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Question: Following is information for the Tri-County Carting Corporation for fiscal years 20-A and 20-B:
Tri-County Carting CorporationComparative Balance SheetDecember 31, 20-B and 20-A
Assets
20-B
20-A
Inc./Dec.
Current assets:
Cash
$ 58,240
$ 58,300
$ (60)
Government notes
1,650
5,500
(3,850)
Accrued interest receivable
82
192
(110)
Accounts receivable (net)
154,245
139,150
15,095
Merchandise inventory
177,564
185,658
(8,094)
Supplies and prepayments
11,041
7,524
3,517
Total current assets
$402,822
$396,324
$ 6,498
Property, plant, and equipment:
Store equipment
$132,000
$106,700
$25,300
Less accumulated depreciation-store equipment
(49,500)
(38,500)
(11,000)
Delivery equipment
123,200
88,000
35,200
Less accumulated depreciation- delivery equipment
(34,375)
(22,000)
(12,375)
Office equipment
105,050
93,472
11,578
Less accumulated depreciation-office equipment
(16,775)
(5,225)
Total property, plant, and equipment
$254,375
$210,897
$43,478
Total assets
$657,197
$607,221
$49,976
Liabilities
Current liabilities:
Notes payable
$ 27,720
$ 32,450
$ (4,730)
Accounts payable
89,416
128,550
(39,134)
Accrued and withheld payroll taxes
2,722
4,180
(1,458)
Accrued interest payable
231
220
11
Total liabilities
$120,089
$165,400
$(45,311)
Stockholders' Equity
Common stock (100,000 shares,$10 par)
$275,000
$269,500
$ 5,500
Paid-in capital in excess of par-common stock
110,000
107,250
2,750
Retained earnings
152,108
65,071
87,037
Total stockholders' equity
$537,108
$441,821
$ 95,287
Total liabilities and stockholders'equity
$ 49,976
Tri-County Carting CorporationIncome StatementFor the Year Ended December 31, 20-B
Net sales
$1,265,275
Cost of goods sold
742,775
Gross profit
$ 522,500
Operating expenses
398,063
Operating income
$ 124,437
Other revenues and expenses:
Interest revenue
$ 550
Interest expense
(2,750)
(2,200)
Net income
$ 122,237
Tri-County Carting CorporationStatement of Retained EarningsFor the Year Ended December 31, 20-B
Retained earnings, January 1
$ 65,071
$122,237
Less dividends
(35,200)
Net increase in retained earnings
Retained earnings, December 31
$152,108
Required:
1. Prepare a schedule for the calculation of cash generated from operating activities for the year ended December 31, 20-B.
2. Prepare a statement of cash flow for the year ended December 31, 20-B.
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