10:13 MN ull 60% iFile Assignment 3B – Read-onlyRefresh recommended – A newer version o...auriereu.Scenario:The 2020 comparative balance sheet and 2020 income statement of Maple Group Ltd, have justbeen prepare and presented to the owners by the company's Accountant. Upon close examinationof the financial information received, it was discovered that some figures in the balance sheetwere erroneously omitted due to an oversight by the accountant who is not available to fix theproblem due to his unavoidable absence from work. In addition, the owners were concernedabout the movement in the company's cash and cash equivalent given that the balance sheet doesnot show or explain the reason or reasons why there was an increase or decrease in this area.The company uses the indirect method to prepare the statement of cash flows and it is expectedthat this should be able to provide the needed clarity required by the owners.The owners have asked each student from your accounting course to assist with the neededclarification and have put forward the following financial information grouped according to yourfirst name initial. (Hint!!!! Example first name Brad will use the initial B and that personshould only use the info presented in line with the heading with their first name initial. Youare not allowed to use info associated with initials other than that of your own as this willresult in the forfeiture of the grade.)Having identified the information in line with your first name you are next required to addressthe requirements outlined below.Financial info to be used by first names with initials (K, Q, M, F)Maple Group LtdComparative Balance SheetDecember 31, 2020 and 201920202019 Increase/(Decrease)AssetsCash and cash equivalent?Accounts Receivable87,5501,550Inventories93,90098,540Fixed Assets, net160,40049,900Total Assets373,350316,89056,460LiabilitiesAccounts payable??950Accrued liabilities22,85024,940Long-term notes payableStockholders' Equity:82,000140,500(58,500)Common Stock?61,500125,300Retained earnings(9,200)56,46054,800Total liabilities and stockholders' equity373,350316,890Meple Cr IAII 10:12 MN ull 60% iFile Assignment 3B – Read-onlyRefresh recommended – A newer version o...Maple Group LtdIncome StatementYear Ended December 31,2020Revenues and gains:Sales revenueInterest revenue369,50011,800Total revenues and gainsExpensesCost of goods soldDepreciation expenseOther operating expenseInterest expenseTotal expenses381,300205,50015,500126.00024,300371,300Income before income taxes10,000Income tax expense16,300|Net Loss(6,300)Notes65,400Acquisition of fixed asset during 2020Sale proceed from sale of plant assetReceipt for issuance of notes payablePayment for note payableDividend paidBook value of equipment sold58,5002,900Requirements1. How can the owners use the cash flow information or what can the statement of cashflows helps the owners to do?2. Reconstruct the company's comparative balance sheet for 2019/2020 using theinformation in line with your first name initial and compute and show the missingfigures to include the appropriate sign as a positive or negative figure.3. Prepare a complete statement of cash flows for 2020 using the indirect method using theinformation in line with your first name initial.II

Cash flow statement is a statement which shows all cash inflows and cash outflows of the business…

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 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. 3. Prepare a complete statement of cash flows for 2020 using the indirect method using the information in line with your first name initial.

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 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. 3. Prepare a complete statement of cash flows for 2020 using the indirect method using the information in line with your first name initial.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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