whispering inc a greeting card company had the following statements prepared as of december 31 2

Hello, here we have to find the answers to the given question. Here we could see about the cash

Question

WHISPERING INC. COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2020 AND 2019 12/31/20 12/31/19 Cash $6,100 $7,000 Accounts receivable $61,600 $51,500 Short-term debt investments (available-for-sale) $34,900 $18,100 Inventory $39,900 $60,400 Prepaid rent $5,000 $4,100 Equipment $154,100 $130,300 Accumulated depreciation—equipment ($35,000) ($24,900) Copyrights $45,500 $50,500 Total assets $312,100 $297,000 Accounts payable $45,800 $39,900 Income taxes payable $4,000 $6,000 Salaries and wages payable $8,100 $4,000 Short-term loans payable $7,900 $10,000 Long-term loans payable $60,500 $69,300 Common stock, $10 par $100,000 $100,000 Contributed capital, common stock $30,000 $30,000 Retained earnings $55,800 $37,800 Total liabilities & stockholders’ equity $312,100 $297,000 WHISPERING INC. INCOME STATEMENT FOR THE YEAR ENDING DECEMBER 31, 2020 Sales revenue $333,000 Cost of goods sold $174,000 Gross profit $159,000 Operating expenses $119,500 Operating income $39,500 Interest expense $11,500 Gain on sale of equipment $2,000 Income before tax $30,000 Income tax expense $6,000 Net income $24,000 Additional information: 1. Dividends in the amount of $6,000 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 indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)

WHISPERING INC. COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2020 AND 2019
12/31/20
12/31/19
Cash
$6,100
$7,000
Accounts receivable
$61,600
$51,500
Short-term debt investments (available-for-sale)
$34,900
$18,100
Inventory
$39,900
$60,400
Prepaid rent
$5,000
$4,100
Equipment
$154,100
$130,300
Accumulated depreciation—equipment
($35,000)
($24,900)
Copyrights
$45,500
$50,500
Total assets
$312,100
$297,000
Accounts payable
$45,800
$39,900
Income taxes payable
$4,000
$6,000
Salaries and wages payable
$8,100
$4,000
Short-term loans payable
$7,900
$10,000
Long-term loans payable
$60,500
$69,300
Common stock, $10 par
$100,000
$100,000
Contributed capital, common stock
$30,000
$30,000
Retained earnings
$55,800
$37,800
Total liabilities & stockholders’ equity
$312,100
$297,000

WHISPERING INC. INCOME STATEMENT FOR THE YEAR ENDING DECEMBER 31, 2020
Sales revenue
$333,000
Cost of goods sold
$174,000
Gross profit
$159,000
Operating expenses
$119,500
Operating income
$39,500
Interest expense
$11,500
Gain on sale of equipment
$2,000
Income before tax
$30,000
Income tax expense
$6,000
Net income
$24,000

Additional information:
1. Dividends in the amount of $6,000 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 indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)

Added by Vicente M.

Question

Please give Ace some feedback