Maple Group Ltd Comparative Balance Sheet December 31, 2020 and 2019 2020 2019 Increase/(Decrease) Assets Cash and cash equivalent ? 31,500 (10,000) Accounts Receivable ? 87,500 ? Inventories 97,100 ? ? Fixed Assets, net 142,300 ? 32,000 Total Assets 302,900 323,000 (20,100) Liabilities Accounts payable 25,600 26,600 ? Accrued liabilities 24,000 ? 1,200 Long-term notes payable 58,200 ? (20,000) Stockholders' Equity: Common Stock ? 131,400 ? Retained earnings 54,800 64,000 (9,200) Total liabilities and stockholders' equity 302,900 323,000 (20,100) - - - Maple Group Ltd Income Statement Year Ended December 31,2020 Revenues and gains: Sales revenue 370,000 Interest revenue 11,800 Total revenues and gains 381,800 Expenses Cost of goods sold 205,500 Depreciation expense 15,500 Other operating expense 126,000 Interest expense 24,300 Total expenses 371,300 Income before income taxes 10,500 Income tax expense 16,300 Net Loss (5,800) Notes Acquisition of fixed asset during 2020 47,500 Sale proceed from sale of plant asset - Receipt for issuance of notes payable - Payment for note payable 20,000 Dividend paid 3,400 Requirements 1. How can the owners use the cash flow information or what can the statement of cash flows helps the owners to do? 2. Reconstruct the company’s comparative balance sheet for 2019/2020. 3. Prepare a complete statement of cash flows for 2020 using the indirect method.
Maple Group Ltd
Comparative Balance Sheet
December 31, 2020 and 2019
2020 2019 Increase/(Decrease)
Assets
Cash and cash equivalent ? 31,500 (10,000)
Inventories 97,100 ? ?
Fixed Assets, net 142,300 ? 32,000
Total Assets 302,900 323,000 (20,100)
Liabilities
Accounts payable 25,600 26,600 ?
Accrued liabilities 24,000 ? 1,200
Long-term notes payable 58,200 ? (20,000)
Common Stock ? 131,400 ?
Total liabilities and stockholders' equity 302,900 323,000 (20,100)
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Maple Group Ltd
Income Statement
Year Ended December 31,2020
Revenues and gains:
Sales revenue 370,000
Interest revenue 11,800
Total revenues and gains 381,800
Expenses
Cost of goods sold 205,500
Other operating expense 126,000
Interest expense 24,300
Total expenses 371,300
Income before income taxes 10,500
Income tax expense 16,300
Net Loss (5,800)
Notes
Acquisition of fixed asset during 2020 47,500
Sale proceed from sale of plant asset -
Receipt for issuance of notes payable -
Payment for note payable 20,000
Dividend paid 3,400
Requirements
1. How can the owners use the cash flow information or what can the statement of cash flows helps the owners to do?
2. Reconstruct the company’s comparative balance sheet for 2019/2020.
3. Prepare a complete statement of cash flows for 2020 using the indirect method.
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