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Alma Ortiz prepared Carlee Instruments' balance sheet and income statement for 2021. Before she ...
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Alma Ortiz prepared Carlee Instruments' balance sheet and income statement for 2021. Before she ...
Alma Ortiz prepared Carlee Instruments' balance sheet and income statement for 2021. Before she could complete the statement of cash flows, she had to leave town to attend to a family emergency. Because the full set of statements must be provided to the auditors today, Carlee's president, Mike Lymon, has asked you to prepare the statement of cash flows. Lymon has provided you with the balance sheet and income statement that Ortiz prepared, as well as some notes she made:
Carlee Instruments
Income Statement
For the Year Ended December 31, 2021
Sales revenue
$127,900
Cost of goods sold
69,800
Gross margin
58,100
Selling expense
$13,000
Administrative expense
8,000
Salaries expense
20,000
Depreciation expense
1,500
Interest expense
4,000
46,500
Income before gain and taxes
11,600
Gain on sale of land
900
Income tax expense
800
Net income
$ 11,700
Carlee Instruments
Comparative Balance Sheets
As of December 31
2021
2020
Cash
$ 6,100
$ 4,300
Accounts receivable, net
6,800
5,500
Inventory
33,700
34,200
Total current assets
46,600
44,000
Property, plant, & equipment, net
211,900
214,300
Total Assets
$258,500
$258,300
Accounts payable
$ 3,400
$ 4,900
Accrued expenses
500
700
Salaries payable
1,900
1,500
Taxes payable
2,100
2,600
Note payable
60,500
50,000
Total liabilities
68,400
59,700
Common stock
125,000
125,000
Retained earnings
65,100
73,600
Total stockholders' equity
190,100
198,600
Total liabilities & stockholders' equity
$258,500
$258,300
•
Equipment with an original cost of $35,000 was sold for $20,300. The book value
of the equipment was $19,400.
•
On June 1, 2021, the company purchased new equipment for cash at a cost of $18,500.
•
At the end of the year the company issued notes payable for $10,500 cash. The note
will
mature on December 31, 2024.
•
The company paid $20,200 in cash dividends for the year.
Required:
Using the direct method, prepare Carlee Instruments' statement of cash flows for 2021.
Textbook
Managerial Accounting
Edition:
4
th
Author:
Davis
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Carlee Enterprises
Statement of Cash Flows
For the year ended December 31, 2021
Cash flows from operating activities
Collections from customers
a
$126,600
Payments to suppliers
b
(70,800)
Payments to employees
c
(19,600)
Payment for other expenses
d
(25,200)
Payments for income taxes
e
(1,300)
Net cash provided by operating activities
$9,700
Cash flows from investing activities
Sale of equipment
20,300
Purchase of equipment
(18,500)
Net cash provided by investing activities
1,800
Cash flows from financing activities
Issue bonds
10,500
Cash dividends on common stock
(20,200)
Net cash provided by financing activities
(9,700)
Change in cash
1,800
Cash, beginning balance
4,300
Cash, ending balance
$6,100
a
Collections from customers: $5,500 + $127,900 − $6,800
b
Payments to suppliers: $4,900 + ($33,700 + $69,800 − $34,200) - $3,400
c
Payments to employees: $1,500 + $20,000 − $1,900
d
Payment for other expenses: $700 + ($13,000 + $8,000 + $4,000) − $500
e
Payments for income taxes: $2,600 + $800 - $2,100
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