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C. Cash Flow Statement Prepare a Cash Flow Statement for Red Company for the year ended December 31, 2021. Red Company Balance Sheets December 31, ASSETS LIABILITIES AND EQUITY Accounts payable Salaries payable Dividends payable Common stock, $10 par Cash Accounts receivable Inventory Investments (long-term) Land Equipment Accumulated depreciation a. b. C. d. e. Paid-in capital in excess of par Retained earnings Sales Cost of goods sold Gross profit Operating expenses: Depreciation expense Other information: Other operating expenses Total operating expenses Other income: Gain on sale of long-term investments Income before income tax Income tax expense Net income 2021 $ 186,800 250,000 293,000 0 290,000 Equipment was acquired for $78,000. Land was purchased for $290,000. The investments were sold for $190,000. 735,200 (221,800) $ 1,533,200 Red Company Income Statement Year Ended December 31, 2021 $164,800 13,400 33,200 200,000 640,000 481,800 $ 1,533,200 2020 $ 115,600 247,000 217,800 130,000 0 557,200 (174,800) $ 1,092,800 $ 148,000 12,000 31,400 140,000 400,000 361,400 $ 1,092,800 The common stock was issued for $200,000. Cash dividends declared for the year totaled $143,600. 100 of equipment was received in exchange for common stock $ 1,449,400 826,200 603,200 47,000 205.800 252,800 60,000 410,400 146,400 $ 264,000

C. Cash Flow Statement Prepare a Cash Flow Statement for Red Company for the year ended December 31, 2021. Red Company Balance Sheets December 31, ASSETS LIABILITIES AND EQUITY Accounts payable Salaries payable Dividends payable Common stock, $10 par Cash Accounts receivable Inventory Investments (long-term) Land Equipment Accumulated depreciation a. b. C. d. e. Paid-in capital in excess of par Retained earnings Sales Cost of goods sold Gross profit Operating expenses: Depreciation expense Other information: Other operating expenses Total operating expenses Other income: Gain on sale of long-term investments Income before income tax Income tax expense Net income 2021 $ 186,800 250,000 293,000 0 290,000 Equipment was acquired for $78,000. Land was purchased for $290,000. The investments were sold for $190,000. 735,200 (221,800) $ 1,533,200 Red Company Income Statement Year Ended December 31, 2021 $164,800 13,400 33,200 200,000 640,000 481,800 $ 1,533,200 2020 $ 115,600 247,000 217,800 130,000 0 557,200 (174,800) $ 1,092,800 $ 148,000 12,000 31,400 140,000 400,000 361,400 $ 1,092,800 The common stock was issued for $200,000. Cash dividends declared for the year totaled $143,600. 100 of equipment was received in exchange for common stock $ 1,449,400 826,200 603,200 47,000 205.800 252,800 60,000 410,400 146,400 $ 264,000

Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter11: The Statement Of Cash Flows
Section: Chapter Questions
Problem 27BE
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C. Cash Flow Statement Prepare a Cash Flow Statement for Red Company for the year ended December 31, 2021. Red Company Balance Sheets December 31, ASSETS LIABILITIES AND EQUITY a. b. C. Cash Accounts receivable Inventory Investments (long-term) Land Equipment. Accumulated depreciation d. e. f. Accounts payable Salaries payable Dividends payable Common stock, $10 par Paid-in capital in excess of par Retained earnings Sales Cost of goods sold Gross profit Operating expenses: Depreciation expense Other information: Other operating expenses Total operating expenses Other income: Gain on sale of long-term investments Income before income tax Income tax expense Net income 2021 $ 186,800 250,000 293,000 0 Equipment was acquired for $78,000. Land was purchased for $290,000. The investments were sold for $190,000. 290,000 735,200 (221,800) $ 1,533,200 Red Company Income Statement Year Ended December 31, 2021 $164,800 13,400 33,200 200,000 640,000 481.800 $ 1,533,200 2020 $ 115,600 247,000 217,800 130,000 0 557,200 (174,800) $ 1,092,800 $ 148,000 12,000 31,400 140,000 400,000 361,400 $ 1,092,800 The common stock was issued for $200,000. Cash dividends declared for the year totaled $143,600. $100,000 of equipment was received in exchange for common stock. $ 1,449,400 826,200 603,200 47,000 205,800 252,800 60,000 410,400 146,400 $ 264,000
Transcribed Image Text:C. Cash Flow Statement Prepare a Cash Flow Statement for Red Company for the year ended December 31, 2021. Red Company Balance Sheets December 31, ASSETS LIABILITIES AND EQUITY a. b. C. Cash Accounts receivable Inventory Investments (long-term) Land Equipment. Accumulated depreciation d. e. f. Accounts payable Salaries payable Dividends payable Common stock, $10 par Paid-in capital in excess of par Retained earnings Sales Cost of goods sold Gross profit Operating expenses: Depreciation expense Other information: Other operating expenses Total operating expenses Other income: Gain on sale of long-term investments Income before income tax Income tax expense Net income 2021 $ 186,800 250,000 293,000 0 Equipment was acquired for $78,000. Land was purchased for $290,000. The investments were sold for $190,000. 290,000 735,200 (221,800) $ 1,533,200 Red Company Income Statement Year Ended December 31, 2021 $164,800 13,400 33,200 200,000 640,000 481.800 $ 1,533,200 2020 $ 115,600 247,000 217,800 130,000 0 557,200 (174,800) $ 1,092,800 $ 148,000 12,000 31,400 140,000 400,000 361,400 $ 1,092,800 The common stock was issued for $200,000. Cash dividends declared for the year totaled $143,600. $100,000 of equipment was received in exchange for common stock. $ 1,449,400 826,200 603,200 47,000 205,800 252,800 60,000 410,400 146,400 $ 264,000
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