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

question 70

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 you with 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 direct method, prepare Carlee Instruments' statement of cash flows for 2021.

Differentiate between conflict resolution strategies and their outcomes.

Understand and explain the influence of cognitive biases and heuristics on decision making.

Recognize the impact of framing and information presentation on individual decisions.

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Definitions:

Rituals

Prescribed sequences of activities or ceremonies, often with symbolic meanings, that are practiced by a community or religious group.

Language

A system of communication using symbols, sounds, or gestures that are used by members of a community to interact and convey ideas.

Social Facts

Aspects of social life that influence an individual's actions and attitudes, according to Emile Durkheim, including laws, morals, beliefs, and customs.

Empirical Observations

Information acquired by observation or experimentation that is grounded in the physical or material reality.