Alma Ortiz Prepared Carlee Instruments' Balance Sheet and Income Statement $\bullet$

question 134

Essay

Alma Ortiz prepared Carlee Instruments' balance sheet and income statement for 2021.Before she could complete the statement of cash flows, she had to leave town to attend to a family emergency.Because the full set of statements must be provided to the auditors today, Carlee's president, Mike Lymon, has asked you to prepare the statement of cash flows.Lymon has provided the balance sheet and income statement that Ortiz prepared, as well as some notes she made: $\bullet$ Equipment with an original cost of $35,000 was sold for $20,300.The book value of the equipment was $19,400.
$\bullet$ On June 1, 2021, the company purchased new equipment for cash at a cost of $18,500.
$\bullet$ At the end of the year the company issued notes payable for $10,500 cash.The note will mature on December 31, 2024.
$\bullet$ The company paid $20,200 in cash dividends for the year.
Required:
Using the indirect method, prepare Carlee Instruments' statement of cash flows for 2021.

---

Definitions:

Supply Curve

A graphical representation showing the relationship between the price of a good or service and the amount of it that producers are willing and able to supply at various prices.

Increase In Supply

A situation where the quantity of a good that producers are willing and able to sell at a particular price rises.

Quantity Supplied

In economics, refers to the total amount of goods or services that producers are willing and able to sell at a given price within a specific time period.

Quantity Demanded

The total amount of a good or service that consumers are willing and able to purchase at a specific price, at a given moment.