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Callaho Inc. began operations on January 1, 2018. Its adjusted trial balance at December 31, 2019 and 2020 is shown below. Other information regarding Callaho Inc. and its activities during 2020 follow in (a) through (e): a. Assume all accounts have normal balances. b. Equipment was sold for cash of $33,700. c. Old machinery was sold for cash of $19,200. New machinery was purchased for $25,000 cash. d. Common stock was issued for cash. e. Cash dividends of $73,000 were declared and paid. Using the information provided, prepare a statement of cash flows (using the indirect method) for the year ended December 31, 2020. Callaho Inc. Adjusted Trial Balance (select one) Statement of Cash Flows Account Accounts payable.... Accounts receivable... Accumulated depreciation, equipment Accumulated depreciation, machinery. Allowance for doubtful accounts Depreciation expense, equipment... Depreciation expense, machinery... Cash Equipment Machinery... Merchandise inventory.. December 31 2020 2019 48,290 52,000 61,300 78,500 1,600 55,500 + 6,900 87,500 3,300 8,500 10,800 10,800 7,900 7,900 196,280 150,000 15,300 113,000 42,500 127,000 139,220 156,000 XX Long-term notes payable... 53,910 64,000 Other expenses (including losses).. 530,000 40,000 Retained earnings... Revenues (including gains).. Common stock Unearned revenue 72,000 58,000 572,700 72,700 281,000 251,000 36,600 34,000 (select one)

Callaho Inc. began operations on January 1, 2018. Its adjusted trial balance at December 31, 2019 and 2020 is shown below. Other information regarding Callaho Inc. and its activities during 2020 follow in (a) through (e): a. Assume all accounts have normal balances. b. Equipment was sold for cash of $33,700. c. Old machinery was sold for cash of $19,200. New machinery was purchased for $25,000 cash. d. Common stock was issued for cash. e. Cash dividends of $73,000 were declared and paid. Using the information provided, prepare a statement of cash flows (using the indirect method) for the year ended December 31, 2020. Callaho Inc. Adjusted Trial Balance (select one) Statement of Cash Flows Account Accounts payable.... Accounts receivable... Accumulated depreciation, equipment Accumulated depreciation, machinery. Allowance for doubtful accounts Depreciation expense, equipment... Depreciation expense, machinery... Cash Equipment Machinery... Merchandise inventory.. December 31 2020 2019 48,290 52,000 61,300 78,500 1,600 55,500 + 6,900 87,500 3,300 8,500 10,800 10,800 7,900 7,900 196,280 150,000 15,300 113,000 42,500 127,000 139,220 156,000 XX Long-term notes payable... 53,910 64,000 Other expenses (including losses).. 530,000 40,000 Retained earnings... Revenues (including gains).. Common stock Unearned revenue 72,000 58,000 572,700 72,700 281,000 251,000 36,600 34,000 (select one)

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
Chapter22: Accounting For Changes And Errors.
Section: Chapter Questions
Problem 10MC: Shannon Corporation began operations on January 1, 2019. Financial statements for the years ended...
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Callaho Inc. began operations on January 1, 2018. Its adjusted trial balance at December 31, 2019 and 2020 is shown below. Other information regarding Callaho Inc. and its activities during 2020 follow in (a) through (e): a. Assume all accounts have normal balances. b. Equipment was sold for cash of $33,700. c. Old machinery was sold for cash of $19,200. New machinery was purchased for $25,000 cash. d. Common stock was issued for cash. e. Cash dividends of $73,000 were declared and paid. Using the information provided, prepare a statement of cash flows (using the indirect method) for the year ended December 31, 2020. Callaho Inc. Adjusted Trial Balance (select one) Statement of Cash Flows Account Accounts payable.... Accounts receivable... Accumulated depreciation, equipment Accumulated depreciation, machinery. Allowance for doubtful accounts Depreciation expense, equipment... Depreciation expense, machinery... Cash Equipment Machinery... Merchandise inventory.. December 31 2020 2019 48,290 52,000 61,300 78,500 1,600 55,500 + 6,900 87,500 3,300 8,500 10,800 10,800 7,900 7,900 196,280 150,000 15,300 113,000 42,500 127,000 139,220 156,000 XX Long-term notes payable... 53,910 64,000 Other expenses (including losses).. 530,000 40,000 Retained earnings... Revenues (including gains).. Common stock Unearned revenue 72,000 58,000 572,700 72,700 281,000 251,000 36,600 34,000 (select one)
Transcribed Image Text:Callaho Inc. began operations on January 1, 2018. Its adjusted trial balance at December 31, 2019 and 2020 is shown below. Other information regarding Callaho Inc. and its activities during 2020 follow in (a) through (e): a. Assume all accounts have normal balances. b. Equipment was sold for cash of $33,700. c. Old machinery was sold for cash of $19,200. New machinery was purchased for $25,000 cash. d. Common stock was issued for cash. e. Cash dividends of $73,000 were declared and paid. Using the information provided, prepare a statement of cash flows (using the indirect method) for the year ended December 31, 2020. Callaho Inc. Adjusted Trial Balance (select one) Statement of Cash Flows Account Accounts payable.... Accounts receivable... Accumulated depreciation, equipment Accumulated depreciation, machinery. Allowance for doubtful accounts Depreciation expense, equipment... Depreciation expense, machinery... Cash Equipment Machinery... Merchandise inventory.. December 31 2020 2019 48,290 52,000 61,300 78,500 1,600 55,500 + 6,900 87,500 3,300 8,500 10,800 10,800 7,900 7,900 196,280 150,000 15,300 113,000 42,500 127,000 139,220 156,000 XX Long-term notes payable... 53,910 64,000 Other expenses (including losses).. 530,000 40,000 Retained earnings... Revenues (including gains).. Common stock Unearned revenue 72,000 58,000 572,700 72,700 281,000 251,000 36,600 34,000 (select one)
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