amortization Common stock Net plant and equipment Total assets $ Total liabilities and shareholders equity $ 7 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.) 20 points Gardner Corporation Statement of Cash Flows For the Year Ended December 31, 20XY Operating Activities: $ Add items not requiring an outlay of cash: Cash flow from operations Changes in non-cash working capital: $ Net Change in non-cash working capital Cash operating activities Investing activities: 7 Net Change in non-cash working capital Cash operating activities 20 points Investing activities: Cash Investing activities Financing activities: Cash financing activities Cash, beginning of year Cash, end of year $