Retained earnings 27,000 92,000 46,000 12,000 19,000 Total liabilities and equity $ 130,000 $ 188,000 $...

Transcribed Image Text:

Retained earnings 27,000 92,000 46,000 12,000 19,000 Total liabilities and equity $ 130,000 $ 188,000 $ 58,000 Income Statement For Year Ended December 31, 2020 Revenue $ 152,000 Cost of goods sold 82,000 Depreciation 12,000 Other expenses 14,000 Loss on sale of land 10,000 Net income $ 34,000 Additional information For Year 2020, cash dividends declared and paid were $15,000. Hint: How much cash is received from the sale of land, which is reported in cash flows from investing activities? Fill out the following financial statement. (16 points) ASU Corp. Statement of Cash Flows For Year Ended December 31, 2020 Cash flows from operating activities Net income Adjustments Decrease in accounts receivable Increase in inventory Depreciation expense Increase in accounts payable Loss on sale of land Cash provided by operating activities Cash flows from investing activities Sale of land Purchase of equipment Cash provided by investing activities Cash flows from financing activities Payment of notes payable Issuance of bonds Issuance of stock Payment of dividends Cash provided by financing activities Net change in cash for during 2020 Cash, beginning (12/31/2019)Cash, ending (12/31/2020) Retained earnings 27,000 92,000 46,000 12,000 19,000 Total liabilities and equity $ 130,000 $ 188,000 $ 58,000 Income Statement For Year Ended December 31, 2020 Revenue $ 152,000 Cost of goods sold 82,000 Depreciation 12,000 Other expenses 14,000 Loss on sale of land 10,000 Net income $ 34,000 Additional information For Year 2020, cash dividends declared and paid were $15,000. Hint: How much cash is received from the sale of land, which is reported in cash flows from investing activities? Fill out the following financial statement. (16 points) ASU Corp. Statement of Cash Flows For Year Ended December 31, 2020 Cash flows from operating activities Net income Adjustments Decrease in accounts receivable Increase in inventory Depreciation expense Increase in accounts payable Loss on sale of land Cash provided by operating activities Cash flows from investing activities Sale of land Purchase of equipment Cash provided by investing activities Cash flows from financing activities Payment of notes payable Issuance of bonds Issuance of stock Payment of dividends Cash provided by financing activities Net change in cash for during 2020 Cash, beginning (12/31/2019)Cash, ending (12/31/2020)