The following are the financial statements of Pina Colada Corp.. Pina Colada Corp. Comparative Balance Sheets...
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The following are the financial statements of Pina Colada Corp.. Pina Colada Corp. Comparative Balance Sheets December 31 Assets Cash Accounts receivable Inventory Equipment Accumulated depreciation-equipment Total Liabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable Common stock Retained earnings Total Pina Colada Corp. Income Statement For the Year Ended December 31, 2020 Sales revenue Cost of goods sold Gross profit Operating expenses Income from operations Interest expense Income before income taxes Income tax expense Net income Additional data: $241,300 176,400 64,900 24,500 40,400 3,800 36,600 8,200 $28,400 2020 2019 $36,900 $19,500 32,100 18,600 30,000 20,300 59,600 78,000 (29,600) (23,200) $129,000 $113,200 $28,200 $16,500 7,100 8,500 26,700 32,400 17,500 13,800 49,500 42,000 $129,000 $113,200 1. Dividends declared and paid were $20,900. 2. During the year, equipment was sold for $9,800 cash. This equipment cost $18,400 originally and had a book value of $9,800 at the time of sale. 3. All depreciation expense, $15,000, is in the operating expenses. 4. All sales and purchases are on account. Adjustments to reconcile net income to Compute free cash flow. Free cash flow Pina Colada Corp. Statement of Cash Flows $ $ $ $ The following are the financial statements of Pina Colada Corp.. Pina Colada Corp. Comparative Balance Sheets December 31 Assets Cash Accounts receivable Inventory Equipment Accumulated depreciation-equipment Total Liabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable Common stock Retained earnings Total Pina Colada Corp. Income Statement For the Year Ended December 31, 2020 Sales revenue Cost of goods sold Gross profit Operating expenses Income from operations Interest expense Income before income taxes Income tax expense Net income Additional data: $241,300 176,400 64,900 24,500 40,400 3,800 36,600 8,200 $28,400 2020 2019 $36,900 $19,500 32,100 18,600 30,000 20,300 59,600 78,000 (29,600) (23,200) $129,000 $113,200 $28,200 $16,500 7,100 8,500 26,700 32,400 17,500 13,800 49,500 42,000 $129,000 $113,200 1. Dividends declared and paid were $20,900. 2. During the year, equipment was sold for $9,800 cash. This equipment cost $18,400 originally and had a book value of $9,800 at the time of sale. 3. All depreciation expense, $15,000, is in the operating expenses. 4. All sales and purchases are on account. Adjustments to reconcile net income to Compute free cash flow. Free cash flow Pina Colada Corp. Statement of Cash Flows $ $ $ $
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Related Book For
Accounting Principles
ISBN: 978-1118875056
12th edition
Authors: Jerry Weygandt, Paul Kimmel, Donald Kieso
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