Financial info to be used by first names with initials (D, T, L, U)   Auga Company Ltd Comparative Balance Sheet December 31, 2021 and 2020   2021 2020 Increase/(Decrease)         Assets          Cash      215,800         208,300  ?    Accounts Receivable      259,300         295,800  ?    Inventories      348,800         395,500  ?    Prepaid expenses        43,950            30,500  ?    Intangible assets      185,450         185,450  ? Plant assets, net  1,000,000         895,500  ? Total Assets  2,053,300      2,011,050         Liabilities          Accounts payable      245,500         263,330  ?    Accrued liabilities      410,440         486,530  ?    Income tax payable      135,940         125,250  ? Long-term notes payable      910,675         864,575  ?       Stockholders' Equity       Common Stock      310,000         258,500  ? Retained earnings      495,325         324,168  ? Treasury stock    (454,580)        (311,303)  ? Total liabilities and stockholders' equity  2,053,300      2,011,050             Auga Company Ltd Income Statement Year Ended December 31,2021 Revenues and gains:        Sales revenue  2,432,502      Gain on sale of plant assets      125,250         Total revenues and gains        2,557,752 Expenses        Cost of goods sold  1,390,000      Depreciation expense      174,350      Other operating expense      525,000         Total expenses        2,089,350 Income before income taxes           468,402 Income tax expense           225,000 Net Income           243,402     Notes     Acquisition of plant asset during 2021           498,850 Sale proceeds from sale of plant asset           345,250 Receipt for issuance of notes payable           556,100 Payment for note payable           510,000 Dividend paid              72,245 Book value of equipment sold           220,000     Reconstruct the company’s comparative balance sheet for 2020/2021 using the information in line with your first name initial and compute and show the missing figures to include the appropriate sign as a positive or negative figure.   Prepare a complete statement of cash flows for 2021 using the indirect method using the information in line with your first name initial.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Financial info to be used by first names with initials (D, T, L, U)

 

Auga Company Ltd

Comparative Balance Sheet

December 31, 2021 and 2020

 

2021

2020

Increase/(Decrease)

        Assets

 

 

 

   Cash

     215,800

        208,300

 ?

   Accounts Receivable

     259,300

        295,800

 ?

   Inventories

     348,800

        395,500

 ?

   Prepaid expenses

       43,950

           30,500

 ?

   Intangible assets

     185,450

        185,450

 ?

Plant assets, net

 1,000,000

        895,500

 ?

Total Assets

 2,053,300

     2,011,050

 

      Liabilities

 

 

 

   Accounts payable

     245,500

        263,330

 ?

   Accrued liabilities

     410,440

        486,530

 ?

   Income tax payable

     135,940

        125,250

 ?

Long-term notes payable

     910,675

        864,575

 ?

      Stockholders' Equity

 

 

 

Common Stock

     310,000

        258,500

 ?

Retained earnings

     495,325

        324,168

 ?

Treasury stock

   (454,580)

       (311,303)

 ?

Total liabilities and stockholders' equity

 2,053,300

     2,011,050

 

 

 

 

 

 

Auga Company Ltd

Income Statement

Year Ended December 31,2021

Revenues and gains:

 

 

   Sales revenue

 2,432,502

 

   Gain on sale of plant assets

     125,250

 

      Total revenues and gains

 

     2,557,752

Expenses

 

 

   Cost of goods sold

 1,390,000

 

   Depreciation expense

     174,350

 

   Other operating expense

     525,000

 

      Total expenses

 

     2,089,350

Income before income taxes

 

        468,402

Income tax expense

 

        225,000

Net Income

 

        243,402

 

 

Notes

   

Acquisition of plant asset during 2021

 

        498,850

Sale proceeds from sale of plant asset

 

        345,250

Receipt for issuance of notes payable

 

        556,100

Payment for note payable

 

        510,000

Dividend paid

 

           72,245

Book value of equipment sold

 

        220,000

 

 

  1. Reconstruct the company’s comparative balance sheet for 2020/2021 using the information in line with your first name initial and compute and show the missing figures to include the appropriate sign as a positive or negative figure.

 

  1. Prepare a complete statement of cash flows for 2021 using the indirect method using the information in line with your first name initial.

 

 

 

 

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