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A comparative balance sheet for Harrison Co. appear below: Assets 12/31/2019 12/31/2018 Cash $34,000 $11,000 Accounts receivable 18,000 13,000 Inventory 25,000 17,000 Prepaid expenses 6,000
A comparative balance sheet for Harrison Co. appear below:
Assets | 12/31/2019 | 12/31/2018 |
Cash | $34,000 | $11,000 |
Accounts receivable | 18,000 | 13,000 |
Inventory | 25,000 | 17,000 |
Prepaid expenses | 6,000 | 9,000 |
Long-term investments | -0- | 17,000 |
Equipment | 60,000 | 33,000 |
Accumulated depreciation-equipment | (20,000) | (15,000) |
Total assets | $123,000 | $85,000 |
Liabilities and Stockholders' Equity | ||
Accounts payable | $17,000 | $7,000 |
Bonds payable | 36,000 | 45,000 |
Common stock | 40,000 | 23,000 |
Retained earnings | 30,000 | 10,000 |
Total liabilities and equity | $123,000 | $85,000 |
Additional information:
- Net income for the year ending December 31, 2019 was $35,000.
- Cash dividends of $15,000 were declared and paid during the year.
- Long-term investments that had a cost of $17,000 were sold for $14,000.
- Sales for 2019 were $120,000.
- Depreciation Expense was $5,000
- Equipment was purchased with cash. No equipment was sold.
- Common stock was issued for cash.
- Bonds were retired with cash.
Please prepare (in good form) the cash flow statement.
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