subject
Business, 18.04.2021 02:40 dorindaramirez0531

The income statement, balance sheets, and additional information for Virtual Gaming Systems are provided. $2,510,000 2,500 2,512,500 VIRTUAL GAMING SYSTEMS Income Statement For the Year Ended December 31, 2021 Net sales Gain on sale of land Total revenues Expenses: Cost of goods sold $1,605,000 Operating expenses 606,000 Depreciation expense 24,000 Interest expense 25,000 Income tax expense 71,000 Total expenses Net income 2.331,000 $ 181,500 VIRTUAL GAMING SYSTEMS Balance Sheets December 31 2021 2020 $ 211,140 73,900 146,500 4,060 $ 154,980 89,000 136,000 6,220 Assets Current assets Cash Accounts receivable Inventory Prepaid rent Long-term assets Investments Land Equipment Accumulated depreciation Total assets Liabilities and Stockholders' Equity Current liabilities Accounts payable Interest payable Income tax payable Long-term Habilities Notes payable Stockholders' equity Common stock Retained earnings Total abilities and stockholders' equity 196.000 210,500 232,000 (229,500) $944,600 110,000 261,000 211,000 (205,500 $ 862,600 30,500 1,200 21,400 $ 89,000 3,100 24,500 226,000 247,000 361,000 280.500 310,000 210.000 $862.600 Additional Information for 2021: 1. Purchase additional investment in stocks for $86,000 2. Sell land costing $50,500 for $53,000, resulting in a $2,500 gain on sale of land. 3. Purchase $21,000 in equipment by issuing a $21.000 long-term note payable to the seller. No cash is exchanged in the transaction 4. Declare and pay a cash dividend of 5111,000. 5. Issue common stock for $51.000. Required: Prepare the statement of cash flows for Virtual Gaming Systems using the direct method.

ansver
Answers: 2

Other questions on the subject: Business

image
Business, 21.06.2019 21:00, july00
Accublade castings inc. casts blades for turbine engines. within the casting department, alloy is first melted in a crucible, then poured into molds to produce the castings. on may 1, there were 230 pounds of alloy in process, which were 60% complete as to conversion. the work in process balance for these 230 pounds was $32,844, determined as follows: exercises during may, the casting department was charged $350,000 for 2,500 pounds of alloy and $19,840 for direct labor. factory overhead is applied to the department at a rate of 150% of direct labor. the department transferred out 2,530 pounds of finished castings to the machining department. the may 31 inventory in process was 44% complete as to conversion. prepare the following may journal entries for the casting department: the materials charged to production the conversion costs charged to production the completed production transferred to the machining department determine the work in process"casting department may 31 balance.
Answers: 1
image
Business, 22.06.2019 20:00, bwelsh880
Ryngard corp's sales last year were $38,000, and its total assets were $16,000. what was its total assets turnover ratio (tato)? a. 2.04b. 2.14c. 2.26d. 2.38e. 2.49
Answers: 1
image
Business, 23.06.2019 01:10, DarcieMATHlin6217
Match the steps for conducting an informational interview with the task involved in each step or its purpose. 1. research your chosen career field. 2. identify someone to interview. 3. prepare for the interview. 4. conduct the informational interview. 5. follow up with your interviewer. a. learn more about a company that interests you. b. encourage the interviewer to do most of the talking while you take notes. c. write a handwritten -you letter to express that you want to stay in touch. d. make contact through email, a phone call, or mail to arrange the meeting. e. choose a conservative, professional ensemble to wear.
Answers: 3
image
Business, 23.06.2019 03:00, oliviacalhoun29
If big macs were a durable good that could be costlessly transported between countries, which of the following would present an arbitrage opportunity? check all that apply. exporting big macs from argentina to the united states. exporting big macs from the united kingdom to poland. exporting big macs from switzerland to china
Answers: 1
You know the right answer?
The income statement, balance sheets, and additional information for Virtual Gaming Systems are prov...

Questions in other subjects:

Konu
Medicine, 15.12.2019 00:31
Konu
Mathematics, 15.12.2019 00:31