Financial info to be used by first names with initials A KINDLY SHOW WORKING Reconstruct the company’s comparative balance sheet for 2020/2021 using the information and compute and show the missing figures to include the appropriate sign as a positive or negative figure. Prepare a complete statement of cash flows for 2021 using the indirect method using the information Auga Company Ltd. Comparative Balance Sheet December 31, 2020 and 2021 2021 2020 Increase/(Decrease) Assets Cash 238,000 215,200 ? Accounts Receivable 303,200 259,300 ? Inventories 358,300 348,200 ? Prepaid expenses 35,350 43,100 ? Intangible assets 205,000 205,000 ? Plant assets, net 1,105,000 910,000 ? Total Assets 2,244,850 1,980,800 Liabilities Accounts payable 254,300 240,000 ? Accrued liabilities 415,300 410,000 ? Income tax payable 115,000 135,400 ? Long-term notes payable 845,400 910,500 ? Stockholders' Equity Common Stock 295,500 275,300 ? Retained earnings 345,600 295,400 ? Treasury stock (26,250) (285,800) ? Total liabilities and stockholders' equity 2,244,850 1,980,800 Auga Company Ltd. Income Statement Year Ended December 31,2021 Revenues and gains: Sales revenue 2,224,000 Gain on sale of plant assets 115,500 Total revenues and gains 2,339,500 Expenses Cost of goods sold 1,305,000 Depreciation expense 165,400 Other operating expense 405,400 Total expenses 1,875,800 Income before income taxes 463,700 Income tax expense 265,000 Net Income 198,700 Notes Acquisition of plant asset during 2021 600,900 Sale proceeds from sale of plant asset 356,000 Receipt for issuance of notes payable 384,900 Payment for note payable 450,000 Dividend paid 148,500 Book value of equipment sold 240,500
Financial info to be used by first names with initials A
KINDLY SHOW WORKING
- Reconstruct the company’s comparative
balance sheet for 2020/2021 using the information and compute and show the missing figures to include the appropriate sign as a positive or negative figure.
- Prepare a complete statement of cash flows for 2021 using the indirect method using the information
Auga Company Ltd. |
|||
Comparative Balance Sheet |
|||
December 31, 2020 and 2021 |
|||
|
2021 |
2020 |
Increase/(Decrease) |
Assets |
|
|
|
Cash |
238,000 |
215,200 |
? |
|
303,200 |
259,300 |
? |
Inventories |
358,300 |
348,200 |
? |
Prepaid expenses |
35,350 |
43,100 |
? |
Intangible assets |
205,000 |
205,000 |
? |
Plant assets, net |
1,105,000 |
910,000 |
? |
Total Assets |
2,244,850 |
1,980,800 |
|
Liabilities |
|
|
|
Accounts payable |
254,300 |
240,000 |
? |
Accrued liabilities |
415,300 |
410,000 |
? |
Income tax payable |
115,000 |
135,400 |
? |
Long-term notes payable |
845,400 |
910,500 |
? |
|
|
|
|
Common Stock |
295,500 |
275,300 |
? |
|
345,600 |
295,400 |
? |
|
(26,250) |
(285,800) |
? |
Total liabilities and stockholders' equity |
2,244,850 |
1,980,800 |
|
Auga Company Ltd. |
||
Income Statement |
||
Year Ended December 31,2021 |
||
Revenues and gains: |
|
|
Sales revenue |
2,224,000 |
|
Gain on sale of plant assets |
115,500 |
|
Total revenues and gains |
|
2,339,500 |
Expenses |
|
|
Cost of goods sold |
1,305,000 |
|
|
165,400 |
|
Other operating expense |
405,400 |
|
Total expenses |
|
1,875,800 |
Income before income taxes |
|
463,700 |
Income tax expense |
|
265,000 |
Net Income |
|
198,700 |
Notes |
||
Acquisition of plant asset during 2021 |
600,900 |
|
Sale proceeds from sale of plant asset |
356,000 |
|
Receipt for issuance of notes payable |
384,900 |
|
Payment for note payable |
450,000 |
|
Dividend paid |
148,500 |
|
Book value of equipment sold |
240,500 |
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