Maples group
Comparative Balance Sheet
December 31, 2020 and 2019
|
2020
|
2019
|
Increase/(Decrease
|
Assets
|
|
|
|
Cash and cash equivalent
|
64,990
|
61,895
|
?
|
Accounts receivable
|
95,100
|
88,500
|
?
|
Inventories
|
72,500
|
79,855
|
?
|
Fixed Assets, net
|
?
|
?
|
?
|
Total Assets
|
442,590
|
395,800
|
46,790
|
Liabilities
|
|
|
|
Accounts payable
|
45,000
|
58,350
|
?
|
Accrued liabilities
|
?
|
?
|
?
|
Long –term notes payable
|
99,500
|
128,550
|
?
|
Stockholder’ Equity:
|
|
|
|
Common Stock
|
143,050
|
105,110
|
37,940
|
Retained earnings
|
43,540
|
24,290
|
19,250
|
Total liabilities and stockholders’ equity
|
442, 590
|
395, 800
|
46, 790
|
Maple Group Limited
Income Statement
Year Ended December 31, 2020
Revenues and gains
Sales revenue 499,000
Interest revenue 11,800
Total revenues and gains 510, 800
Expenses
Cost of goods sold 205, 500
Depreciation expense 28, 500
Other operating expense 126, 000
Interest expenses 24, 300
Total expenses 384, 300
Income before income taxes 126, 500
Income tax expense 16, 300
Net Income 110, 200
Notes
Acquisition of fixed assets during 2020 72, 950
Sale proceed from sale of plant asset -
Receipt for issuance of notes payable -
Payment for note payable 29,050
Dividend paid 90, 950
Net income -
Requirements
(1) How can the owners use the cash flow information or what can the statement of cash flows helps the owners to do?
(2) Reconstruct the company’s comparative balance sheet for 2019/2020. Compute and show the missing figures to include the appropriate sign as a positive or negative figure.
(3) Prepare a complete statement of cash flows for 2020 using the indirect method.