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, Condensed financial data of Sinjh SA follow. Sinjh SA Comparative Statements of Financial Position December 31 Assets 2020 2019 €242,500 (52,000) 114,000 Equipment Accumulated depreciation-equipment Long-term investments Prepaid expenses Inventory Accounts receivable Cash €265,000 (47,000) 140,000 29,300 112,500 92,800 100,350 26,000 102,850 33,000 48,400 Total €692,950 €514,750 Equity and Liabilities Share capital-ordinary Retained earnings Bonds payable Accounts payable Accrued expenses payable €220,000 234,450 110,000 112,000 16,500 €175,000 105,450 150,000 67,300 17,000 Total €692,950 €514,750 Sinjh SA Income Statement For the Year Ended December 31, 2020 Sales revenue €392,780 5,000 Gain on disposal of plant assets €397,780 Less: 135,460 Cost of goods sold Operating expenses, excluding depreciation Depreciation expense Income tax expense Interest expense 12,410 45,000 27,280 4,730 224,880 Net income €172,900 Additional information: 1. New equipment costing €80,000 was purchased for cash during the year. 2. Old equipment having an original cost of €57,500 and accumulated depreciation of €50,000 was sold for €12,500 cash. 3. Bonds payable matured and were paid off at face value for cash. 4. A cash dividend of €43,900 was declared and paid during the year. Instructions . Prepare a statement of cash flows using the indirect method. 0. Prepare a statement of cash flows for Sinjh using the direct method.

, Condensed financial data of Sinjh SA follow. Sinjh SA Comparative Statements of Financial Position December 31 Assets 2020 2019 €242,500 (52,000) 114,000 Equipment Accumulated depreciation-equipment Long-term investments Prepaid expenses Inventory Accounts receivable Cash €265,000 (47,000) 140,000 29,300 112,500 92,800 100,350 26,000 102,850 33,000 48,400 Total €692,950 €514,750 Equity and Liabilities Share capital-ordinary Retained earnings Bonds payable Accounts payable Accrued expenses payable €220,000 234,450 110,000 112,000 16,500 €175,000 105,450 150,000 67,300 17,000 Total €692,950 €514,750 Sinjh SA Income Statement For the Year Ended December 31, 2020 Sales revenue €392,780 5,000 Gain on disposal of plant assets €397,780 Less: 135,460 Cost of goods sold Operating expenses, excluding depreciation Depreciation expense Income tax expense Interest expense 12,410 45,000 27,280 4,730 224,880 Net income €172,900 Additional information: 1. New equipment costing €80,000 was purchased for cash during the year. 2. Old equipment having an original cost of €57,500 and accumulated depreciation of €50,000 was sold for €12,500 cash. 3. Bonds payable matured and were paid off at face value for cash. 4. A cash dividend of €43,900 was declared and paid during the year. Instructions . Prepare a statement of cash flows using the indirect method. 0. Prepare a statement of cash flows for Sinjh using the direct method.

Survey of Accounting (Accounting I)
Survey of Accounting (Accounting I)
8th Edition
ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter9: Metric-analysis Of Financial Statements
Section: Chapter Questions
Problem 9.4.10P: Twenty metrics of liquidity, solvency, and profitability The comparative financial statements of...
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Condensed financial data of Sinjh SA follow. Sinjh SA Comparative Statements of Financial Position December 31 Assets 2020 2019 Equipment Accumulated depreciation-equipment Long-term investments Prepaid expenses Inventory Accounts receivable €265,000 (47,000) 140,000 29,300 112,500 92,800 100,350 €242,500 (52,000) 114,000 26,000 102,850 33,000 48,400 Cash Total €692,950 €514,750 Equity and Liabilities Share capital-ordinary Retained earnings Bonds payable Accounts payable Accrued expenses payable €220,000 234,450 110,000 112,000 16,500 €175,000 105,450 150,000 67,300 17,000 Total €692,950 €514,750 Sinjh SA Income Statement For the Year Ended December 31, 2020 Sales revenue €392,780 5,000 Gain on disposal of plant assets Less: €397,780 135,460 Cost of goods sold Operating expenses, excluding depreciation Depreciation expense Income tax expense Interest expense 12,410 45,000 27,280 4,730 224,880 Net income €172,900 Additional information: 1. New equipment costing €80,000 was purchased for cash during the year. 2. Old equipment having an original cost of €57,500 and accumulated depreciation of €50,000 was sold for €12,500 cash. 3. Bonds payable matured and were paid off at face value for cash. 4. A cash dividend of €43,900 was declared and paid during the year. Instructions U. Prepare a statement of cash flows using the indirect method. 0. Prepare a statement of cash flows for Sinjh using the direct method.
Transcribed Image Text:Condensed financial data of Sinjh SA follow. Sinjh SA Comparative Statements of Financial Position December 31 Assets 2020 2019 Equipment Accumulated depreciation-equipment Long-term investments Prepaid expenses Inventory Accounts receivable €265,000 (47,000) 140,000 29,300 112,500 92,800 100,350 €242,500 (52,000) 114,000 26,000 102,850 33,000 48,400 Cash Total €692,950 €514,750 Equity and Liabilities Share capital-ordinary Retained earnings Bonds payable Accounts payable Accrued expenses payable €220,000 234,450 110,000 112,000 16,500 €175,000 105,450 150,000 67,300 17,000 Total €692,950 €514,750 Sinjh SA Income Statement For the Year Ended December 31, 2020 Sales revenue €392,780 5,000 Gain on disposal of plant assets Less: €397,780 135,460 Cost of goods sold Operating expenses, excluding depreciation Depreciation expense Income tax expense Interest expense 12,410 45,000 27,280 4,730 224,880 Net income €172,900 Additional information: 1. New equipment costing €80,000 was purchased for cash during the year. 2. Old equipment having an original cost of €57,500 and accumulated depreciation of €50,000 was sold for €12,500 cash. 3. Bonds payable matured and were paid off at face value for cash. 4. A cash dividend of €43,900 was declared and paid during the year. Instructions U. Prepare a statement of cash flows using the indirect method. 0. Prepare a statement of cash flows for Sinjh using the direct method.
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