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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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