Please Complete all requirement with Explanation And Do not Give solution in image format The following is balance sheet information for MELANSON Ltd:AssetsCashA/RInvPrepaid ExpLandBuildingAcc. Dep...BuildingEquipmentAcc. Dep...EquipmentTotalsLiabilities and EquityA/PTax/PB/PC/SR/ETotalsDepreciation expOther operating expLoss on disposal of equipmentInterest expIncome tax expenseThe income statement for MELANSON Ltd for 2021SalesCGSGPNet incomeAdditional information for 2021:i.ii.iii.iv.Required:a.2021$ 220806020b.560640(44)108(12)$1,632$ 11224520280696$1,632$3656412481882020$ 132120404120160(20)40(4)$592Prepare the CFO section using the DIRECT method.$ 483280200232$592$2,0286001,428$ 580Equipment with an original cost of $32 and accumulated amortization of $4 was sold for $16cash during the year. Equipment was acquired for cash during the year.Depreciation expense consists of $24 for the building and $12 for equipment.Cash dividends were declared and paid during the year.MELANSON acquired land by issuing a $440 B/P [long term].Prepare a statement of CFS for 2021, using the indirect method.3

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Description: Please Complete all requirement with Explanation And Do not Give solution in image format The following is balance sheet information for MELANSON Ltd:AssetsCashA/RInvPrepaid ExpLandBuildingAcc. Dep...BuildingEquipmentAcc. Dep...EquipmentTotalsLi

Statement of Cash Flow - The statement of cash flows starts with the beginning cash balance, adds…

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The following is balance sheet information for MELANSON Ltd: 2021 $ 220 80 60 20 Assets Cash A/R Inv Prepaid Exp Land Building Acc. Dep...Building Equipment Acc. Dep...Equipment Totals Liabilities and Equity A/P Tax/P B/P C/S R/E Totals Depreciation exp Other operating exp Loss on disposal of equipment Interest exp Income tax expense The income statement for MELANSON Ltd for 2021 Sales CGS GP Net income Additional information for 2021: i. ii. iii. iv. Required: a. 560 640 (44) 108 b. (12) $1,632 $ 112 24 520 280 696 $1,632 $36 564 12_ 48 188 2020 $ 132 120 40 4 Prepare the CFO section using the DIRECT method. 120 160 (20) 40 (4) $592 $ 48 32 80 200 232 $592 $2,028 600 1,428 $ 580 Equipment with an original cost of $32 and accumulated amortization of $4 was sold for $16 cash during the year. Equipment was acquired for cash during the year. Depreciation expense consists of $24 for the building and $12 for equipment. Cash dividends were declared and paid during the year. MELANSON acquired land by issuing a $440 B/P [long term]. Prepare a statement of CFS for 2021, using the indirect method. 3

The following is balance sheet information for MELANSON Ltd: 2021 $ 220 80 60 20 Assets Cash A/R Inv Prepaid Exp Land Building Acc. Dep...Building Equipment Acc. Dep...Equipment Totals Liabilities and Equity A/P Tax/P B/P C/S R/E Totals Depreciation exp Other operating exp Loss on disposal of equipment Interest exp Income tax expense The income statement for MELANSON Ltd for 2021 Sales CGS GP Net income Additional information for 2021: i. ii. iii. iv. Required: a. 560 640 (44) 108 b. (12) $1,632 $ 112 24 520 280 696 $1,632 $36 564 12_ 48 188 2020 $ 132 120 40 4 Prepare the CFO section using the DIRECT method. 120 160 (20) 40 (4) $592 $ 48 32 80 200 232 $592 $2,028 600 1,428 $ 580 Equipment with an original cost of $32 and accumulated amortization of $4 was sold for $16 cash during the year. Equipment was acquired for cash during the year. Depreciation expense consists of $24 for the building and $12 for equipment. Cash dividends were declared and paid during the year. MELANSON acquired land by issuing a $440 B/P [long term]. Prepare a statement of CFS for 2021, using the indirect method. 3

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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