Question
A comparative balance sheet for Corona Co is presented below. December 31 Assets 2020 2019 Cash $140,000 $ 50,000 Accounts receivable 160,000 140,000 Inventory 340,000
A comparative balance sheet for Corona Co is presented below.
| December 31 | ||
Assets | 2020 |
| 2019 |
Cash | $140,000 |
| $ 50,000 |
Accounts receivable | 160,000 |
| 140,000 |
Inventory | 340,000 |
| 378,000 |
Land | 140,000 |
| 220,000 |
Equipment | 600,000 |
| 400,000 |
Accumulated depreciationequipment | (160,000) |
| (90,000) |
Total | $1,220,000 |
| $1,098,000 |
|
|
|
|
Liabilities and Stockholders Equity |
|
|
|
|
|
|
|
Accounts payable | $ 70,000 |
| $ 100,000 |
Bonds payable | 300,000 |
| 100,000 |
Common stock ($1 par) | 328,000 |
| 340,000 |
Retained earnings | 522,000 |
| 558,000 |
Total | $1,220,000 |
| $1,098,000 |
Additional information:
1. Net income for 2020 was $300,000; there were no gains or losses.
2. Cash dividends of $80,000 were declared and paid.
3. Bonds payable of $100,000 were retired.
Instructions:
Compute each of the following:
1. Net cash provided by operating activities
2. Net cash provided (used) by investing activities
3. Net cash provided (used) by financing activities
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