Question 1 Skysong, Inc. reported the following information for 2019 Skysong, In

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Question 1 Skysong, Inc. reported the following information for 2019 Skysong, Inc. Comparative Balance Sheets Change 2018 Increase Decrease $36,040 Assets Cash Accounts receivable Inventory Prepaid expenses Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation-equipment 2019 $54,300 62,450 44,180 5,960 21,850 -0 3,960 $18,260 Increase 40,600 Increase 44,180 Increase 2,000 Increase 14,140 Decrease 5,260 69,4 201,370 201,370 -0 (14,130)7,065 Increase 182,570 68,200 114,370 Increase (10,060) 17,585 Increase (21,195) (27,645) Totals Liabilities and Stockholders' Equity Accounts payable Accrued expenses payable Bonds payable Common stock ($1 par) Retained earnings $557,250 $376,630 $42,690 $39,960 $2,730 Increase 10,060 Decrease 149,350 50,360 Decrease 9,720 168,350 Increase 69,960 Increase 10,060 98,990 228,070 187,500 117,540 Totals $557,250 $376,630 Skysong, Inc. Income Statement For the Year Ended December 31, 2019 Sales revenue $940,810

Explanation / Answer

SKYSONG INC, Cash Flow Statement For year ended 31 December 2019 Cash flows from operating activities Net Income $   154,750 Adjustment to reconcile net income to: Depreciation expense $      39,660 Loss on disposal of plant assets $        2,020 Increase in accounts receivable $   (40,600) Increase in inventory $   (44,180) Increase in prepaid rent $      (2,000) Increase in accounts payable $        2,730 Decrease in accrued expense payable $   (10,060) Total adjustments $   (52,430) Net cash provided by operating activities $   102,320 Cash flows from investing activities Proceeds from sale of land $      14,140 Proceeds from sale of equipment $      34,320 Purchase of equipment $ (165,720) Net cash used by investing activities $ (117,260) Cash flows from financing activities Cash received from stock issuance $   168,350 Bonds redeemed $   (50,360) Dividend paid $   (84,790) Net cash provided by financing activities $      33,200 Net increase in cash and cash equivalents $      18,260 Cash and cash equivalents at beginning of period $      36,040 Cash and cash equivalents at end of period $      54,300

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