From the information below, prepare a complete statement of cash flows for 2020 using the indirect method. Maple Group Ltd Comparative Balance Sheet December 31, 2020 and 2019 2020 2019 Increase/(Decrease) Assets Cash and cash equivalent 15300 25,900 (10,600) Accounts Receivable 43,200 39,000 4200 Inventories 93,700 139,900 (46,200) Fixed Assets, net 251,600 210,300 41,300 Total Assets 403,800 415,100 (11,300) Liabilities Accounts payable 26,600 21,000 5,600 Accrued liabilities 22,800 24,100 (1,300) Long-term notes payable 62,000 65,000 (3000) Stockholders' Equity: Common Stock 131,400 130,000 1,400 Retained earnings 161,000 175,000 (14,000) Treasury stock - Total liabilities and stockholders' equity 403,800 415,100 (11,300) - - - Maple Group Ltd Income Statement Year Ended December 31,2020 Revenues and gains: Sales revenue 375,000 Interest revenue 11,800 Total revenues and gains 386,800 Expenses Cost of goods sold 205,500 Depreciation expense 15,500 Other operating expense 126,000 Interest expense 24,300 Total expenses 371,300 Income before income taxes 15,500 Income tax expense 16,300 Net Loss (800) Notes: Acquisition of fixed asset during 2020 56,800 Sale proceed from sale of plant asset - Receipt of issuance of notes payable - Payment of note payable 3000 Dividend paid 13,200 Book value of equipment sold -

From the information below, prepare a complete statement of cash flows for 2020 using the indirect method. Maple Group Ltd Comparative Balance Sheet December 31, 2020 and 2019 2020 2019 Increase/(Decrease) Assets Cash and cash equivalent 15300 25,900 (10,600) Accounts Receivable 43,200 39,000 4200 Inventories 93,700 139,900 (46,200) Fixed Assets, net 251,600 210,300 41,300 Total Assets 403,800 415,100 (11,300) Liabilities Accounts payable 26,600 21,000 5,600 Accrued liabilities 22,800 24,100 (1,300) Long-term notes payable 62,000 65,000 (3000) Stockholders' Equity: Common Stock 131,400 130,000 1,400 Retained earnings 161,000 175,000 (14,000) Treasury stock - Total liabilities and stockholders' equity 403,800 415,100 (11,300) - - - Maple Group Ltd Income Statement Year Ended December 31,2020 Revenues and gains: Sales revenue 375,000 Interest revenue 11,800 Total revenues and gains 386,800 Expenses Cost of goods sold 205,500 Depreciation expense 15,500 Other operating expense 126,000 Interest expense 24,300 Total expenses 371,300 Income before income taxes 15,500 Income tax expense 16,300 Net Loss (800) Notes: Acquisition of fixed asset during 2020 56,800 Sale proceed from sale of plant asset - Receipt of issuance of notes payable - Payment of note payable 3000 Dividend paid 13,200 Book value of equipment sold -

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter11: The Statement Of Cash Flows

Section: Chapter Questions

Problem 55PSB: Preparing a Statement of Cash Flows Volusia Company reported the following comparative balance...

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Question

From the information below, prepare a complete statement of cash flows for 2020 using the indirect method.

Maple Group Ltd
Comparative Balance Sheet
December 31, 2020 and 2019
	2020	2019	Increase/(Decrease)
Assets
Cash and cash equivalent	15300	25,900	(10,600)
Accounts Receivable	43,200	39,000	4200
Inventories	93,700	139,900	(46,200)
Fixed Assets, net	251,600	210,300	41,300
Total Assets	403,800	415,100	(11,300)
Liabilities
Accounts payable	26,600	21,000	5,600
Accrued liabilities	22,800	24,100	(1,300)
Long-term notes payable	62,000	65,000	(3000)
Stockholders' Equity:
Common Stock	131,400	130,000	1,400
Retained earnings	161,000	175,000	(14,000)
Treasury stock			-
Total liabilities and stockholders' equity	403,800	415,100	(11,300)
	-	-	-

Maple Group Ltd
Income Statement
Year Ended December 31,2020
Revenues and gains:
Sales revenue	375,000
Interest revenue	11,800
Total revenues and gains		386,800
Expenses
Cost of goods sold	205,500
Depreciation expense	15,500
Other operating expense	126,000
Interest expense	24,300
Total expenses		371,300
Income before income taxes		15,500
Income tax expense		16,300
Net Loss		(800)

Notes:

Acquisition of fixed asset during 2020 56,800

Sale proceed from sale of plant asset -

Receipt of issuance of notes payable -

Payment of note payable 3000

Dividend paid 13,200

Book value of equipment sold -

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