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13-6 Here are comparative balance sheets for Velo Company. Velo Company Comparative Balance Sheets December 31 2020 2019 Assets Cash Accounts receivable Inventory Land Equipment
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Here are comparative balance sheets for Velo Company. Velo Company Comparative Balance Sheets December 31 2020 2019 Assets Cash Accounts receivable Inventory Land Equipment $72,600 $33,000 71,400 170,500 186,600 73,800 100,800 260,000 200,800 Accumulated depreciation-equipment (65,900) (34,100) $597,300 $558,500 86,300 Total Liabilities and Stockholders' Equit Accounts payable Bonds payable Common stock ($1 par) Retained earnings $35,400 $47,000 151,100 204,000 214,900 174,700 195,900 132,800 $597,300 $558,500 Total Additional information 1. 2. 3. 4. 5. Net income for 2020 was $104,800. Cash dividends of $41,700 were declared and paid. Bonds payable amounting to $52,900 were redeemed for cash $52,900 Common stock was issued for $40,200 cash. No equipment was sold during 2020, but land was sold at cost. Prepare a statement of cash flows for 2020 using the indirect method. (Show amounts that decrease cash flow with either a -sign eg.-15,000, or in parenthesis e.g. (15,000)) Velo Company Statement of Cash Flows tments to reconcile net income toStep by Step Solution
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