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The comparative balance sheets for 2021 and 2020 and the statement of income for 2021 are given below for Wright Company Additional information from Wright's accounting records is provided also. 2020 $ 80 125 28 120 9e 110 500 WRIGHT COMPANY Comparative Balance Sheets December 31, 2021 and 2020 ($ in thousands) 2021 Assets Cash $ 96 Accounts receivable 122 Short-term investment 58 Inventory 124 Land Buildings and equipment 645 Less: Accumulated depreciation (175) $ 960 Liabilities Accounts payable $ 37 Salaries payable Interest payable Income tax payable Notes payable Bonds payable 258 Shareholders' Equity Common stock 345 Paid-in capital-excess of par 170 Retained earnings 131 $ 960 (125) 838 $ 45 7 13 29 2ee 300 150 $ 838
WRIGHT COMPANY Income Statement For Year Ended December 31, 2021 ($ in thousands) Revenues: Sales revenue $560 Expenses : Cost of goods sold $230 Salaries expense 98 Depreciation expense 50 Interest expense 19 Loss on sale of land 5 Income tax expense 68 Net income $ 9e 47e Additional information from the accounting records: a. Land that originally cost $20,000 was sold for $15,000. b. The common stock of Microsoft Corporation was purchased for $30,000 as a short-term investment not classified as a cash equivalent c. New equipment was purchased for $145,000 cash. d. A $29,000 note was paid at maturity on January 1. e. On January 1, 2021, bonds were sold at their $58,000 face value. 1. Common stock ($45,000 par) was sold for $65,000. g. Net income was $90,000 and cash dividends of $50,000 were paid to shareholders.
C. New equipment was purchased for $145,000 cash. d. A $29,000 note was paid at maturity on January 1 e. On January 1, 2021, bonds were sold at their $58,000 face value. f. Common stock ($45,000 par) was sold for $65,000. 9. Net Income was $90,000 and cash dividends of $50,000 were paid to shareholders. Required: Prepare the statement of cash flows of Wright Company for the year ended December 31, 2021. Present cash flows from operating activities by the direct method. (Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands (.e., 10,000 should be entered as 10).) WRIGHT COMPANY Statement of Cash Flows For the year ended December 31, 2021 (s in thousands) Cash flows from operating activities Cash inflows Cash outflows Net cash flows from operating activities Cash flows from investing activities