25. Windsor Inc., a greeting card company, had the following statements prepared as of December 31, 2020. WINDSOR INC. COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2020 AND 2019 12/31/20 12/31/19 Cash...


25.


Windsor Inc., a greeting card company, had the following statements prepared as of December 31, 2020.































































































































































































WINDSOR INC.
COMPARATIVE BALANCE SHEET
AS OF DECEMBER 31, 2020 AND 2019



12/31/20



12/31/19


Cash


$6,100


$7,100


Accounts receivable


62,400


51,000


Short-term debt investments (available-for-sale)


34,700


18,100


Inventory


40,400


60,300


Prepaid rent


4,900


4,000


Equipment


154,100


130,600


Accumulated depreciation—equipment


(34,900


)


(24,800


)


Copyrights


46,400


49,800


Total assets


$314,100


$296,100


Accounts payable


$46,500


$40,200


Income taxes payable


4,000


6,000


Salaries and wages payable


8,100


4,100


Short-term loans payable


7,900


10,100


Long-term loans payable


59,600


68,400


Common stock, $10 par


100,000


100,000


Contributed capital, common stock


30,000


30,000


Retained earnings


58,000


37,300


Total liabilities & stockholders’ equity


$314,100


$296,100



















































































WINDSOR INC.
INCOME STATEMENT
FOR THE YEAR ENDING DECEMBER 31, 2020


Sales revenue


$339,800


Cost of goods sold


176,500


Gross profit


163,300


Operating expenses


120,500


Operating income


42,800


Interest expense


$11,300


Gain on sale of equipment


2,000


9,300


Income before tax


33,500


Income tax expense


6,700


Net income


$26,800





Additional information:




























1.Dividends in the amount of $6,100 were declared and paid during 2020.
2.Depreciation expense and amortization expense are included in operating expenses.
3.No unrealized gains or losses have occurred on the investments during the year.
4.Equipment that had a cost of $20,100 and was 70% depreciated was sold during 2020.




Prepare a statement of cash flows using the direct method.
(Show amounts in the investing and financing sections that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)







































































































































WINDSOR INC.
Statement of Cash Flows

choose the accounting period


select an opening name for section one


select an item


$enter a dollar amount


select an item


$enter a dollar amount


select an item


enter a dollar amount


select an item


enter a dollar amount


select an item


enter a dollar amount


enter a subtotal of the four previous amounts


select a closing name for section one


enter a total amount for section one


select an opening name for section two


select an item


enter a dollar amount


select an item


enter a dollar amount


select an item


enter a dollar amount


select a closing name for section two


enter a total amount for section two


select an opening name for section three


select an item


enter a dollar amount


select an item


enter a dollar amount


select an item


enter a dollar amount


select a closing name for section three


enter a total amount for section three


select an item


enter a total amount for three sections


select an item


enter a dollar amount


select a closing name for this statement


$enter a total of the two previous amounts


Jun 10, 2022
SOLUTION.PDF
SOLUTION.PDF

Get Answer To This Question

Related Questions & Answers

More Questions »

Submit New Assignment

Copy and Paste Your Assignment Here
Have files?