question archive Cash $70,000 $35,000 Accounts receivable 82,000 53,000 Inventories 200,000 197,000 Prepaid expenses 19,000 25,000 Plant assets 310,000 250,000 Accumulated depreciation (65,000 (60,000) Total $616,000 $500,000 Liabilities and Stockholder's Equity Accounts payable $85,000 $75,000 Accrued expenses payable 22,000 24,000 Bonds payable 130,000 150,000 Common stock 245,000 170,000 Retained earnings 134,000 81,000 Total $616,000 $500,000 Condensed financial data of Gorni Company appear below: GORNI COMPANY Comparative Balance Sheet December 31 2020 2019 Assets Cash $70,000 $35,000 Accounts receivable 82,000 53,000 Inventories 200,000 97,000 Prepaid expenses 19,000 25,000 Plant assets 310,000 250,000 Accumulated depreciation (65,000) (60,000) Total $616,000 $500,000 Liabilities and Stockholder's Equity Accounts payable $85
Cash $70,000 $35,000 Accounts receivable 82,000 53,000 Inventories 200,000 197,000 Prepaid expenses 19,000 25,000 Plant assets 310,000 250,000 Accumulated depreciation (65,000 (60,000) Total $616,000 $500,000 Liabilities and Stockholder's Equity Accounts payable $85,000 $75,000 Accrued expenses payable 22,000 24,000 Bonds payable 130,000 150,000 Common stock 245,000 170,000 Retained earnings 134,000 81,000 Total $616,000 $500,000 Condensed financial data of Gorni Company appear below: GORNI COMPANY Comparative Balance Sheet December 31 2020 2019 Assets Cash $70,000 $35,000 Accounts receivable 82,000 53,000 Inventories 200,000 97,000 Prepaid expenses 19,000 25,000 Plant assets 310,000 250,000 Accumulated depreciation (65,000) (60,000) Total $616,000 $500,000 Liabilities and Stockholder's Equity Accounts payable $85
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Cash $70,000 $35,000 Accounts receivable 82,000 53,000 Inventories 200,000 197,000 Prepaid expenses 19,000 25,000 Plant assets 310,000 250,000 Accumulated depreciation (65,000 (60,000) Total $616,000 $500,000 Liabilities and Stockholder's Equity Accounts payable $85,000 $75,000 Accrued expenses payable 22,000 24,000 Bonds payable 130,000 150,000 Common stock 245,000 170,000 Retained earnings 134,000 81,000 Total $616,000 $500,000
Condensed financial data of Gorni Company appear below:
GORNI COMPANY
Comparative Balance Sheet December 31 2020 2019
Assets Cash $70,000 $35,000 Accounts receivable 82,000 53,000 Inventories 200,000 97,000
Prepaid expenses 19,000 25,000 Plant assets 310,000 250,000 Accumulated depreciation (65,000) (60,000)
Total $616,000 $500,000
Liabilities and Stockholder's
Equity Accounts payable $85.000 $75,000 Accrued expenses payable 22.000 24,000 Bonds payable 130,000 150,000 Common stock 245,000 170,000 Retained earnings 134,000 81.000 Total $616,000 $500,000
GORNI COMPANY Income Statement For the Year Ended December 31, 2020
GORNI COMPANY
Income Statement For the Year Ended December 31, 2020
Sales $480,000 Less: Cost of goods sold $290,000 Operating expenses (exculding depreciation) 60,000 Depreciation expense 17000 Income taxes 15,000 Interest expense 13,000 Loss on disposal of plant assets 8,000
403,000
Net income $77,000
Additional information:
New plant assets costing $85,000 were purchased for cash in 2020,
Bonds with a face value of $20,000 were redeemed and Common Stock of $75,000 was issued. These were each separate
(a) Prepare the Opearting section of the statement of cash flows using the indirect method. (Show amounts that decrease cash flow wit
(b) Prepare the Investing section of the statement of cash flows. (Show amounts that decrease cash flow with either a - signes -15,000 or in parenthesis es. (15,000)
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