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Sketchers Corporation's recent comparative balance sheet and income statement follow. Balance Sheets, December 31 Assets Cash and cash equivalents Accounts receivable (net) Merchandise inventory Investments, long-term Plant assets Accumulated depreciation Total assets Liabilities and Stockholders' Equity Accounts payable Salaries payable Income taxes payable Interest payable Bonds payable, issued at face value Common stock, no-par Retained earnings Total liabilities and stockholders' equity Income Statement For Year Ended December 31, 2020 Sales revenue Cost of goods sold Gross margin Depreciation expense Salaries expense Income tax expense Interest expense Net income 2019 $39,000 68,000 156,000 337,000 (88,000) $512,000 $45,000 3,000 4,000 5,000 200,000 240,000 15,000 $512,000 Additional information: 1. Purchased a plant asset, $60,000; issued capital stock in full payment. 2. Purchased a long-term investment in equity securities accounted for cash, $20,000. 3. Declared and paid a cash dividend, $20,000. 4. Sold plant asset for $10,000 cash (cost, $36,000; accumulated depreciation, $26,000). 5. Sold capital stock, 1,000 shares at $11 per share cash. Note: Do not use either the positive/negative sign or the dollar sign with your answers. Required: 1 Net cash provided by operating activities using the indirect method is $. 2 Net cash used by financing activities is $. 3 Cash paid to suppliers, under the direct method, is $. 4 Cash paid for interest, under the direct method, is $ 2020 $63,800 72,200 152,000 20,000 361,000 (74,000) $595,000 $40,000 1,000 7,000 5,000 200,000 311,000 31,000 $595,000 $240,000 (144,000) $96,000 (12,000) (24,000) (20,000) (4,000) $36,000

Sketchers Corporation's recent comparative balance sheet and income statement follow. Balance Sheets, December 31 Assets Cash and cash equivalents Accounts receivable (net) Merchandise inventory Investments, long-term Plant assets Accumulated depreciation Total assets Liabilities and Stockholders' Equity Accounts payable Salaries payable Income taxes payable Interest payable Bonds payable, issued at face value Common stock, no-par Retained earnings Total liabilities and stockholders' equity Income Statement For Year Ended December 31, 2020 Sales revenue Cost of goods sold Gross margin Depreciation expense Salaries expense Income tax expense Interest expense Net income 2019 $39,000 68,000 156,000 337,000 (88,000) $512,000 $45,000 3,000 4,000 5,000 200,000 240,000 15,000 $512,000 Additional information: 1. Purchased a plant asset, $60,000; issued capital stock in full payment. 2. Purchased a long-term investment in equity securities accounted for cash, $20,000. 3. Declared and paid a cash dividend, $20,000. 4. Sold plant asset for $10,000 cash (cost, $36,000; accumulated depreciation, $26,000). 5. Sold capital stock, 1,000 shares at $11 per share cash. Note: Do not use either the positive/negative sign or the dollar sign with your answers. Required: 1 Net cash provided by operating activities using the indirect method is $. 2 Net cash used by financing activities is $. 3 Cash paid to suppliers, under the direct method, is $. 4 Cash paid for interest, under the direct method, is $ 2020 $63,800 72,200 152,000 20,000 361,000 (74,000) $595,000 $40,000 1,000 7,000 5,000 200,000 311,000 31,000 $595,000 $240,000 (144,000) $96,000 (12,000) (24,000) (20,000) (4,000) $36,000

Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter12: Fainancial Statement Analysis
Section: Chapter Questions
Problem 48CE
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Sketchers Corporation's recent comparative balance sheet and income statement follow. Balance Sheets, December 31 Assets Cash and cash equivalents Accounts receivable (net) Merchandise inventory Investments, long-term Plant assets Accumulated depreciation Total assets Liabilities and Stockholders' Equity Accounts payable Salaries payable Income taxes payable Interest payable Bonds payable, issued at face value Common stock, no-par Retained earnings Total liabilities and stockholders' equity Income Statement For Year Ended December 31, 2020 Sales revenue Cost of goods sold Gross margin Depreciation expense Salaries expense Income tax expense Interest expense Net income 2019 $39,000 68,000 156,000 337,000 (88,000) $512,000 $45,000 3,000 4,000 5,000 200,000 240,000 15,000 $512,000 Additional information: 1. Purchased a plant asset, $60,000; issued capital stock in full payment. 2. Purchased a long-term investment in equity securities accounted for cash, $20,000. 3. Declared and paid a cash dividend, $20,000. 4. Sold plant asset for $10,000 cash (cost, $36,000; accumulated depreciation, $26,000). 5. Sold capital stock, 1,000 shares at $11 per share cash. Note: Do not use either the positive/negative sign or the dollar sign with your answers. Required: 1 Net cash provided by operating activities using the indirect method is $. 2 Net cash used by financing activities is $. 3 Cash paid to suppliers, under the direct method, is $. 4 Cash paid for interest, under the direct method, is $ 2020 $63,800 72,200 152,000 20,000 361,000 (74,000) $595,000 $40,000 1,000 7,000 5,000 200,000 311,000 31,000 $595,000 $240,000 (144,000) $96,000 (12,000) (24,000) (20,000) (4,000) $36,000
Transcribed Image Text:Sketchers Corporation's recent comparative balance sheet and income statement follow. Balance Sheets, December 31 Assets Cash and cash equivalents Accounts receivable (net) Merchandise inventory Investments, long-term Plant assets Accumulated depreciation Total assets Liabilities and Stockholders' Equity Accounts payable Salaries payable Income taxes payable Interest payable Bonds payable, issued at face value Common stock, no-par Retained earnings Total liabilities and stockholders' equity Income Statement For Year Ended December 31, 2020 Sales revenue Cost of goods sold Gross margin Depreciation expense Salaries expense Income tax expense Interest expense Net income 2019 $39,000 68,000 156,000 337,000 (88,000) $512,000 $45,000 3,000 4,000 5,000 200,000 240,000 15,000 $512,000 Additional information: 1. Purchased a plant asset, $60,000; issued capital stock in full payment. 2. Purchased a long-term investment in equity securities accounted for cash, $20,000. 3. Declared and paid a cash dividend, $20,000. 4. Sold plant asset for $10,000 cash (cost, $36,000; accumulated depreciation, $26,000). 5. Sold capital stock, 1,000 shares at $11 per share cash. Note: Do not use either the positive/negative sign or the dollar sign with your answers. Required: 1 Net cash provided by operating activities using the indirect method is $. 2 Net cash used by financing activities is $. 3 Cash paid to suppliers, under the direct method, is $. 4 Cash paid for interest, under the direct method, is $ 2020 $63,800 72,200 152,000 20,000 361,000 (74,000) $595,000 $40,000 1,000 7,000 5,000 200,000 311,000 31,000 $595,000 $240,000 (144,000) $96,000 (12,000) (24,000) (20,000) (4,000) $36,000
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