90.2K

Verified Solution

Link Copied!

Cash 1620 SRD QUESTION 2 (25) A comparative balance sheet for B. Lad presented as follows Balance Sheet 2021 Assets 5 5 300 Accounts receivable Inventory 1380 Equipment 210 Less Accum. Depreciation Lubis Accounts payable Acred expense 90 Bonds payable Long term 1600 770 Shareholders Common shares 3.510 2.500 Raadings 1600 Income Statement Revue Sales 2021 5 13:30 1120 Expenses and others Cost of goods sold Other perses Depreciation expense Loss on sale of old equipment Net income 5.620 1950 180 350 85 1.620 160 During 2021, the company old some of their old gumant. $2.500 of new equipment toms wwe acquired by suing common shares of 600 and the balance paid with 2021 Optional table (no marks will be given to this table) 2020 Cash Accounts Receivable Inventory Equipment Accumulated Dep Accounts Payabile Accrued Expenses Bonds Payable Common Shares Retained Earning Une Direct method to prepare in good for the 20 Sim For the (Cash flows from operating activities and is activities ONLY Other expenses Depreciation expense d equipment 1.950 180 350 160 4 of 4 1.230 950 During 2021, the company said some of their old equipment $2.500 of new equipment toms were acquired by issuing common shares of $600, and the balance paid with cash . 2021 Optional table (no marks will be given to this table) 2020 Cash Accounts Receivable Inventory Equipment Accumulated Dep Accounts Payable Accrued Expenses Bonds Payable Common Shares Retained Earnings Required Use Direct method to prepare in good for the 2021 Statement of Chow for the company (Cash flows from operating activities and investing activities ONLY END OF EXAM

Answer & Explanation Solved by verified expert

See Answer