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1. Determine the change for each item on the Balance Sheet 2.1dentify where the change will be classifed in the Statement of Cash Flow Michaels Company Comparative Balance Sheets As of December 31, 2020 and 2019 2020 $ 10,000 S 4,000 20,500 12,950 2019 Cash Accounts receivable Short-term investments Inventory Prepaid rent Prepaid insurance Supplies Land 22,000 42,000 3,000 2,100 1,000 125,000 175,000 350,000 350,000 (105,000) (87,500) 525,000 400,000 (130,000)(112,000) 45,000 30,000 35,000 12,000 900 750 *P23.4 (LO 2.4) (SCF-Direct Method) *Michaels Company had available at the end of 2020 the following information. Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation-equipment 50,000 $910,600 S871,100 S 22,000 S 32,000 5,000 5,000 10,000 Patents Instructions Total assets *Prepare a statement of cash flows for Michaels Company using the direct method accompanied by a reconciliation schedule. Assume the short-term investments are debt securities, classified as available-for-sale. Accounts payable Income taxes payable Salaries and wages payable Short-term notes payable Long-term notes payable Bonds payable Premium on bonds payable 4,000 3,000 10,000 60,000 70,000 400,000 400,000 20,303 25,853 240,000 220,000 25,000 Common stock Paid-in capital in excess of par-common stock Retained earnings Total liabilities and stockholders' equity $910,600 $871,100 17,500 123,297 88,747 Chapter 23 Homework.pptx (8/9) O Type here to search

1. Determine the change for each item on the Balance Sheet 2.1dentify where the change will be classifed in the Statement of Cash Flow Michaels Company Comparative Balance Sheets As of December 31, 2020 and 2019 2020 $ 10,000 S 4,000 20,500 12,950 2019 Cash Accounts receivable Short-term investments Inventory Prepaid rent Prepaid insurance Supplies Land 22,000 42,000 3,000 2,100 1,000 125,000 175,000 350,000 350,000 (105,000) (87,500) 525,000 400,000 (130,000)(112,000) 45,000 30,000 35,000 12,000 900 750 *P23.4 (LO 2.4) (SCF-Direct Method) *Michaels Company had available at the end of 2020 the following information. Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation-equipment 50,000 $910,600 S871,100 S 22,000 S 32,000 5,000 5,000 10,000 Patents Instructions Total assets *Prepare a statement of cash flows for Michaels Company using the direct method accompanied by a reconciliation schedule. Assume the short-term investments are debt securities, classified as available-for-sale. Accounts payable Income taxes payable Salaries and wages payable Short-term notes payable Long-term notes payable Bonds payable Premium on bonds payable 4,000 3,000 10,000 60,000 70,000 400,000 400,000 20,303 25,853 240,000 220,000 25,000 Common stock Paid-in capital in excess of par-common stock Retained earnings Total liabilities and stockholders' equity $910,600 $871,100 17,500 123,297 88,747 Chapter 23 Homework.pptx (8/9) O Type here to search

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter21: The Statement Of Cash Flows
Section: Chapter Questions
Problem 14E: Interest and Income Taxes Staggs Company has prepared its 2019 statement of cash flows. In...
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1. Determine the change for each item on the Balance Sheet Michaels Company Comparative Balance Sheets As of December 31, 2020 and 2019 2. Identify where the change will be classifed in the Statement of Cash Flow 2020 2019 S 10,000 S 4,000 20,500 12,950 22,000 30,000 42,000 35,000 12,000 Cash Accounts receivable Short-term investments Inventory Prepaid rent Prepaid insurance Supplies Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation equipment Patents 3,000 2,100 1,000 125,000 175,000 350,000 350,000 (105,000) (87,500) 525,000 400,000 (130,000)(112,000) 45,000 50,000 $910,600 S871,100 S 22,000 S 32,000 5,000 900 750 *P23.4 (LO 2. 4) (SCF-Direct Method) •Michaels Company had available at the end of 2020 the following information. •Instructions Total assets Accounts payable Income taxes payable Salaries and wages payable Short-term notes payable Long-term notes payable Bonds payable Premium on bonds payable Common stock Paid-in capital in excess of par- common stock 25,000 17,500 Retained earnings Total liabilities and stockholders' equity $910,600 $871,100 •Prepare a statement of cash flows for Michaels Company using the direct method accompanied by a reconciliation schedule. Assume the short-term investments are debt 4,000 5,000 3,000 10,000 10,000 60,000 70,000 400,000 400,000 20,303 25,853 240,000 220,000 securities, classified as available-for-sale. 123,297 88,747 Chapter 23 Homework.pptx (8/9) Type here to search
Transcribed Image Text:1. Determine the change for each item on the Balance Sheet Michaels Company Comparative Balance Sheets As of December 31, 2020 and 2019 2. Identify where the change will be classifed in the Statement of Cash Flow 2020 2019 S 10,000 S 4,000 20,500 12,950 22,000 30,000 42,000 35,000 12,000 Cash Accounts receivable Short-term investments Inventory Prepaid rent Prepaid insurance Supplies Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation equipment Patents 3,000 2,100 1,000 125,000 175,000 350,000 350,000 (105,000) (87,500) 525,000 400,000 (130,000)(112,000) 45,000 50,000 $910,600 S871,100 S 22,000 S 32,000 5,000 900 750 *P23.4 (LO 2. 4) (SCF-Direct Method) •Michaels Company had available at the end of 2020 the following information. •Instructions Total assets Accounts payable Income taxes payable Salaries and wages payable Short-term notes payable Long-term notes payable Bonds payable Premium on bonds payable Common stock Paid-in capital in excess of par- common stock 25,000 17,500 Retained earnings Total liabilities and stockholders' equity $910,600 $871,100 •Prepare a statement of cash flows for Michaels Company using the direct method accompanied by a reconciliation schedule. Assume the short-term investments are debt 4,000 5,000 3,000 10,000 10,000 60,000 70,000 400,000 400,000 20,303 25,853 240,000 220,000 securities, classified as available-for-sale. 123,297 88,747 Chapter 23 Homework.pptx (8/9) Type here to search
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