Maple Group Ltd Comparative Balance Sheet December 31, 2020 and 2019 2020 2019 Increase/(Decrease) Assets Cash and cash equivalent 64,990 61,895 ? Accounts Receivable 95,100 88,500 ? Inventories 72,500 79,855 ? Fixed Assets, net ? ? ? Total Assets 442,590 395,800 46,790 Liabilities Accounts payable 45,000 58,350 ? Accrued liabilities ? ? ? Long-term notes payable 99,500 128,550 ? Stockholders' Equity: Common Stock 143,050 105,110 37,940 Retained earnings 43,540 24,290 19,250 Total liabilities and stockholders' equity 442,590 395,800 46,790 Maple Group Ltd Income Statement Year Ended December 31,2020 Revenues and gains: Sales revenue 499,000 Interest revenue 11,800 Total revenues and gains 510,800 Expenses Cost of goods sold 205,500 Depreciation expense 28,500 Other operating expense 126,000 Interest expense 24,300 Total expenses 384,300 Income before income taxes 126,500 Income tax expense 16,300 Net Income 110,200 Notes Acquisition of fixed asset during 2020 72,950 Sale proceed from sale of plant asset - Receipt for issuance of notes payable - Payment for note payable 29,050 Dividend paid 90,950 Book value of equipment sold - Requirements Prepare a complete statement of cash flows for 2020 using the indirect method using the information in line with your first name initial.

Maple Group Ltd Comparative Balance Sheet December 31, 2020 and 2019 2020 2019 Increase/(Decrease) Assets Cash and cash equivalent 64,990 61,895 ? Accounts Receivable 95,100 88,500 ? Inventories 72,500 79,855 ? Fixed Assets, net ? ? ? Total Assets 442,590 395,800 46,790 Liabilities Accounts payable 45,000 58,350 ? Accrued liabilities ? ? ? Long-term notes payable 99,500 128,550 ? Stockholders' Equity: Common Stock 143,050 105,110 37,940 Retained earnings 43,540 24,290 19,250 Total liabilities and stockholders' equity 442,590 395,800 46,790 Maple Group Ltd Income Statement Year Ended December 31,2020 Revenues and gains: Sales revenue 499,000 Interest revenue 11,800 Total revenues and gains 510,800 Expenses Cost of goods sold 205,500 Depreciation expense 28,500 Other operating expense 126,000 Interest expense 24,300 Total expenses 384,300 Income before income taxes 126,500 Income tax expense 16,300 Net Income 110,200 Notes Acquisition of fixed asset during 2020 72,950 Sale proceed from sale of plant asset - Receipt for issuance of notes payable - Payment for note payable 29,050 Dividend paid 90,950 Book value of equipment sold - Requirements Prepare a complete statement of cash flows for 2020 using the indirect method using the information in line with your first name initial.

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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Maple Group Ltd
Comparative Balance Sheet
December 31, 2020 and 2019
	2020	2019	Increase/(Decrease)
Assets
Cash and cash equivalent	64,990	61,895	?
Accounts Receivable	95,100	88,500	?
Inventories	72,500	79,855	?
Fixed Assets, net	?	?	?
Total Assets	442,590	395,800	46,790
Liabilities
Accounts payable	45,000	58,350	?
Accrued liabilities	?	?	?
Long-term notes payable	99,500	128,550	?
Stockholders' Equity:
Common Stock	143,050	105,110	37,940
Retained earnings	43,540	24,290	19,250
Total liabilities and stockholders' equity	442,590	395,800	46,790


Maple Group Ltd
Income Statement
Year Ended December 31,2020
Revenues and gains:
Sales revenue	499,000
Interest revenue	11,800
Total revenues and gains		510,800
Expenses
Cost of goods sold	205,500
Depreciation expense	28,500
Other operating expense	126,000
Interest expense	24,300
Total expenses		384,300
Income before income taxes		126,500
Income tax expense		16,300
Net Income		110,200

Notes
Acquisition of fixed asset during 2020		72,950
Sale proceed from sale of plant asset		-
Receipt for issuance of notes payable		-
Payment for note payable		29,050
Dividend paid		90,950
Book value of equipment sold		-

Requirements

Prepare a complete statement of cash flows for 2020 using the indirect method using the information in line with your first name initial.

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