Business
Accounting
Filnt Inc., a greeting card company, had the following statements prepared as of December 31, 2020. FLINT INC. COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2020 AND 2019 12/31/20 12/31/19 Cash కర,200 $7,100 Accounts recelvable 62,400 51.000 Short-term debt Investmenta (avallable-for-sale) 34,700 18,100 Inventory 40,400 60,300 Prepald rent 4,900 4,000 Equlpment 154,100 130,600 Accumulated depreclation-equlpment (34,900 ) (24,800 ) Copyrights ఉరి,400 49,800 Total assets $314,100 $296,100 Accounts payable $46,500 $40,200 Income taxes payable 4,000 6,000 Salarles and wages payable 8,100 4,100 Short-term loans payable 7,900 10,100 Long-term loans payable 59,600 68,400 Common stock, $10 par 100,000 100,000 Contributed capital, common stock 30,000 30,000 Retalned earnings 58,000 37,300 Total llabltles &. stockholders' equlty $314,100 $296,100 FLINT INC. INCOME STATEMENT FOR THE YEAR ENDING DECEMBER 31, 2020 Sales revenue $339,800 Cost of goods sold 176,500 Gross profit 163,300 Operating expenses Operating Income 120,500 42,800 Interest expense $11,300 Galn on sale of equlpment 2.000 9,300 Income before tax 33,500 Income tax expense 6,700 Net Income $26,800 Additlonal Informatlon: Dividends In the amount of $6,100 were declared and pald during 2020. Depreclation expense and amortizatlon expense are Included In operating expenses. 1. 2. 3. No unreallzed galns or losses have occurred on the Investments during the year. Equipment that had a cost of $20,100 and was 70% depreclated was sold during 2020. 4.

Filnt Inc., a greeting card company, had the following statements prepared as of December 31, 2020. FLINT INC. COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2020 AND 2019 12/31/20 12/31/19 Cash కర,200 $7,100 Accounts recelvable 62,400 51.000 Short-term debt Investmenta (avallable-for-sale) 34,700 18,100 Inventory 40,400 60,300 Prepald rent 4,900 4,000 Equlpment 154,100 130,600 Accumulated depreclation-equlpment (34,900 ) (24,800 ) Copyrights ఉరి,400 49,800 Total assets $314,100 $296,100 Accounts payable $46,500 $40,200 Income taxes payable 4,000 6,000 Salarles and wages payable 8,100 4,100 Short-term loans payable 7,900 10,100 Long-term loans payable 59,600 68,400 Common stock, $10 par 100,000 100,000 Contributed capital, common stock 30,000 30,000 Retalned earnings 58,000 37,300 Total llabltles &. stockholders' equlty $314,100 $296,100 FLINT INC. INCOME STATEMENT FOR THE YEAR ENDING DECEMBER 31, 2020 Sales revenue $339,800 Cost of goods sold 176,500 Gross profit 163,300 Operating expenses Operating Income 120,500 42,800 Interest expense $11,300 Galn on sale of equlpment 2.000 9,300 Income before tax 33,500 Income tax expense 6,700 Net Income $26,800 Additlonal Informatlon: Dividends In the amount of $6,100 were declared and pald during 2020. Depreclation expense and amortizatlon expense are Included In operating expenses. 1. 2. 3. No unreallzed galns or losses have occurred on the Investments during the year. Equipment that had a cost of $20,100 and was 70% depreclated was sold during 2020. 4.

Managerial Accounting: The Cornerstone of Business Decision-Making
Managerial Accounting: The Cornerstone of Business Decision-Making
7th Edition
ISBN:9781337115773
Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Chapter15: Financial Statement Analysis
Section: Chapter Questions
Problem 49E
See similar textbooks
icon
Related questions
Question
100%
Prepare a statement of cash flows using the Indirect method. (Show amounts that decrease cash flow with either a - signeg.-15,000 or in parenthesis eg. (15,000).) FLINT INC. Statement of Cash Flows Adjustments to reconcile net income to > > > > >>
Transcribed Image Text:Prepare a statement of cash flows using the Indirect method. (Show amounts that decrease cash flow with either a - signeg.-15,000 or in parenthesis eg. (15,000).) FLINT INC. Statement of Cash Flows Adjustments to reconcile net income to > > > > >>
Flint Inc., a greetlng card company, had the following statements prepared as of December 31, 2020. FLINT INC. COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2020 AND 2019 12/31/20 12/31/19 Cash $6,100 $7,100 Accounts recelvable 62,400 51,000 Short-term debt Investments (avallable-for-sale) 34,700 18,100 Inventory 40,400 60,300 Prepald rent 4,900 4,000 Equipment 154,100 130,600 Accumulated depreclatlon-equlpment (34,900 ) (24,800 ) Copyrights 46,400 49,800 Total assets $314,100 $296,100 Accounts payable $46,500 $40,200 Income taxes payable 4,000 6,000 Salarles and wages payable 8,100 4,100 Short-term loans payable 7,900 10,100 Long-term loans payable 59,600 68,400 Common stock, $10 par 100,000 100,000 Contributed capital, common stock 30,000 30,000 Retalned earnings 58,000 37,300 Total labiles &. stockholders' equlty $314,100 $296,100 FLINT INC. INCOME STATEMENT FOR THE YEAR ENDING DECEMBER 31, 2020 Sales revenue $339,800 Cost of goods sold 176,500 Gross profit 163,300 Operating expenses 120,500 Operating Income 42,800 Interest expense $11,300 Galn on sale of equlpment 2,000 9,300 Income before tax 33,500 Income tax expense 6,700 Net Income $26,800 Additlonal Informatlon: 1. Dividends In the amount of $6,100 were declared and pald during 2020. 2. Depreclation expense and amortlzatlon expense are Included In operating expenses. 3. No unreallzed galns or losses have occurred on the Investments during the year. Equipment that had a cost of $20,1o0 and was 70% depreclated was sold during 2020. 4.
Transcribed Image Text:Flint Inc., a greetlng card company, had the following statements prepared as of December 31, 2020. FLINT INC. COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2020 AND 2019 12/31/20 12/31/19 Cash $6,100 $7,100 Accounts recelvable 62,400 51,000 Short-term debt Investments (avallable-for-sale) 34,700 18,100 Inventory 40,400 60,300 Prepald rent 4,900 4,000 Equipment 154,100 130,600 Accumulated depreclatlon-equlpment (34,900 ) (24,800 ) Copyrights 46,400 49,800 Total assets $314,100 $296,100 Accounts payable $46,500 $40,200 Income taxes payable 4,000 6,000 Salarles and wages payable 8,100 4,100 Short-term loans payable 7,900 10,100 Long-term loans payable 59,600 68,400 Common stock, $10 par 100,000 100,000 Contributed capital, common stock 30,000 30,000 Retalned earnings 58,000 37,300 Total labiles &. stockholders' equlty $314,100 $296,100 FLINT INC. INCOME STATEMENT FOR THE YEAR ENDING DECEMBER 31, 2020 Sales revenue $339,800 Cost of goods sold 176,500 Gross profit 163,300 Operating expenses 120,500 Operating Income 42,800 Interest expense $11,300 Galn on sale of equlpment 2,000 9,300 Income before tax 33,500 Income tax expense 6,700 Net Income $26,800 Additlonal Informatlon: 1. Dividends In the amount of $6,100 were declared and pald during 2020. 2. Depreclation expense and amortlzatlon expense are Included In operating expenses. 3. No unreallzed galns or losses have occurred on the Investments during the year. Equipment that had a cost of $20,1o0 and was 70% depreclated was sold during 2020. 4.
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps with 4 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Tax loss carryovers
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.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Managerial Accounting: The Cornerstone of Busines…
Managerial Accounting: The Cornerstone of Busines…
Accounting
ISBN:
9781337115773
Author:
Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:
Cengage Learning
Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
SEE MORE TEXTBOOKS