Reference no: EM132943467
Kay Wing, Inc., prepared the following balance sheet at December 31, 20X0.
Kay Wing, Inc.Balance Sheet as of December 31, 20X0
Cash$65,000 ,
Accounts receivable 37,000,
Inventory 70,000 ,
Long-term investments, 20,000,
Land 39,000
Plant and equipment (net) 109,000 ,
Total assets$340,000 ,
Accounts payable$33,000 ,
Taxes payable 4,000,
Bonds payable 80,000,
Capital stock 90,000,
Retained earnings 133,000,
Total liabilities and stockholders' equity$340,000
The following occurred during 20X1.
- A $35,000 note payable was issued.
- Land was purchased for $50,000.
- Bonds payable (maturing in 20X5) in the amount of $30,000 were retired by paying $30,000 cash.
- Capital stock in the amount of $40,000 was issued at par value.
- The company sold surplus equipment for $14,000. The equipment had a book value of $14,000 at the time of the sale.
- Net income was $35,500.
- Cash dividends of $5,000 were paid to the stockholders.
- 100 shares of stock of another company (considered short-term investments) were purchased for $8,300.
- $75,000 in bonds were issued. The next day, the proceeds were used to purchase a new building.
- $12,000 of depreciation was recorded on the plant and equipment.
- At December 31, 20X1, Cash was $93,200, Accounts receivable had a balance of $41,500, Inventory had increased to $73,000, and Accounts payable had fallen to $25,500. Long-term investments and Taxes payable were unchanged from 20X0.
Required:
Question 1: Prepare a statement of cash flows for 20X1.
Question 2: Prepare the December 31, 20X1, balance sheet for Kay Wing, Inc.
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