Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. attached is the comparative balance sheet for xyz

Attached is the comparative Balance Sheet for XYZ Inc. as at December 31, 2020 and...

80.2K

Verified Solution

Question

Accounting

image

image

Attached is the comparative Balance Sheet for XYZ Inc. as at December 31, 2020 and December 31, 2019 XYZ has never paid a Dividend. Selected financial data for 2020 is as follows: Depreciation expense. .$2,000.00 Net Income (after tax).. $5,000.00 Sales revenue $100,000 Required: Prepare, in proper format, a Statement of Cash Flows for the year ended December 31, 2020. Show ALL supporting calculations. XYZ Inc. Balance Sheet.xlsx XYZ Inc. Balance Sheet 31-Dec 2020 2019 Cash Accts Receivable Inventory $14,210 $1,500 $7,500 $1,700 $2,500 $15,000 Total Current Assets $23,210 $19,200 Property Plant & Equipment (net) $8,000 $10,000 Total Assets $31,210 $29,200 Accounts Payable Accrued Liabilities $2,500 $1,700 $750 $800 Total Current Liabilities $4,200 $1,550 Long Term Debt $12,000 $17,640 Total Liabilities $16,200 $19,190 Capital Stock Retained Earnings $10 $15,000 $10 $10,000 Total Equity $15,010 $10,010 Total Liabilities + Total Equity $31,210 $29,200

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Medical Sciences
1.2K views

What is a dermatome. Why is it significant to a patient assessment. List and describe the various...

Geometry
1.2K views

A dilation with center P and scale factor 2 is applied to triangle ABC A...

Basic Math
1.2K views

32 You need to buy some school supplies The total cost of the supplies is...

Calculus
1.2K views

For 0 find 0 necessary to prove lim 3x 20 26 X 2 0 0...

Accounting
1.2K views

ULATUR PRINTER VERSION BACK NEXT Brief Exercise G-16 Gleason Enterprises issued 10%, 7-year, $2,440,000 par...

Accounting
1.2K views

A company signs a lease acquiring the right to use property for five years. Lease...

Accounting
1.2K views

Preparation of appropriations ledger The following transactions and events that occurred in the village of...

Accounting
1.2K views

Cost-Volume-Profit Analysis To begin, read the following scenario: The owner of a local bowling alley...

Finance
1.2K views

1. (24 points)The estate youve inherited includes a portfolio of several stocks, but you have...

Finance
1.2K views

QUESTION 10 Under the accrual basis of accounting: a. cash must be received before revenue...

Accounting
1.2K views

Understanding business processes can link auditing to accounting information systems. Which of the following can...

Finance
1.2K views

Estimating deltas. During the last ten minutes of trading, call options on Commart. Inc. common...