Financial Analysis for Decision Making1. Below is information for ICY Corporation:Service RevenueOperating expensesNet incomeCashICY CompanyIncome StatementFor the year ended December 31, 2021Accounts receivableTotal current assetsBalance SheetAt December 31, 2021 and 2020Assets$ 100,00090.00010,0002021$ 5,00010,00015,0002020$ 2,0003.0005,000 LandTotal assetsNotes payableTotal LiabilitiesLiabilitiesStockholders' EquityCommon stockRetained earningsTotal Stockholders' EquityTotal Liabilities and Stockholders' Equity2021 Events:a) Purchased land for $10,000 cashb) Borrowed $10,000 on a long-term notes payable30.000$ 45,00010.00010,00015.00020.000$25,00035.000$45,000오01020,000 20,0005.00025.000$ 25,000Complete the cash flow statement using the indirect method on the template provided.

`Solution Calculated the Cash flow statement of ICY Company under the Indirect Method…

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Accounting

Complete the cash flow statement using the indirect method on the template provided.

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

Chapter5: The Income Statement And The Statement Of Cash Flows

Section: Chapter Questions

Problem 7P: Complex Income Statement The following items were derived from Woodbine Circle Corporations adjusted...

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Question

Financial Analysis for Decision Making
1. Below is information for ICY Corporation:
Service Revenue
Operating expenses
Net income
Cash
ICY Company
Income Statement
For the year ended December 31, 2021
Accounts receivable
Total current assets
Balance Sheet
At December 31, 2021 and 2020
Assets
$ 100,000
90.000
10,000
2021
$ 5,000
10,000
15,000
2020
$ 2,000
3.000
5,000

Land
Total assets
Notes payable
Total Liabilities
Liabilities
Stockholders' Equity
Common stock
Retained earnings
Total Stockholders' Equity
Total Liabilities and Stockholders' Equity
2021 Events:
a) Purchased land for $10,000 cash
b) Borrowed $10,000 on a long-term notes payable
30.000
$ 45,000
10.000
10,000
15.000
20.000
$25,000
35.000
$45,000
오
0
10
20,000 20,000
5.000
25.000
$ 25,000
Complete the cash flow statement using the indirect method on the template provided.

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