The Fisheries Processing Corporation prepared the following income statement and comparative balance sheet for 2021: FISHERIES...
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The Fisheries Processing Corporation prepared the following income statement and comparative balance sheet for 2021: FISHERIES PROCESSING CORPORATION Income Statement Year Ended December 31, 2021 $1,800,000 880,000 920,000 227,000 197,000 165,000 120.000 211,000 Sales. Cost of goods sold. Gross profit. Depreciation expense Other operating expenses.. Interest expense.. Loss on sale of land.. Income before taxes. 70,800 $ 140.200 Income taxes Profit. FISHERIES PROCESSING CORPORATION Comparative Balance Sheet December 31 2021 2020 Assets $ 385,200 $ 200,000 Cash 670,000 Accounts receivable Merchandise inventory 640,000 2,336,000 880,000 (787,000) 2,090,000 Property, plant, and equipment Less: Accumulated depreciation Goodwill 800,000 (560,000) 219.000 $3.419.000 219.000 Total Assets $3.673.200 Liabilities and Shareholders' Equity Accounts payable Other accrued payables Dividends payable Income taxes payable Note payable (long-term) Bonds payable Common shares Retained earnings Total Liabilities & Shareholders' Equity $ 389,000 160,000 80,000 27,000 180,000 900,000 1,600,000 337.200 $ 3,673,200 $ 265,000 240,000 80,000 42,000 560,000 400,000 1,600,000 232.000 $3,419.000 Additional data: 1. Equipment was purchased for $ 400,000. Land was sold for cash proceeds of $ 200,000. The company sold bonds of $ 500,000 and made $ 380,000 of principal payments on notes payable. 2. 3. Instructions Prepare a cash flow statement for 2021, using the indirect method. The Fisheries Processing Corporation prepared the following income statement and comparative balance sheet for 2021: FISHERIES PROCESSING CORPORATION Income Statement Year Ended December 31, 2021 $1,800,000 880,000 920,000 227,000 197,000 165,000 120.000 211,000 Sales. Cost of goods sold. Gross profit. Depreciation expense Other operating expenses.. Interest expense.. Loss on sale of land.. Income before taxes. 70,800 $ 140.200 Income taxes Profit. FISHERIES PROCESSING CORPORATION Comparative Balance Sheet December 31 2021 2020 Assets $ 385,200 $ 200,000 Cash 670,000 Accounts receivable Merchandise inventory 640,000 2,336,000 880,000 (787,000) 2,090,000 Property, plant, and equipment Less: Accumulated depreciation Goodwill 800,000 (560,000) 219.000 $3.419.000 219.000 Total Assets $3.673.200 Liabilities and Shareholders' Equity Accounts payable Other accrued payables Dividends payable Income taxes payable Note payable (long-term) Bonds payable Common shares Retained earnings Total Liabilities & Shareholders' Equity $ 389,000 160,000 80,000 27,000 180,000 900,000 1,600,000 337.200 $ 3,673,200 $ 265,000 240,000 80,000 42,000 560,000 400,000 1,600,000 232.000 $3,419.000 Additional data: 1. Equipment was purchased for $ 400,000. Land was sold for cash proceeds of $ 200,000. The company sold bonds of $ 500,000 and made $ 380,000 of principal payments on notes payable. 2. 3. Instructions Prepare a cash flow statement for 2021, using the indirect method.
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FISHERIES PROCESSING CORPORATION Statement of Cash Flows Indirect method For the Year Ended December ... View the full answer
Related Book For
Horngrens Financial and Managerial Accounting
ISBN: 978-0133866292
5th edition
Authors: Tracie L. Nobles, Brenda L. Mattison, Ella Mae Matsumura
Posted Date:
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