Pretty Corp had the following financial data related to the years ended December 31: December 31...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Pretty Corp had the following financial data related to the years ended December 31: December 31 Cash Accounts receivable Merchandise inventory Long-term investments Equipment Accumulated depreciation, equipment Accounts payable Income taxes payable Bonds payable Common shares Retained earnings Sales (all on credit) Cost of goods sold Depreciation expense Other operating expenses Interest expense 2021 $142,740 21,500 135,000 102,000 320,000 102.022 $619.218 $14,200 22.600 54.000 148,000 380.418 $619.218 $161,644 95,822 56,431 10,185 3.822 2020 $56,980 20,500 121,200 112,800 201,000 28.356 $484 124 $10,200 21,300 64,000 124,000 264,624 $484.124 $479,892 327.904 $151.988 Loss on sale of equipment Net income Additional information: 1) There was no gain or loss on the long-term investments sold or the bonds retired. 2) Old equipment with an original cost of $34,900 was sold for $8,922. 3) New equipment was purchased for $153,000 4) Paid dividends of ? during the year. 5) Additional shares were issued during the year. REQUIRED: Prepare a statement of cash flows for the year ended December 31, 2021 using the indirect method Pretty Corp had the following financial data related to the years ended December 31: December 31 Cash Accounts receivable Merchandise inventory Long-term investments Equipment Accumulated depreciation, equipment Accounts payable Income taxes payable Bonds payable Common shares Retained earnings Sales (all on credit) Cost of goods sold Depreciation expense Other operating expenses Interest expense 2021 $142,740 21,500 135,000 102,000 320,000 102.022 $619.218 $14,200 22.600 54.000 148,000 380.418 $619.218 $161,644 95,822 56,431 10,185 3.822 2020 $56,980 20,500 121,200 112,800 201,000 28.356 $484 124 $10,200 21,300 64,000 124,000 264,624 $484.124 $479,892 327.904 $151.988 Loss on sale of equipment Net income Additional information: 1) There was no gain or loss on the long-term investments sold or the bonds retired. 2) Old equipment with an original cost of $34,900 was sold for $8,922. 3) New equipment was purchased for $153,000 4) Paid dividends of ? during the year. 5) Additional shares were issued during the year. REQUIRED: Prepare a statement of cash flows for the year ended December 31, 2021 using the indirect method
Expert Answer:
Answer rating: 100% (QA)
Cash at beginning of year Cash at end of year Change in cash Dividend paid is calculated Retain... View the full answer
Related Book For
Financial Accounting Tools for Business Decision Making
ISBN: 978-1118024492
5th Canadian edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso, Barbara Trenholm, Wayne Irvine
Posted Date:
Students also viewed these finance questions
-
The post-closing trial balance as of December 31, 2006 and the adjusted trial balance as of December 31, 2007 are shown here for the Heinz Company: A review of the accounting records reveals the...
-
The current auditor of CTT Company Limited (CTT), the largest property management group in Hong Kong, will resign after the nancial statements audit for the year ended 31 December 2021. Tony, a...
-
In each of the following instances, determine whether you would use a z- or t-statistic (or neither) to form a 95% confidence interval for ; then look up the appropriate z or t value. a. Random...
-
Air containing 1.6 vol% sulfur dioxide is scrubbed with pure water in a packed column of 1.5-m2 cross-sectional area and 3.5-m height packed with no. 2 plastic Super Intalox saddles, at a pressure of...
-
What is transfer of training? What role does transfer of training play in e-learning?
-
Suppose you were assigned to develop a logical model of the registration system at a school or college. Would you be better off using a top-down approach, or would a bottom-up strategy be better?...
-
Manufacturing costs for Davenport Company during 2018 were as follows: Beginning Finished Goods, January 1 Beginning Raw Materials, January 1 Beginning Work in Process, January 1 Direct Labor for the...
-
The comparative balance sheet of Iglesias Inc. for December 31, 20Y3 and 20Y2, is as follows: Additional data obtained from an examination of the accounts in the ledger for 20Y3 are as follows: a....
-
This first assignment is all about the chapter 1 and 2 class lectures and readings. There are tour parts to this project, with the first part being the easiest, and then the last part is the most...
-
In practice, it is customary to In practice, it is customary to classify the timing of field work into the following two categories: a. planning and year-end. b. busy-season and off-season. c. c....
-
7) Which of the following is an example of data? A) words B) a newspaper C) newspaper report D) a bank statement
-
When the data entry is done, the program will display a list of options as follow. 1 Search test result by applicant Id 2 Search test result(s) by applicant name 3 Search test result(s) by overall...
-
Eight sensors each feed eight pieces of data to a circuit which processes the data. It is concluded that as opposed to utilizing 64 sign lines, the information will be multiplexed onto eight...
-
It is April 25, 2017 and you have built a DCF valuing Google's equity value at $675 billion. On December 12, 2016 Google announced a 2 for 1 stock split (affecting all share classes) that took effect...
-
What are the psychological foundations of education? Explain in detail any four of the following concepts along with their relationship with education. Learning and Maturation Individual Differences...
-
Ex. (17): the vector field F = x i-zj + yz k is defined over the volume of the cuboid given by 0x a,0 y b, 0zc, enclosing the surface S. Evaluate the surface integral ff, F. ds?
-
Canam Group Inc.'s receivables turnover was 3.7 times in 2010 and 6.3 times in 2009. Has Canam's receivables management improved or worsened?
-
Tibble Corporation recently determined that the recoverable value of one of its milling machines is less than its current carrying amount. In addition, the machine's useful life is now expected to be...
-
Blue Bay Logistics Ltd.'s shareholders' equity accounts were as follows at the beginning of the current fiscal year, April 1, 2011: $6 cumulative preferred shares (20,000 shares...
-
On 1 October 2016, the owner of the USS Enterprise, Mr Kirk, decides that he will boldly go and keep his records on a double entry system. His assets and liabilities at that date were: Kirk's...
-
What does this tell you about the costs and revenues that are included in the calculation of gross profit?
-
Calculate the gross profit or gross loss of each of the following businesses: Cost of goods purchased Sales ABCDE 9,820 10,676 7,530 14,307 C 10,500 19,370 D 9,580 9,350 8,760 17,200 Gross...
Study smarter with the SolutionInn App