The company uses the indirect method to prepare the statement of cash flows and it is expected that this should be able to provide the
The company uses the indirect method to prepare the statement of cash flows and it is expected that this should be able to provide the needed clarity required by the owners. The owners have asked each student from your accounting course to assist with the needed clarification and have put forward the following financial information Maple Group Ltd Comparative Balance Sheet December 31, 2020 and 2019 2020 2019 Increase/(Decrease) Assets Cash and cash equivalent ? ? ? Accounts Receivable 87,550 ? 1,550 Inventories 93,900 98,540 ? Fixed Assets, net 160,400 ? 49,900 Total Assets 373,350 316,890 56,460 Liabilities Accounts payable ? ? 950 Accrued liabilities 22,850 24,940 ? Long-term notes payable 82,000 140,500 (58,500) Stockholders’ Equity: Common Stock ? 61,500 125,300 Retained earnings 54,800 ? (9,200) Total liabilities and stockholders’ equity 373,350 316,890 56,460 – – – Maple Group Ltd Income Statement Year Ended December 31,2020 Revenues and gains: Sales revenue 369,500 Interest revenue 11,800 Total revenues and gains 381,300 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 10,000 Income tax expense 16,300 Net Loss (6,300) Notes Acquisition of fixed asset during 2020 65,400 Sale proceed from sale of plant asset – Receipt for issuance of notes payable – Payment for note payable 58,500 Dividend paid 2,900 Book value of equipment sold – Requirements Prepare a complete statement of cash flows for 2020 using the indirect method
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