The comparative balance sheets of RegalEagle Inc. at the beginning and the end of the year 2020 are as follows. RegalEagle INC.BALANCE SHEETS Dec. 31, 2020 Jan. 1, 2020 Inc./Dec. Assets Cash $ 47,720 $ 15,720 $32,000 Inc. Accounts receivable 95,830 90,110 5,720 Inc. Equipment 43,830 24,110 19,720 Inc. Less: Accumulated Depreciation-Equipment 21,830 11,000 10,830 Inc. Total $165,550 $118,940 Liabilities and Stockholders’ Equity Accounts payable $ 24,830 $ 17,110 7,720 Inc. Common stock 102,720 82,110 20,610 Inc. Retained earnings 38,000 19,720 18,280 Inc. Total $165,550 $118,940 Net income of $48,830 was reported, and dividends of $30,550 were paid in 2020. New equipment was purchased and none was sold.Prepare a statement of cash flows for the year 2020.
The comparative balance sheets of RegalEagle Inc. at the beginning and the end of the year 2020 are as follows. RegalEagle INC.BALANCE SHEETS Dec. 31, 2020 Jan. 1, 2020 Inc./Dec. Assets Cash $ 47,720 $ 15,720 $32,000 Inc. Accounts receivable 95,830 90,110 5,720 Inc. Equipment 43,830 24,110 19,720 Inc. Less: Accumulated Depreciation-Equipment 21,830 11,000 10,830 Inc. Total $165,550 $118,940 Liabilities and Stockholders’ Equity Accounts payable $ 24,830 $ 17,110 7,720 Inc. Common stock 102,720 82,110 20,610 Inc. Retained earnings 38,000 19,720 18,280 Inc. Total $165,550 $118,940 Net income of $48,830 was reported, and dividends of $30,550 were paid in 2020. New equipment was purchased and none was sold.Prepare a statement of cash flows for the year 2020.
Excel Applications for Accounting Principles
4th Edition
ISBN:9781111581565
Author:Gaylord N. Smith
Publisher:Gaylord N. Smith
Chapter14: Statement Of Cash Flows (cashflow)
Section: Chapter Questions
Problem 1R: The comparative balance sheet of Prime Sports Gear, Inc., at December 31, the end of the fiscal...
Related questions
Question
The comparative balance sheets of RegalEagle Inc. at the beginning and the end of the year 2020 are as follows.
|
RegalEagle INC.
BALANCE SHEETS |
|||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
|
Dec. 31, 2020
|
Jan. 1, 2020
|
Inc./Dec.
|
|||||||||
|
Assets
|
|||||||||||
|
Cash
|
$ 47,720 | $ 15,720 | $32,000 | Inc. | |||||||
|
Accounts receivable
|
95,830 | 90,110 | 5,720 | Inc. | |||||||
|
Equipment
|
43,830 | 24,110 | 19,720 | Inc. | |||||||
|
Less:
|
21,830 | 11,000 | 10,830 | Inc. | |||||||
|
Total
|
$165,550 | $118,940 | |||||||||
|
Liabilities and
|
|||||||||||
|
Accounts payable
|
$ 24,830 | $ 17,110 | 7,720 | Inc. | |||||||
|
Common stock
|
102,720 | 82,110 | 20,610 | Inc. | |||||||
|
|
38,000 | 19,720 | 18,280 | Inc. | |||||||
|
Total
|
$165,550 | $118,940 |
Net income of $48,830 was reported, and dividends of $30,550 were paid in 2020. New equipment was purchased and none was sold.
Prepare a statement of
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Excel Applications for Accounting Principles
Accounting
ISBN:
9781111581565
Author:
Gaylord N. Smith
Publisher:
Cengage Learning
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Excel Applications for Accounting Principles
Accounting
ISBN:
9781111581565
Author:
Gaylord N. Smith
Publisher:
Cengage Learning
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Survey of Accounting (Accounting I)
Accounting
ISBN:
9781305961883
Author:
Carl Warren
Publisher:
Cengage Learning
Fundamentals Of Financial Management, Concise Edi…
Finance
ISBN:
9781337902571
Author:
Eugene F. Brigham, Joel F. Houston
Publisher:
Cengage Learning