Question
#14 Hi-Tech Fuel Injection Company, Inc. Comparative Balance Sheet December 31, 2019 and 2018 2019 2018 Assets Cash Accounts receivable Inventories Prepaid expenses Investments $
#14 Hi-Tech Fuel Injection Company, Inc. Comparative Balance Sheet December 31, 2019 and 2018 2019 2018 Assets Cash Accounts receivable Inventories Prepaid expenses Investments $ 70,000 $ 33,000 89,000 123,000 55,000 132,000 16,000 25,000 80,000 65,000 Plant assets 330,000 250,000 Accumulated depreciation (68,000) (60,000) Total $640,000 $500,000 Liabilities and Stockholders' Equity Accounts payable $ 85,000 $ 72,000 Accrued expenses payable 12,000 21,000 Bonds payable 100,000 160,000 Common stock 275,000 170,000 Retained earnings Total Hi-Tech Fuel Injection Company, Inc. Income Statement For the Year Ended December 31, 2019 168,000 77,000 $640,000 $500,000 Sales Less: Cost of goods sold Operating expenses (excluding depreciation) Depreciation expense Interest expense Loss on sale of investments. Income tax expense Net income Additional information: 1. No plant assets were sold in 2019. $498,000 $280,000 70,000 8,000 13,000 9,000 15,000 395,000 $103,000 2. Investments costing $30,000 were sold and additional investments were purchased for $45,000. 3. Bonds were redeemed at their face value. 4. Dividends were also declared and paid. Required: Prepare a statement of cash flows for the year ended December 31, 2019 using the indirect method
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