Maple Group Ltd Comparative Balance Sheet December 31, 2020 and 2019 2020 2019 Increase/(Decrease) Assets Cash and cash equivalent ? 15,300 ? Accounts Receivable ? ? 2,250 Inventories 102,000 109,700 ? Fixed Assets, net 142,300 94,300 ? Total Assets 299,050 262,500 36,550 Liabilities Accounts payable 25,600 26,600 ? Accrued liabilities 24,000 22,800 ? Long-term notes payable 54,350 ? ? Stockholders' Equity: Common Stock 140,300 ? 8,900 Retained earnings 54,800 19,700 35,100 Total liabilities and stockholders' equity 299,050 262,500 36,550 - - - Maple Group Ltd Income Statement Year Ended December 31,2020 Revenues and gains: Sales revenue 439,000 Interest revenue 11,800 Total revenues and gains 450,800 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 79,500 Income tax expense 16,300 Net Income 63,200 Notes Acquisition of fixed asset during 2020 63,500 Sale proceed from sale of plant asset - Receipt for issuance of notes payable - Payment for note payable 7,650 Dividend paid 28,100 Book value of equipment sold - Requirements How can the owners use the cash flow information or what can the statement of cash flows helps the owners to do? Reconstruct the company’s comparative balance sheet for 2019/2020 using the information in line with your first name initial 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 2020 using the indirect method using the information in line with your first name initial.

Maple Group Ltd Comparative Balance Sheet December 31, 2020 and 2019 2020 2019 Increase/(Decrease) Assets Cash and cash equivalent ? 15,300 ? Accounts Receivable ? ? 2,250 Inventories 102,000 109,700 ? Fixed Assets, net 142,300 94,300 ? Total Assets 299,050 262,500 36,550 Liabilities Accounts payable 25,600 26,600 ? Accrued liabilities 24,000 22,800 ? Long-term notes payable 54,350 ? ? Stockholders' Equity: Common Stock 140,300 ? 8,900 Retained earnings 54,800 19,700 35,100 Total liabilities and stockholders' equity 299,050 262,500 36,550 - - - Maple Group Ltd Income Statement Year Ended December 31,2020 Revenues and gains: Sales revenue 439,000 Interest revenue 11,800 Total revenues and gains 450,800 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 79,500 Income tax expense 16,300 Net Income 63,200 Notes Acquisition of fixed asset during 2020 63,500 Sale proceed from sale of plant asset - Receipt for issuance of notes payable - Payment for note payable 7,650 Dividend paid 28,100 Book value of equipment sold - Requirements How can the owners use the cash flow information or what can the statement of cash flows helps the owners to do? Reconstruct the company’s comparative balance sheet for 2019/2020 using the information in line with your first name initial 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 2020 using the indirect method using the information in line with your first name initial.

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter9: Long-term Liabilities

Section: Chapter Questions

Problem 103.3C

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Leverage Cook Corporation issued financial statements at December 31, 2019, that include the following information: Balance sheet at December 31,2019 Assets $8,000,000 Liabilities $1,200,000 Stockholders' equity (300,000 shares) $6,800,000 Income statement for 2019: Income from operations $1,200,000 Less: Interest expense (100,000) Income before taxes $1,100,000 Less: Income taxes expense (0,30) (330,000) Net income $ 770,000 The levels of assets, liabilities, stockholders' equity, and operating income have been stable in recent years; however, Cook Corporation is planning a 51,800,000 expansion program that will increase income from operations by $350,000 to $1,550,000, Cook is planning to sell 8.5% notes at par to finance the expansion. Required: What earnings per share does Cook report before the expansion?
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Maple Group LtdComparative Balance SheetDecember 31, 2020 and 20192020 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…
Maple Group Ltd Comparative Balance Sheet December 31, 2020 and 2019 2020 2019 Increase/(Decrease) Assets Cash and cash equivalent 64,990 61,895 ? Accounts Receivable 95,100 88,500 ? Inventories 72,500 79,855 ? Fixed Assets, net ? ? ? Total Assets 442,590 395,800 46,790 Liabilities Accounts payable 45,000 58,350 ? Accrued liabilities ? ? ? Long-term notes payable 99,500 128,550 ? Stockholders' Equity: Common Stock 143,050 105,110 37,940 Retained earnings 43,540 24,290 19,250 Total liabilities and stockholders' equity 442,590 395,800 46,790…
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Auga Company Ltd Comparative Balance Sheet December 31, 2021 and 2020 2021 2020 Increase/(Decrease)         Assets    Cash      238,000         138,000 ?    Accounts Receivable      325,000         300,000 ?    Inventories      280,000         350,000 ?    Prepaid expenses        28,000            35,000 ?    Intangible assets      328,000         328,000 ? Plant assets, net 1,200,000         980,000 ? Total Assets 2,399,000      2,131,000       Liabilities    Accounts payable      180,000         240,000 ?    Accrued liabilities      310,000         415,000 ?    Income tax payable      105,000         100,000 ? Long-term notes payable 1,350,000         800,000 ?       Stockholders' Equity Common Stock      330,000         295,000 ? Retained earnings      450,000…
Auga Company Ltd Comparative Balance Sheet December 31, 2021 and 2020 2021 2020 Increase/(Decrease)         Assets    Cash      110,000            70,000 ?    Accounts Receivable      300,000         325,000 ?    Supplies      350,000         280,000 ?    Prepaid expenses        35,000            28,000 ?    Intangible assets      215,000         215,000 ? Equipment, net 1,200,000         980,000 ? Total Assets 2,210,000      1,898,000       Liabilities    Accounts payable      250,000         140,000 ?    Accrued liabilities      210,000         215,000 ?    Income tax payable        78,000            98,500 ? Long-term notes payable      602,000         725,000 ?       Stockholders' Equity Common Stock      410,000         330,000 ? Retained earnings      730,000…
Auga Company Ltd Comparative Balance Sheet December 31, 2021 and 2020 2021 2020 Increase/(Decrease) Assets Cash 110,000 70,000 ? Accounts Receivable 300,000 325,000 ? Supplies 350,000 280,000 ? Prepaid expenses 35,000 28,000 ? Intangible assets 215,000 215,000 ? Equipment, net 1,200,000 980,000 ? Total Assets 2,210,000 1,898,000 Liabilities Accounts payable 250,000 140,000 ? Accrued liabilities 210,000 215,000 ? Income tax payable 78,000 98,500 ? Long-term notes payable 602,000 725,000 ? Stockholders' Equity Common Stock 410,000 330,000 ? Retained earnings 730,000…
Auga Company Ltd Comparative Balance Sheet December 31, 2021 and 2020 2021 2020 Increase/(Decrease) Assets Cash 110,000 70,000 ? Accounts Receivable 300,000 325,000 ? Supplies 350,000 280,000 ? Prepaid expenses 35,000 28,000 ? Intangible assets 215,000 215,000 ? Equipment, net 1,200,000 980,000 ? Total Assets 2,210,000 1,898,000 Liabilities Accounts payable 250,000 140,000 ? Accrued liabilities 210,000 215,000 ? Income tax payable 78,000 98,500 ? Long-term notes payable 602,000 725,000 ? Stockholders' Equity Common Stock 410,000 330,000 ? Retained earnings 730,000…

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Maple Group Ltd
Comparative Balance Sheet
December 31, 2020 and 2019
	2020	2019	Increase/(Decrease)
Assets
Cash and cash equivalent	?	15,300	?
Accounts Receivable	?	?	2,250
Inventories	102,000	109,700	?
Fixed Assets, net	142,300	94,300	?
Total Assets	299,050	262,500	36,550
Liabilities
Accounts payable	25,600	26,600	?
Accrued liabilities	24,000	22,800	?
Long-term notes payable	54,350	?	?
Stockholders' Equity:
Common Stock	140,300	?	8,900
Retained earnings	54,800	19,700	35,100
Total liabilities and stockholders' equity	299,050	262,500	36,550
	-	-	-

Maple Group Ltd
Income Statement
Year Ended December 31,2020
Revenues and gains:
Sales revenue	439,000
Interest revenue	11,800
Total revenues and gains		450,800
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		79,500
Income tax expense		16,300
Net Income		63,200


Notes
Acquisition of fixed asset during 2020		63,500
Sale proceed from sale of plant asset		-
Receipt for issuance of notes payable		-
Payment for note payable		7,650
Dividend paid		28,100
Book value of equipment sold		-