Prepare the december balance sheet for kay wing inc

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Reference no: EM133042433

Question - 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.

1. A $35,000 note payable was issued.

2. Land was purchased for $50,000.

3. Bonds payable (maturing in 20X5) in the amount of $30,000 were retired by paying $30,000 cash.

4. Capital stock in the amount of $40,000 was issued at par value.

5. The company sold surplus equipment for $14,000. The equipment had a book value of $14,000 at the time of the sale.

6. Net income was $35,500.

7. Cash dividends of $5,000 were paid to the stockholders.

8. 100 shares of stock of another company (considered short-term investments) were purchased for $8,300.

9. $75,000 in bonds were issued. The next day, the proceeds were used to purchase a new building.

10. $12,000 of depreciation was recorded on the plant and equipment.

11. 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 -

1. Prepare a statement of cash flows for 20X1.

2. Prepare the December 31, 20X1, balance sheet for Kay Wing, Inc.

Reference no: EM133042433

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