70.2K

Verified Solution

Link Copied!

hi, can anyone solve this. the red ones are the wrong ones.

Wildhorse Inc. is a private company reporting under ASPE. The following selected account balances were re Inc.'s financial statements at year end: 2021 2020 Cash $ 19,575 $ 9,050 Buildings 856,500 746,000 Equipment 408,000 353,800 Land 106,000 60,750 Accumulated depreciation-buildings 310,500 298,250 Accumulated depreciation equipment 136,000 101.750 Dividends payable 6.800 3.250 Mortgage payable 549.400 589.400 Notes payable 345.500 314.500 Common shares: 5.510 shares in 2021: 4.110 in 2020 544,500 415.500 Retained earnings 212.000 113.000 Cash dividends declared 30,500 14,400 Notes payable 345,500 314,500 Common shar 5,510 shares in 2021;4,110 in 2020 544,500 415,500 Retained earnings 212,000 113,000 Cash dividends declared 30,500 14,400 Depreciation expense-buildings 27,250 40,550 Depreciation expense-equipment 48,055 26,200 Gain on sale of equipment 1,010 0 Loss on sale of building 11,700 0 Interest expense 49,350 45,250 Additional information: 1. Purchased $80,500 of equipment for $12,200 cash and a note payable for the remainder. 2. Equipment was also sold during the year. 3. Sold a building that originally cost $55,500. 4. Used cash to purchase land and a building. 5. Mortgage payments and notes payable payments included interest and principal amounts. 6. Common shares were issued for cash. Question Part Se X Your answer is incorrect. What was the amount of profit reported by Wildhorse Inc. in 2021? Amount of profit $ 368380 e Textbook and Media Question Part Score Determine the amount of any cash inflows or outflows related to financing activities in 2021. (Hint: Use Tac the cash flows ow amounts that decrease cash flow with elther a-signe.g.-15,000 or in parenthesis eg. (15, WILDHORSE INC. Cash Flow Statement (Partial) Year Ended December 31, 2021 Financing Activities Payment of Cash Dividends Net Cash Provided by Financing Activities 41900 e Textbook and Media search

Answer & Explanation Solved by verified expert

See Answer